Retail CIO Outlook Weekly Brief
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Retail Sector is one such sector that comes in direct contact of consumers and that means it’s the best sector to understand consumer’s needs and eliminate the hindrances in the fulfillment. The technological advancement of the retail industry will have a direct impact on consumers and an after effect on brands sales. Although IT strategies have already made their way into the industry, that is just the first step of the ladder. The proximate future is certain to bring new advancements that would reshape the workflow and the industry.
AI will Deepen Its Roots
Artificial intelligence (AI) applications are being utilized by many retailers for gaining a better understanding of market requirements. The technology holds more than data analyses and predicting trends. AI-powered tools are capable of providing personalized customer support which will rejig the workflow for better. Migrating and controlling the supply chain optimally is the most anticipated use of the technology that will help it in strengthening the roots.
Voice Assistance
Consumers already are getting used to the various voice assistants launched in the market. This shift towards voice can be handy for retailers as they can opt for voice assistants that not just provide support but also are able to provide recommendations. AI and ML together back the voice assistants enabling them to understand a customers’ pattern and respond accordingly. These assistants will also allow retailers to stream personalized offers and subscription to veer the traffic towards them. Merchants will have a good opportunity to get themselves on the radar of the target cohort.
IoT as Backbone
Data is the fuel for all cutting-edge technologies and IoT is the technology that allows one to collect enormous data. Retailers are already on a shift to integrate IoT enabled sensors, tools, and gadgets in their business that will provide a continuous influx of valuable customer data. Data accumulated from these gadgets can be fed to various technologies to operate on. Apart from data collection, IoT sensors are helpful for security and inventory management purposes.
AR and VR To Enhance Customer Experience
Augmented reality (AR) and virtual reality (VR) together have started to reshape the buying experience and will continue the same. Customer behavior and journey are evident to upswing as these technologies have enabled buyers to experience the product before purchasing in online retail. Both together are paving paths for breakthroughs that will lead upheaval of the traditional approach.
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