Category: RetailTech

Retail Trends: 2023 & Beyond

Retail Trends: 2023 & Beyond

June 30, 2023

Current retail industry trends indicate considerable transformation with the advent of new-age technologies, changes in consumer behavior and expectations, and most importantly, the growth of e-commerce.  Customer experience in retail looks set to undergo an exponential shift over the next few years. The future of retail will also take several aspects into account including sustainability in retail and personalisation. Here’s looking at them in brief. How is technology shaping the future of retail? The future of retail is a technology-driven one, going by the latest retail industry trends. Ecommerce trends point to the same reality. Forbes has even pointed out the importance of artificial intelligence in retail in the future. Here are some key points worth noting:  What are the key factors driving the evolution of retail in the coming years? What role does e-commerce play in the future of retail? These aspects point at the increasingly revolutionary future of retail where the customer point of view will ultimately shape the course of the industry. This is where technology and advanced strategies will play a crucial role in ensuring sustained growth and development.  FAQs 1.Are there any specific trends related to sustainable and ethical practices in retail? There are several trends with regard to ethical and sustainable practices in the retail industry. These include resource conservation, waste reduction, environment- friendly packaging, a circular ecosystem (recycle, reuse, reduce), sustainable materials for products, fair prices, transparent supply chains, and more.  2.What are the potential challenges and opportunities for retailers in the future? Some of the potential challenges include building core differentiators in a fast-changing and highly competitive market and also ensuring higher customer retention. Changing consumer needs and expectations and technological adoption are other challenges. The opportunities are numerous, including innovating to come up with more convenient and personalised shopping experiences, automating consumer communication and support, shifting towards dynamic pricing models, real-time supply chain tracking, and more.  3.How will artificial intelligence and automation impact the retail landscape? Artificial intelligence and automation will have a hugely positive impact on the retail landscape. Companies will gain invaluable insights on consumer preferences and needs, while managing inventory better. They can automate several labor and time-consuming tasks for lowering costs and improving overall accuracy and efficiency. They can build smooth multi-channel shopping experiences while taking care of customer support through AI-backed Chatbots and virtual assistants. They can also offer personalised recommendations to customers.  4.What role will personalisation and customisation play in the future of retail? Customisation and personalisation will be the defining aspect for the retail industry in the future. Customers will expect personalised recommendations and guidance, along with products/services tailored to their needs just when they require the same. It will help brands tailor and improve consumer journeys and experiences across shopping channels.

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The Future of Retail: Predictive Analytics Revolution

The Future of Retail: Predictive Analytics Revolution

June 19, 2023

Predictive analytics or retail analytics are completely transforming the rules of the game as far as business growth and expansion are concerned. Retail predictive analytics is the process of gathering data on retail processes and operations, while deploying the same for enhancing customer insights for businesses. This also enables better decision-making about marketing campaigns and product/service offerings while learning how to improve the business better. Here’s taking a brief look at the same. How predictive analytics is revolutionising the retail industry Predictive analytics in retail is already being used to gather historical data to make predictions, answer questions of businesses and improve operations. This may include demand forecasting and better inventory management and tracking. This also enables more insights into customer behavior and ensuring higher satisfaction, thereby equating to greater customer retention simultaneously.  Here are some key points that you should keep in mind: The benefits of using predictive analytics in retail : The future of predictive analytics in retail : FAQs 1.How does predictive analytics enhance customer personalisation and shopping experiences? Predictive analytics enables better personalisation and shopping experiences through insights generated from historical data. This pertains to shopper habits, preferences, buying patterns and other metrics. 2.What types of data are used in predictive analytics for retail? There are several kinds of data used in predictive analytics for retail. These include data gathered from multiple channels like stores, direct customer feedback, interactions, websites, apps and more. 3.What are the emerging trends and technologies driving the predictive analytics revolution in retail? The emerging technologies and trends driving the predictive analytics revolution in retail include on-shelf analytics, location analytics, shopper-level analytics and transaction-level analytics. AI and machine learning are also being used for automating data gathering and insight collection along with customer interactions. 4.How does predictive analytics help retailers in demand forecasting and inventory management? Predictive analytics gives retailers more visibility into seasonal and historical patterns in terms of consumer demand, sales and particular product requirements and performance. Hence, they can better forecast future demand and manage their inventory accordingly in order to minimise losses.

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Digital Transformation In Retail Sector

The Digital Retail Revolution: Tech Transformation Story

June 16, 2023

Digital retail is a buzzword that rings a bell in recent times. Tech transformation has reshaped the retail industry, particularly with the growth of e-commerce. Tools like machine learning and artificial intelligence have only fueled these trends. Here’s delving deeper into this transformational journey of the global retail industry. The Rise of E-Commerce E-commerce has been a game-changer for the retail industry over the last decade. Here are a few aspects worth noting: · Digital retail has been a direct result of tech transformation in the industry. This helps enhance customer experiences and drives future growth. · Personalisation in marketing and communications is possible via technology. There are also custom offers and recommendations for customers today. People can also expect swifter responses to queries and better experiences. The Impact of Technology on Retail Now how has tech transformation affected the retail industry? Here are some points that you should not miss: The Success Stories of Digital Transformation There are countless success stories of the tech transformation in the retail industry. Here are a few of them: Target’s cutting-edge digital transformation- IKEA’s virtual foray- FAQs 1.What are the key drivers of the digital retail revolution? Some of the biggest drivers of the digital retail revolution include changing consumer habits, and higher smartphone/mobile device usage and access. Other drivers include the growing need for personalisation and targeted marketing and the need to understand continually evolving consumer preferences. Another key driver is the desire to enhance customer experiences all throughout their journeys. 2.How is the digital retail revolution improving the customer shopping experience? The digital retail revolution is rapidly enhancing shopping experiences for customers. They can enjoy better in-store navigation and personalised recommendations in some cases. At the same time, they can get swifter responses to their queries and higher personalisation in case of their shopping experiences. 3.What are the benefits of embracing technology in retail? The benefits of embracing technology in retail include better customer engagement, higher customer retention and enhanced customer satisfaction. Some other advantages include personalised and targeted marketing and eventual growth driven by valuable customer insights. 4.What challenges do retailers face during the tech transformation process? There are several challenges faced by retailers at the time of tech transformation. These include integration with existing or legacy systems, digital literacy challenges and data privacy or security.

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How Emerging Technologies Would Change The Face Of Retail Banking

November 24, 2021

All novel technologies are harbingers of change in society. Human activities would invariably transform around it, leaving the old ways behind and embracing the new wave abound. Banking, your good old retail banking, is not an exception too. It will transmute as per the technical limits set by various emerging technologies. Banks not recognizing this fact will eventually fail as their customers will move their business to places that offer the greatest convenience of use, faster transactions, and the most insightful prescriptions on how to best mobilize their funds. Emerging technology, all of which are already here, will enable retail banks to provide all of the above features, optimally. INT. would like to present to you a fun 10-minute read on what we foresee in the future for banking. A Banking scenario fueled by an amalgamation of emerging technologies The simple truth is when consumers really want something, they really want it then and there. And there lies the importance of rolling out 5G. It will reduce latency or lag times of accessing web/mobile functionalities to under 1 millisecond. When this is applied to banking, that’s the closest we can get to real-time transactions, product, and service purchases. All that would be executed without a nagging delay. That’s great right? But wait. I would imagine you are asking about what 5G really brings to the table. In my opinion, it acts as a pivot, an enabler, for a multitude of technologies to be delivered through various services in the remotest of places. Imagine yourself in the countryside and your spouse calls you to transfer the money instantaneously. With a pervasive 5G network, this can be done without a sweat. However, we haven’t even reached the exciting part of what we, at INT. would like to tell you. Consider a voice-enabled wearable device that’s on you, taking your voice-based (the wearable based Artificial Intelligence (AI) powered banking application would only act on your voice)  instructions for the impending transaction.  Furthermore, if you have glasses for virtual reality (VR), your eye movements would allow you to select your spouse’s profile for the payment, working in conjunction with your wearable-based app.  Alternatively, Robotic Process Automation based on voiced keywords that act as triggers would take care of the payment amount and beneficiary along with the payment itself. All this without lag, thanks to 5G!  You could throw in some blockchain technology for further security of the transaction (don’t worry too much about the advent of portable Quantum Computers to break the blockchain encryption because they are not expected in the next decade).  It wouldn’t be far-fetched if it was actually some cryptocurrency that was being transferred through the application (Retail Banks and Crypto? J.P. Morgan had launched its own Initial Coin Offering (ICO) in 2015).  Let’s now throw in some gamification where the same VR wearable device will allow you to earn points for future redemption through a game (Google Pay’s gamification is the inspiration here – please don’t forget that banking nowadays can be fun).  I know the last one was offbeat, but here’s something that everyone would love! The AI through the app suggests some flowers for your spouse as a result of the Recommendation Engine sifting through the big data generated from your spend patterns (this is what some proponents of Open Banking are doing today – your bank could do the same, only through your explicit permission given to the app) and learning from it. There’s a strong chance, the above paragraphs were stretching what would be possible in the next few years but even if we could have half of what was mentioned, it will still be fantastic towards ensuring the best customer experience in an edge situation (no pun intended, I will explain why). Nevertheless, let’s summarize the technologies involved in the scenario presented: 5G powered Edge computing (related to Cloud computing) through the wearable AI to recognize the Customer’s voice commands for the app to ensure biometric security VR enabled the operation of the application through the eyes (with the help of an eye tracker – do look up HMD on Wikipedia if you have the time – this tech is coming) Blockchain-based security (instead of verification of the transaction using proof of work or proof of stake as a consensus mechanism, we could use proof of location if the Customer has intimated the app about the whereabouts)  Cryptocurrency for payments (powered by blockchain as mentioned in point number iv) AI-based Recommendation Engine that allows banks to promote purchases of their products/services and even transactions Robotic Process Automation was mentioned as an alternative for seamlessly tying up a chain of events such as executing the selection of a payee and payment amount Summary On a serious note, while it looks sophisticated to cook up concoctions of interwoven technologies, it is a different matter altogether to actually derive a doctrine for logically conducting business with any of the technologies mentioned in the write-up. It is difficult to implement a viable strategy without the involvement of a competent Digital Transformation specialist, well versed in both the technologies and the implementation strategies.  While strategy is paramount to the success of a company’s digital transformation, let’s broach the topic of an incentive to initiate a thought process that involves the rapid implementation of it. Consumers have never been the kind who are forgiving when they are not satisfied by a service or product that your bank might be offering. If a business cannot bring them value through their offerings of products and services, they will simply look for a more suave rival who would satisfy their needs. Traditional retail banks will need to be on their toes as non-banking fintechs are already hot on their heels, looking to overtake them. However, history does not care about losers, it only remembers the victors. If banks embrace the best of technology and ensure that there is velocity, volume, value, variety, and veracity in their operations, they will come out tops. However,

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How To Develop A Successful Loyalty Program For Retail Banks?

November 18, 2021

Financial services loyalty programs are customer maintenance devices intending to expand brand love and purchase frequency for banks and insurance agencies. Loyalty program for retail banks has been there for years, customers no longer perceive these programs as proper rewards for their loyalty. They are becoming more selective in choosing companies that offer them the most personalized benefits. A successful loyalty program is characterized by a variety of unique features that separates them from other, more customary award frameworks: Since clients don’t buy items from a customary perspective, monetary and bank loyalty programs rather boost individuals to spend money using their credit cards or feature services packages, like loans or mortgages. On account of their unique nature, enlistment to financial loyalty programs is restricted. In order to become a member, people need to have an active account, if not they will not have the option to advance. Organizations in this industry have less freedom to cooperate with their faithful audience. Customers by and large possibly go to them when it’s an ideal opportunity to recharge an agreement or contract. That is the reason making new touchpoints is a priority in loyalty programs. Financial and bank rewards programs are frequently used to promote content. It generally educates individuals about current offers and expands the brand’s online presence. Best Loyalty Program Features for Financial Services With the main objectives characterized, it’s an ideal opportunity to explore all the elements that modern loyalty programs proposition to help banks and insurance agencies stand out and gain customer trust. Loyalty and Dedicated Logic for Financial Services Account-based enrollment and rewarding renewals Customizable loyalty program types Omni-channel Insurance: Reward healthy lifestyle An Experiential Reward System A rich reward inventory with incentives from accomplices Offer Administration Reward Sharing The Mobile Wallet as a digital loyalty card Elements to Engage Customers Outside of the Buying Cycle Free membership rewards Exclusive clubs Sweepstakes Content utilization How to build a successful loyalty program in retail banking New Business isn’t really new. Revisit your Customer Profiles and Profitability. Manage and Mine your Valuable Data. Keep it Simple and Transparent. Be Digital, yet likewise physical. Accomplishing the Consistent Experience. Customers Want Your Loyalty Program. Loyalty programs are not new to retail banking. While there are still banks who need to go all in, even saving money with setting up programs are caught up with upgrading them to make them more receptive to their clients’ requirements. A lot of money is spent creating these projects, with advertisers excitedly expecting extremist development in deals, diminished client beat and other KPIs that will make their chiefs grin. Truly, a significant number of these drives barely make a wave or cause greater action without extra benefit in light of the fact that the clients who exploit the program are not the dependable ones but rather deal trackers, who are just about as reasonable as not to move to another bank if they see a more alluring deal. One of the vital explanations behind this is that, while everybody perceives that loyalty programs are tied in withholding clients, a lot of the emphasis is on securing with regards to plan and execution. This division has been seen by Forrester in a report appointed by Deluxe in 2015. Although the review included respondents from different industries, 33% of the respondents were from financial foundations. Although all agreed that loyalty was about expanded maintenance, 66% of the emphasis was on new business. Obviously, there is a procedure for fulfilling and drawing in steadfast clients that focuses harder on the clients it needs than those it as of now has. The colloquialism “A bird in the hand is worth two in the bush” applies here. It is normally perceived that it costs somewhere around 5 fold the amount to secure a client as to hold them. There is nothing wrong about drawing in customers with an engaging dependability program; simply comprehend that a new customer is not a loyal customer. Surprisingly, 81% of the measurements for accomplishment in these very programs centre around maintenance, a reasonable mismatch with the destinations expressed above. Obviously, most respondents were baffled by the results of their programs. The sad truth is that new customers are not loyal customers. US banks experience a customer stir of around 20% inside the principal year of onboarding a customer, and 17% of new customers will register dissatisfaction with administration in their first year. What is more regrettable, of the 20% who leave, a big part of those pricey acquisitions will leave in the initial 90 days. Recollect that, except if your client has a place with Generation Z, they are another bank’s old client, and they might even have kept that record and are simply trying things out with you. The graph below, from Bain and Co, is from 2013, yet the circumstance has not improved. You will see that certifiable new records are the minority; the greater part are “switchers” moving to start with one bank then onto the next. Interestingly, a customer who has been with you for 10 or 20 years is more averse to leave will in any case acquire income without every one of the expenses related with the securing. The American Banking Association (ABA) explored the Baby Boomer market as of late and concocted a few figures that give something to think about.   Many banks are running loyalty programs for every unacceptable reason, searching for another business when they ought to be focusing on the wealth of their existing customers.

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Blockchain and IoT Revolutionizing Supply Chain Management

November 21, 2018

Supply chain management can be defined simply as a baseball game… You must be wondering how isn’t it? All the participants in the supply chain management are baseball players – each having a role such as a shortstop, catcher, and pitcher. They are assigned specific duties such as hitting, throwing, and fielding – for the sole purpose of their team being successful. Similarly, in SCM a large number of people are actively involved in a number of processes for the successful completion of the assignment task – in short, the finished product reaching the end customer. Understanding the dedicated roles of each member of the SCM will help in developing winning strategies which can be implemented by the supply chain teammates. A supply chain can be defined as all the individual and business contributors who are involved in the creation of a product, right from the allocation of the raw materials to the end products. Source:https://applicature.com Supply chain activities comprise of : farming refining design manufacturing packaging transportation Global supply chain management is complicated both in terms of technologically and logistically. This is where blockchain integrated with IoT comes to simplify the process of SCM – making it more transparent, secure and traceable. Today supply chain has become extraordinarily complex, considering the uncountable links to create and distribute goods. There can be a hundred stages of the supply chain, depending on the product in consideration to the several geographical locations, the number of invoices raised and payments made, the number of entities and people involved in the process and time span. Source:https://applicature.com/blog/the-next-technological-revolution-blockchain-for-supply-chain-management Blockchain can help in creating a persistent, transparent, public, append-only ledger as it creates a network system where you can add data to and not change previous data within it. It does this through a mechanism for creating consensus between distributed parties that do not need to trust each other – they just need to trust the mechanism by which their consensus is arrived at. The blockchain is basically a distributed digital ledger which can be applied in numerous forms for any kind of agreements/contracts, tracking, payment and exchange activities. Every transaction is stored on a block, which in turn is distributed to uncountable nodes (devices) – creating multiple copies of the ledger all across the network. Every block is linked with its previous block and the next block – making it extremely secure and keeping the record immutable. This technology is decentralized which makes it quite efficient as well as scalable. In supply chain management, it can play an active role, right from storing of the products to the warehousing to their delivery to the settlement of the payment. FOR EXAMPLE – in the food industry business networks where data such as location, temperature, vibration, and humidity needs to be shared. A permissioned blockchain can help in creating a tamper-evident record. This will helps to open up a new way of automating processes among partners without setting up an expensive centralized IT infrastructure and all participants will have access to the same data at every point of time So no worry of validating and depending on others. Fig: the flow of data by use of blockchain Let us see how supply chain benefits from data sharing through permissioned blockchain and IoT: STATUS DATA The IoT enabled package will send the status data (temperature, location, etc) for passing through several carriers BUSINESS CONTRACT The business contract specifics will have to be met as we bring the shipment to the factory or to the store. The contract validation can be checked without any dependencies SENSOR TRACKING  A temperature sensor embedded will store package data locally and send it to the blockchain network through the IoT connected devices at wait points upon receiving connectivity. NO CENTRAL AUTHORITY Using blockchain, all the business partners (Producer, Processor, Distributor, Retailer, and Auditor) were allowed to access the same temperature data without the need for a central control. THE FOOD TRUST – ORGANIZATIONS USING BLOCKCHAIN IN FOOD INDUSTRY Some of the greatest retail giants of the food industry such as Walmart and Nestle SA along with eight other companies have founded the Food Trust which aims blockchain based food supply chain management. The use of Blockchain in this industry will help to possess a complete and accurate monitoring of the movements of the food items, ensuring no contaminated or damaged items reach the end consumers. The primary objective of the Food Trust is to avoid past crisis such as the E.coli bacteria contamination of romaine lettuce, which happened recently, affecting 35 states. The other companies who are members of the Food Trust are Unilever NV, Driscoll’s Inc., Golden State Foods, Dole Food Co., Kroger, McCormick and Co, Tyson Foods, and McLane. Source: https://hackernoon.com/to-blockchain-or-not-to-blockchain-45004a23e8a7 Walmart Walmart has integrated advanced levels of traceability powered by blockchain technology across the global food supply chain management. Walmart, one of the top fortune 500 companies in the world has collaborated with blockchain to improve food traceability and tracking as well as food safety in China. The organization has already started implementing Blockchain based supply chain structure to accomplish greater transparency across the global food-supply chain, which includes mangoes in the U.S and pork in China. Frank Yinass, Walmart vice president spoke on Walmart’s food safety solutions based on Blockchain platform, “What we hope to do with Blockchain is to bring all food safety system stakeholders to collaborate, so that we can do it very quickly and efficiently.” Walmart extended the application of blockchain to reduce the growing instances of food-borne illnesses by tracing issues in the food chain and at the same time evading huge losses for suppliers and retailers during the recall. This food retail giant is using this new age technology to track vegetables from farm till store for quick detection of contaminated products. It has integrated the information of the vegetable suppliers in its blockchain database to trace every unit of vegetables. Source: https://www.pinterest.com/pin/612419249303061416/ Walmart’s entry in the world of blockchain based ensured data privacy

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How Internet of Things Is Redefining The Retail Experience

June 19, 2018

While most of us have remained busy discussing how quickly online shopping has gone mainstream, a quiet revolution is growing in the retail sector across the world. Internet of Things is breathing life into dying retail spaces while invigorating newer and more creative retail units. IoT-enabled shopping is taking online e-Commerce space by storm too, enhancing logistics, delivery, and even the shopping experience. With more than 30 billion connected devices available by 2020, IoT is leading all technological innovation in the retail sector. From improving products to reducing energy consumption, and from enhancing marketing outcomes to improving customer experience, IoT is practically all over the place. Most importantly, all the accumulation of data is helping companies to gain new insights, and enhance products and customer experience, while witnessing double-digit growth rate. Amazon Go is a great example of this revolution. In this article, let’s take a look at how IoT is helping both offline retailers. Let us also briefly look at some of the top trends in retail with IoT devices in mind. How Internet of Things is helping brick and mortar stores as well Thousands of stores are shutting down, malls are going out of business, and retail stores simply aren’t able to catch up with the speed of digital shopping. In addition, people themselves have begun to prefer ordering products online than making a trip to the nearest mall or supermarket. Retail sector all around the world has much to worry about and resent. Yet, there is a silver lining in every cloud. IoT is helping retailers across the world to not only thrive but also attract more customers than ever to their stores. Vending machines are being revolutionised across malls and public places as customised orders and products can now be placed. Interactive displays and digital signage are helping customers to shop better and reach out right counter or shelf, depending on the in-store choices they make. Few retailers may offer virtual and smart mirrors, which provide information about the clothes they are trying. If the particular shirt a man is trying is green when compared to the one he just tried earlier, why not urge him to buy that automatically? Beacons and RFID tags can be further enhanced with sensors. IoT-enabled beacons can be used to recognize facial expressions, customer behavior across shopping aisles, and other such information. This can be used to enhance customer experience. IoT most importantly hastens the checkout process. Both retailers and customers can bid goodbye to lengthy queues at the billing counter, thanks to self-checkouts. Hottest trends in the retail sector depend on IoT If there is one thing that is going to sustain retail, it is IoT. Let us take a look at few situations where IoT is helping retail to innovate, sustain, and thrive. Marketing is easier than ever IoT is responsible for making marketing easier than ever. It provides the tools required for making both omnichannel and multichannel marketing successful. Sensors are increasingly being used by retailers to help customers. IoT sensors also help stores to engage in in-store marketing. Coordinate with customers quickly One of the factors that set IoT apart is its ability to communicate not just between devices or sensors, but also enhance communication between the retailer/manufacturer and the user. This helps store owners to coordinate with customers quickly in case products need maintenance services, or if there is an update to be installed. Download our case study on Konvergence’s K-Wallet, which revolutionized retail shopping some time ago. Customising customer experience There are sensors for tracking virtually every behaviour of a customer. When done ethically, sensors can provide valuable data that help manufacturers to enhance customer experience. Whether it is about enhancing certain product features or bringing better customer service, IoT can do it all with an ease and pomp. Create better product ecosystems Manufacturers and retailers have begun to tie up to provide better customer experience, using sensors. This is helping create new opportunities for better product ecosystems. Customers have options for maintenance, servicing, updating, or choosing from related products post-sales as well. Automated orders of spare parts when they need to be replaced is just one example of this ecosystem. Optimise logistics and inventory handling IoT’s is creating improved efficiency inventory handling and logistics management. Businesses are literally growing because they can deliver products quickly, and replenish stocks. IoT is helping businesses to ensure retail never faces a hitch due to product unavailability or delayed shipments. Data-derived insights IoT, as we all know, gathers and processes enormous amounts of data. All this data is fodder for analytics and insight deriving, and that’s exactly how businesses are using IoT data. Insights derived from product usage, product malfunctioning, customer behaviour, and other such situations continually help retailers and manufacturers to enhance customer experience and product enhancement. We had written an article a little while ago, describing how data analytics and AI both are going to influence IoT in the coming months and years. Read More about How to Manage Your Online Store in 2019? IoT-enabled retail is here to stay As you can see, IoT is quietly bringing formidable changes to both online and offline retail spaces. It is also changing the way retail manufacturers manage their business. Considering how quickly IoT is taking over retail, and how it is sustaining all the players in the space, it is worth observing the technology more keenly. In the near future, IoT enabled sensors will help retailers improve marketing, bring better customer experience, and enhance product support to users. Security may seem like an issue with all the IoT related data being generated, but we recently wrote about how to handle those issues. While we are at it, do take a look at some of the most valuable programming languages to learn, if you wish to develop for IoT yourself. Last but not the least, IoT will help businesses of all types to derive useful insights which will help improve products and customer experience at the same time.

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