Retailers Must Embrace New Technology to Ensure Success
We always hear about the future of retail, but what about the present? Much of what was touted as being the “future of retail” a short while ago is now reality, and much of these cutting-edge offerings were showcased at the recent National Retail Federation (NRF) Conference.
Most retailers can expect to get 2018 off to a great start, with inventory being well managed across the board and consumers growing more prepared to part with their hard-earned money.
Perhaps the most encouraging fact of all, however, is the fact that Amazon did not manage to push out the other players over the holiday season. For example, Macy’s noted same-store sales rises of 1 percent in November and December, prompting the department store to characterize its holiday shopping season as “solid.”
Kohl’s, meanwhile, noted a remarkable 6.9 percent increase in comparable store sales in November and December, with CEO Kevin Mansell proclaiming that digital demand had “accelerated significantly.” Consistently strong holiday sales caused the retailer to increase its earnings outlook. MasterCard’s Spending Pulse said that retail holiday sales rose by 4.9 percent in the best year-on-year rise since 2011.
Therefore, retailers are in an excellent position to capitalize on the technological advances that are now available.
Tech on Display at NRF
For example, Adobe is working on live foot traffic analysis that works together with virtual reality tools for retailers. Samsung is working on Connected Spaces, which is a pop-up shop highlighting retail as a service, real-time analytics, and retail technology.
Intel, meanwhile, is looking to sensors and IoT to make retail more responsive. They’re currently working with Chinese retailer JD to create staff-free stores that combine physical and online retailing. Fujitsu is expanding its biometric customer authentication and RFID technology for clothing with a view to melding its sensors as a front end that can connect to retail tech and tablets.
Bringing these retail innovations to implementation could help retailers ensure their continued success well into 2018 and beyond.
This blog post was based off of an article from ZD Net. View the original here.