How Technology is Shaping Retail

There is no doubt that technology is having a huge impact on consumers and the retail sector in general, as the use of m-commerce has nearly doubled in the last three years. The Internet of Things market is expected to rise from $14 billion in 2015 to $36 billion by 2020, and it can also help supply chains and logistics save as much as $2.6 trillion.

Smart factories will increasingly incorporate technology that facilitates real-time production adjustments, countering demand uncertainty to large extent. RFID chips can help track product input more accurately throughout the value chain, and factories will have the ability to anticipate any hiccups, such as delivery delays for materials, and include other suppliers in delivery schedules.

Also on the supply side, the use of automated factories and robots is expected to rise by 74 percent in the coming six to ten years, while automated trucks for delivery are expected to take a 25 percent market share by the year 2030. Drones will be used for last-mile delivery to help avoid traffic, with an estimated market value of $6.4 billion by 2020.

As homes and factories become increasingly connected, stores should not be overlooked. Bluetooth beacons in stores will provide sales associates with information about those who visit their stores regularly, such as their purchasing habits, so they can give them a better in-store experience. Meanwhile, electronic POS allow companies to update inventory and collect even more customer data, which can then be shared with distribution centers and factories. Sensors allow suppliers to monitor perishable goods and find out when stock needs replenishing.

Mobile’s Ongoing Role

Mobile is expected to continue to play an important role in shopping experiences. Nearly 40 percent of consumers use mobile to find inspiration, while almost a third compare prices on their smartphones. Thirty-three percent of consumers have sought advice online, while a quarter have done preparations online for offline purchases.

This blog post was based off of an article from Infographic. View the original here.

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