Technologies That Are Going to Reshape the Retail Industry In 2018
Technology has revolutionized almost all aspects of human life in unexpected and fascinating ways. We can now travel faster, communicate easily with friends and family thousands of miles away and browse the internet with just the touch of a button. The retail industry has not been left behind. The 21st-century consumer demands convenience. As we dig deeper into 2018, we are set to see the progression of multi-channel retailing and more of digital twin platforms. However, small businesses and big corporations will have to spend more resources to improve their consumer brand experience using the latest trends in technology. Technology will enable the company to have an in-depth understanding of the consumer tastes and preferences.
The multi-billion-dollar global retail industry is already making massive investments in technology. For instance, Wal-Mart spent more than $10 billion on information technology in 2017 leading the batch of the retailers who spent fortunes on technology. However, most retail companies are struggling to meet the high demands and expectations of a customer base that is increasingly becoming digital. The only way to fulfil the promises that a business makes to the consumer is through technological integration. In this article, we are going to highlight the technologies that are reshaping the retail industry in 2018.
Robotics
Robotics technology has become very popular in the retail industry, especially in the supply chain. Some brands and retail markets are making this transition. However, Amazon has been the leading retailer in the adoption of robotics into their business operations. Amazon has procured over 45,000 robots that work in the warehouses and other elements of logistics and supply chain. In 2018, the retail industry is expected to incorporate more of this technology in their operations. For instance, Hudson’s Bay Company committed to expend the use of robotics in their system. Moreover, tech experts have projected that robotics will be used in other areas of the retail industry apart from the supply chain. Robots may be deployed in check-out counters and aisles of the traditional brick-and-mortar stores. There is also a possibility that they will be incorporated into home delivery of goods for consumers.
Anti-fraud tools in e-commerce
After experiencing fall-starts at the initial stages, the use and adoption of EMV payment terminals and chip cards started to take-off in 2017. However, the celebration of the EMV cards did not go far. The retail industry realized that there was a much bigger problem of e-commerce fraud. Over the last couple of months, the industry saw some companies that stepped up to try to address the problem. The companies addressed fraud using tech tools that leverage on machine learning and artificial intelligence capabilities. These two technologies enable the anti-fraud systems to identify fraud patterns and signals and predict fraud before it takes place.
Bitcoin and blockchain technology
The relationship between bitcoin and blockchain technologies and their relationship with the retail industry is a bit thorny to understand. Blockchain involves a shared ledger technology that enables corporations and their associates to manage and track digital transactions in an accurate manner. It also stores the digital objects and values in the transactions without involving a third-party.