Infographic: Digital Innovation: The Competitive Edge for Retail

14 Jun 2018 by Insight Editor

The way customers purchase goods is changing, and this new shopping behavior forces retailers to evolve the way they do business. Retailers need to consider trends and technologies impacting the shopping experience in order to stay competitive.

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Digital Innovation: The Competitive Edge for Retail

Changes to the retail landscape

  • The new shopper journey → Browsing and researching online first
  • The new value proposition → Increased competition with e-commerce
  • The new enterprise intelligence → Buy online and pick up in store options
  • The new consumer interface → Recommendations, reminders & rewards

An online influence

Retail e-commerce sales are expected to reach $4.48 trillion in 2021.

49% of shoppers made impulse buys after receiving a personalized recommendation.

44% will become repeat buyers after personalized experiences.

Conversational commerce

Voice and video disruption can help businesses address customer service concerns, answer calls and drive live chats.

Voice

  • 51% of consumers use voice assistants.
  • 24% prefer voice assistants over mobile apps or websites.
  • Consumers ages 33-45 use voice assistants for commerce the most.

Video

  • Quantity: Accurately identify inventory and availability.
  • Location: Evaluate store traffic by gender, age and more.
  • Behavior: Gauge emotional responsiveness to specific goods.

Chatbots and applications

38% of consumers agree Artificial Intelligence (AI) could improve customer service.

34% would be comfortable receiving customer service from AI, specifically in online retail.

36% use a retailer’s mobile app as their primary source when researching a product.

10 technologies reshaping retail

  1. Software-defined infrastructure for easy use
  2. Application programming interface for breadth
  3. AI and machine learning for precision
  4. Digital imagery and video for behavior analysis
  5. Natural language recognition for greater efficiency
  6. Wearable computing for next-level productivity
  7. In-stream data analysis for automated processes
  8. Robotics for optimized store and warehouse operations
  9. 5G connectivity for increased speed and bandwidth
  10. The Internet of Things (IoT) for enhanced connectivity

Sources

Buvat, J., Jacobs, K., Khadikar, A., Sengupta, A., Taylor, M. (11 Jan. 2018). Conversational Commerce: Why Consumers Are Embracing Voice Assistants in Their Lives. Capgemini.
eMarketer. (September 2017). Retail 2017 Trendpack: The Latest Data and Analysis for Retail Ecommerce.
Segment. (2017). The 2017 State of Personalization Report.
Salesforce Research. (September 2017). 2017 Connected Shoppers Report.
Pega. (April 2017). What Consumers Really Think About AI: A Global Study.