The Future of #Retail is #Phygital, where Digital Retail meets Physical Retail.
Will 2023 be Retail’s pivot point for #innovation?
Are we seeing unusually rare convergence of not just one or two, but several retailer-enabling technologies that are on track for maturity and ubiquity in 2023, and bring about a technological pivot point for the industry?
#AI: Expected to be $100B market in 2023. Retailers proficient with AI (able to localize intelligence to every kind of product and process that data in real-time) will wield a decisive advantage.
#5G: 1B devices by 2023. For retailers, devices and data collection mechanisms positioned throughout their #supplychains, stores, and apps will enable far more granular insights and opportunities for real-time intervention.
#AR/VR: Will overcome its relatively slow start because of 5G. Amazon patent activity suggests that eyeglasses with AR connectivity may utilize bone conduction technology, allowing wearers to interact without even needing to speak aloud. Retailers should certainly be prepared to adapt to the new purchase paths paved by these technologies as they arrive.
#Blockchain: Will be the cornerstone of online trust, enabling secure digital identities and #DigitalMe technology. As customers protect their privacy, Gartner predicts that brand access to consumer data will decrease by 30%. Consumers in full command of their digital identities will parcel out data depending on their relationship with each brand, transforming loyalty programs.
#LowCodeNoCode software development: Will massively speed up retailers’ application development by eliminating the need to hard code every change or software test. Industry-wide competition will speed up as well, as retailers of all sizes leverage available platforms and launch new products and features far faster than ever.
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