Whitepaper - "Discover the Possible" series - Exploring a perspective on retail
Welcome to our Discover the Possible Whitepaper exploring a perspective on retail
This White Paper focuses on how emerging technologies are disrupting the Retail industry. We review innovation in Data Insight, AI & Machine Learning and Voice Technology. There has been a shift in customer buying habits. The modern-day consumer has a new set of expectations – the high-street is being replaced by an on-line, always accessible, on-demand shopping experience. Retailers who embrace and harness the power of this change will succeed in an ever-changing, digitalised world.
The retail industry is at the intersection of a huge cultural and technological shift
The sector is undergoing significant change as emerging technologies continue to disrupt and transform the shopping experience both online and in store. Consumer buying habits have completely changed their relationship with brands and the high street. With smart phones, online shopping and mobile apps, customers have been driving an immersive, on-demand and convenient experience.
This is hitting the high-street hard with growing competition from on-line, falling profits, increased cost base, store closures, and some struggling to move with the times. In order to successfully keep pace with this change, businesses need to consider several factors when defining their e-commerce and digital transformation strategy. This paper overviews how Data Insight, AI Automation and Voice Technology are re-imagining and transforming retail – permanently.
Learn more about how emerging technologies are disrupting the retail industry.
"Operators share a common objective, they want to improve the operational efficiency, reduce the cost, and eliminate fraud - DLT will help them to do all these things."
Gareth Mee, CEO, Invenica
"Uber are about to start offering financial services to their customers. This is an example of financial services being poured into each of the verticals and I think from a telco perspective, they are very much l at the forefront of that, will be able to have a billing circuit with most of the population."
Richard Crook, Director, LAB577
Retail FAQs
What does data insight mean for retailers?
Analysing data gives retailers a 360-degree view of their customers and prospects – correlating data from multiple channels (social media, online, apps, in-store), monitoring interaction on social media and recording customer purchase histories allows retailers to target advertisements and personalise promotions.
What does AI mean for retail customer engagement?
Advances in Natural Language Processing (NLP) are being used in solutions across AI, Machine Learning and Voice Technology. An example of AI-driven, customer-facing technology is chatbot platforms. Many retailers have integrated chatbots into their Facebook messenger channels, creating a personalised and conversational experience for their customers.
Why is voice technology valuable in the Retail Sector?
Consumer facing businesses need to manage multiple routes and channels to market. From bricks-and mortar to on-line, savvy firms have embraced innovation that puts the consumer experience at the heart of their channel strategy. From pop-up stores, through to experiential shopping events, the consumer “journey” is central.
Our “Discover the Possible” series explores the challenges and opportunities of across the emerging technology landscape. “Discover the Possible” separates the fact from the fiction, translating the buzz words and jargon into simple plain language, and analysing real business use cases. The Invenica team collaborate with clients, partners and subject matter experts to produce White Papers, Webinars and Industry Articles to spark discussion and debate across the markets.