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.

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.

 

So, 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.