Are These Predictions In Your Retail Future?
Apparel retailers are always looking ahead because having the right selection in stock requires foresight. Recently in Apparel magazine, Leslie Hand (Vice President, IDC) predicted that these 10 tech trends are driving retail’s future. Do you agree?
- Half of retailers will implement an omnichannel platform by 2019 and see profits increase by about 30 percent because it will reduce operating costs and boost revenue.
- Nearly 30 percent of leading retailers will digitally transform their organizations to platforms and technologies driven by cloud computing and artificial intelligence (AI).
- Hyper-micro personalization will be possible with customer experience architecture supported by AI and 40 percent of retailers will use this to increase conversion by 30 percent, resulting in 25 percent higher revenue.
- Retailers will trim inventory carrying costs up to 25 percent across stores and DCs by using tools like geospatial data to improve omnichannel operations.
- As much as 20 percent of retailers’ budgets will be invested in flawless fulfillment execution to meet the expectation of omnichannel shoppers by 2020.
- By 2021, 10 percent of sales at retail chain stores will involve voice-enabled digital assistants as omnichannel shoppers use marketplace devices like Alexa and “OK, Google” to purchase everyday household goods.
- AI-based cybersecurity technologies will be used by 75 percent of retailers as cyber attacks become more complex and sophisticated.
- By next year, 40 percent of retailers will transform their workforce and labor culture to fit the realities of omnichannel shopping.
- By 2020, 20 percent of retailers will utilize AI-enabled networks to link social media semantics to actual product attributes, redesigning how they manage data from social platforms.
- Tech predictions like AI, augmented reality, and IoT will become realities that retailers will leverage to potentially raise inventory turns by 25 percent, worker productivity by 15 percent, and customer satisfaction by 20 percent.
ChainDrive Provides The Foundation To Build Upon
Whatever you may think about all of these predictions, the one word that comes up repeatedly is “omnichannel”. It has become clear that in order to stay competitive, retailers must be active on more than one channel and ChainDrive’s Integrated Retail Management software is designed to be the platform that retailers can build upon for future growth. Simply adding channels isn’t enough since you need to be able to integrate those channels in order to operate successfully.
Apparel retailers need specific functionality, so ChainDrive Apparel has been designed to provide the tools and support you need to face whatever the future holds for your business with confidence.