By Florian Quarré | Retail IT | February 10, 2020
The way consumers engage with retailers has drastically changed over the last decade, not only because of transient changes in the infrastructure and societal fabric in which we live but also due to the way retailers have curated their engagement with customers. Retailers have transformed their business models to meet the needs of hyper-connected shoppers who want a seamless, unique experience that fits their digitally-driven lifestyles.
The retail industry remains a leader in adopting the continuous cycle of action-feedback-insights-and-experience, constantly refining its knowledge of the wants and needs of consumers.
The availability of large-scale data stores, along with the use of AI for finding consumers’ patterns and high-speed decision making techniques, has significantly increased the precision of customers’ insights and exponentially accelerated the speed of engaging with customers by creating a highly targeted experience.
The next phase of the industry’s evolution will focus on transformative experiences that not only personally engage with each consumer, but also drastically redesign every part of the shopping value chain across marketers, designers, suppliers, manufacturers, retailers, payment brokers, etc. AI coupled with edge computing and other emerging technologies will be one of the main accelerants of the future.