Retail is arising from the first chapter of digital transformation — upheavals of shopping behaviors, business models, and industry structure. New retail formats are emerging as customer behaviors change, and newcomers shake things up. Retail’s next regeneration is taking shape.
Here is one of four key takeaways. From the high-tech retailing content track and floor space section at CES, it’s clear that technology companies want to disrupt and improve the retail customer experience.
Currently, nearly one-quarter of industry workloads are in the public cloud, but retailers expect that to rise to one-third in 2020. Pure-play retailers, especially the digital natives that started with a “cloud-first” approach, are taking advantage of the cloud’s ability to scale as needed.
This year’s online retail holiday weekend proved, yet again, the power of discounts. Thanksgiving, Black Friday, and Cyber Monday all posted +28 percent or higher digital commerce spending versus 2017, according to comScore.
The industrial and collaborative robotics market is gaining momentum, as more vendors and industries embrace automation. Development in cloud robotics, deep learning based machine operation, and a wider ecosystem will enable robots to become more reliable, versatile and efficient.
Omnichannel commerce tops retailers’ investment priority because the bar keeps being raised for seamless, omnichannel customer experiences. Leading OMS solutions offer enterprise-ready functionality for complex retail-specific scenarios aimed at the business user.
According to the latest worldwide market study by Juniper Research, the adoption of chatbots across the retail, banking and healthcare sectors will realize business cost savings of $11 billion annually by 2023 — that’s up from an estimated $6 billion in 2018.