In 1999, Kevin Ashton coined the term Internet of Things after witnessing inventory, logistics, and supply chain management challenges in retail. Since then, millions of global enterprises have adopted IoT and are uncovering its tremendous economic impact.
However, while most retailers see value in IoT solutions, these enterprises are largely unsure of how this technology specifically benefits business. When asked about industry adoption and the key issue being solved by IoT, greater inventory accuracy was the leading response — but only 24 percent of organizations agreed this was the case.
It’s that time again when we take a look through all of the best new retail tech developments out there. From adopting new ways to design products to new ways to gain customer feedback, to AR, AI and robots, this isn’t some unrealistic vision of retail’s future. This is the future happening now, so make sure you don’t miss a thing.
HighStreet’s Retail Innovation Radar™ Report is a quarterly report that measures twelve influential technology innovations in brick and mortar retail. It is based on shopper acceptance of these technologies, not on the technological advances of the innovations. In this issue of the Retail Innovation Radar Report™, you’ll discover some in-store tech and retail case studies that will help you deliver on these ever-heightening shopper expectations.
Beyond Retail is a leading Australian company, working in the design, deployment and management of RFID, Frictionless Payment, Data Tracking, and Augmented Reality applications. If you’d like to know more about how you can bring these technologies to your business, contact us on +61 3 8538 1220 or firstname.lastname@example.org
Retailers these days hear so much about ROI that this simple acronym probably haunts them in their sleep. Sure, short-term return on investment is important, but perhaps also a bit shortsighted. In the long-term, there’s another kind of ROI they should dream about: Return on Involvement. The biggest marketing challenge today is how to engage the jaded or distracted (or both) shopper. http://bit.ly/BR2ykWd7I
Millennials (the generation born roughly between 1980 and 2000) are emerging as a retail juggernaut. According to data from Accenture, there are around 80 million Millennials in the U.S., and they spend $600 billion annually. By 2020, the firm expects their spending to grow to 1.4 trillion and make up as much as 30 percent of total retail sales. http://bit.ly/BR2M7Wzn3