Retail technology 'essential to survival' says report

6th March 2018

Mailbox VR installation

In-store technology has become essential to survival for retailers, according to a new report from GlobalData.

The report, Technology Trends in Retail, 2018, says that technologies are driving greater personalisation and a smoother shopping experience across all shopping channels, improving online and mobile platforms as well as physical stores.

Artificial Intelligence (AI) for customer service, analystics, and smarter supply chains are of growing importance, as are interactive augmented reality tools and new, faster payment methods.

“Personalisation can drive customer loyalty and the ability to collect more data about their behaviour and preferences,” says GlobalData lead analyst for digital retail Andreas Olah. “By establishing what customers are likely to be interested in through the latest analytics and AI technologies, retailers can upsell more products and avoid going out of fashion.”

GlobalData predicts that cybersecurity and data security will become key differentiators during 2018, as public fears over cyberattacks grow.

“Instead of jumping on every trend bandwagon, retailers need to be judicious while selecting digital technologies, which should match customers’ specific needs and the retailer’s brand identity to address existing problems and challenges. In addition, customers should be allowed to choose their preferred channels of shopping and interaction rather than forcing them to use certain digital tools,” adds Olah.