Retail technology trends in 2014
The retail experience has changed in recent years as smartphones and tablets have entered the picture, forever shifting how consumers shop. Companies are seeking out ways to differentiate themselves, while looking to retail technology to expand their presence beyond their four walls. Brands are adapting to buyers’ needs and are hoping to redefine retail as a frictionless experience.
Control Group, a leading New York City-based innovation, strategy and technology design firm, has just issued their 2014 Retail Technology Report, offering an overview of emerging trends in retail technology, as well as case studies.
The following six retail technology trends from Control Group indicate that the shopping experience is rapidly changing:
1. Dynamic Price – When it comes to the world of retail, however, dynamic pricing relies more on customer-specific factors like historical buying behavior to calculate and set prices. The goal is to identify the optimal price of a specific product for a specific customer at a specific time–in theory creating a personalized deal that a customer can’t pass up.
2. Screenless Experiences – While flashy technologies like interactive touch-screens or branded mobile apps can add convenience and efficiency to the in-store shopping experience, they can also be overwhelming and complicating.
3. Proximity Awareness – Proximity aware technologies make it easier for retailers to track behavior, provide service, communicate deals, and offer multiple payment options– all seamlessly personalized based on a consumer’s exact in-store location.
4. Mobile POS & Delivery – While creating Point-of-Sale (POS) options in unexpected places can help facilitate customer engagement, the success of these initiatives will be tied to the retailer’s ability to provide flexible and custom delivery options that are convenient for the customer.
5. Urban Retail – One of the main factors behind the Urban Retail trend is the ever-increasing competition for a customer’s attention. People today work longer hours than ever before, spend more and more time commuting and have a seemingly infinite number of options competing for their time and attention.
6. Master Data Management – The goal of MDM is an organization-wide single version of “the truth” for business-crucial data. Gathering data from various touch points, you can attribute different levels of trust or value to them.
Read the full 2014 Retail Technology Report