Dubai Technology Entrepreneur Center hosted a talk about how innovation in tech is impacting the Retail Industry. Major UAE actors of the retail were discussing the future of their industry. The event inspired us to write the below short article.
IoT, mobile and data will unlock the “black box”
Imagine if you could enter into a store, find the exact location of the product you want, receive a personalized notification on your phone with a coupon for something you are usually buying and leave the store without any delay or friction.
This is how Iot and data will revolutionize the retail industry by offering customers more personal and tailored experiences.
The data collected by IoT sensors, beacon and smart cameras will also help retailers successfully manage their stores by producing new insights related to in-store advertising, merchandising and customers shopping behaviour.
We already wrote about it here
Artificial intelligence will increase personalization
As connected stores will be generating a high volume of data on throughout the customer journey, Artificial Intelligence will allow retailers to generate actionable insights by processing data better than any human can do.
Online, AI and machine learning will continue to help retailers to create a personalized experience and improve customer retention.
Today, Amazon, Alibaba or Zalando are already taking the best of AI to offer to their customers’ tailored experiences while optimizing sales.
New seamless payment technologies will emerge
Contactless payments are gaining traction and At ENBD alone, they represent more than 10 per cent of the total transactions. This trend is set to amplify especially with the growing adoption of Apple Pay, Samsung Pay and Emirates NBD Pay.
With the launch of Amazon Go in Seattle in January 2018, Amazon is showing the way of the future with their unique Just Walk Out technology based on artificial intelligence, computer vision and data to offer customers a fluid retail experience where mobile and physical environments roll together.
Retailers are becoming entertainers
Retailtainment is the fusion of retail and entertainment.
Behind this buzzword, it is a new opportunity for retailers to boost store traffic and get customers to purchase their products through the use of ambience, emotion, sound and activities.
In the UAE, mall developers understood early that the mall of the future needs to incentivize its visitors by offering them curated entertainment activities and experiences. It’s just about time for retailers to replicate this model and bring unique experience into the stores of the future.
To illustrate this, Tmall opened 60 physical pop-up stores in 52 malls in China powered by Alibaba’s retail technologies including AR and mobile payments. By blending technology and entertainment, we can reinvent the customer experience in-store.
About Duval Union Consulting
We are new-style management consultants focusing on transforming and growing organizations in a digital-first world with offices in Europe and the Middle East. New-style? Co-created business strategy, custom-made transformation trajectories and actual experienced business advisors are only some of our differentiators and why clients love to work with us. We design the future of your business together.