Trends for Retail Transformation
During NRF 2019, the global meeting for retail held in New York City, the paths that retail is following were displayed.
During NRF 2019, the global meeting for retail held in New York City, the paths that retail is following in terms of cultural change, management and technology on its path to digital transformation were displayed. And also, how more mature ecommerce are working to include physical stores in their experience.
This detail is where one of the main trends that appear in this exhibition is: Technologies that manage to surpass omnichannel. Although omnichannel is positioned vs multichannel for its ability to unify the customer experience across multiple channels, it includes the hard work of connecting and integrating multiple systems and technological versions. The arrival of technologies to create a single centralized commerce platform that allows a single vision through all channels.
The concept of unified commerce is fundamentally based on the centralization of data and transactions on an integrated platform that eliminates the need for duplication and manual processes, and open and interconnectable systems that can share data and services across all areas of consumer experience, so that it is simple to innovate in applications, services, channels and devices.
This main trend is still developing and is fueled by the evolution in machine learning and artificial intelligence, which is in a phase of great development. This year at the NRF there were more than 130 companies with specific machine learning and AI solutions from Wi-Fi for the store to automation and personalization of the offer.
The drivers on which retail is working in 2019 in its digital transformation are purpose, constant experimentation at low cost, and the unification of the customer experience through all contact points.
1- Stores: According to Forrester data, presented during the fair, in 2018 43% of retailers opened new stores and for 2019 only 36% estimate to grow in the number of stores. In 2018, 41% did not grow and in 2019, 57% estimate not to grow. But in 2018, 16% closed stores and in 2019 only 7% will close stores.
These data added to the transformation of the most mature e-commerce, entering the physical world and traditional retail that is beginning to embrace design methods for experimentation and prototyping to accelerate its response to changes in consumption, innovate and manage its operation, demonstrate that the physical experience continues to be a driver of retail and that only the experience is being transformed.
2- Data is the focal point of retail and the most cited technologies to work with it are machine learning and artificial intelligence.
3- Commerce. It is the new destination, a commerce platform for all channels. The bet is that the centralization of data and transactions on open and interconnectable systems will allow a truly unified experience and accelerate response time to the client and the market.
4- Cloud and microservices enter the mainstream of solutions to experiment, transform and accelerate the organization's response from omnichannel to commerce.
5- Technologies to mediate and measure moments in physical stores include cameras, integration of products and their labels with ecommerce and social networks, voice in the search for information and products, and virtual technologies to personalize the experience.
The application of these trends and insights in the Hispanic American market is one of the big topics that we will be discussing with our clients during the first quarter of 2019 in Mexico, Central America, Colombia, Peru, Chile and Argentina.
By Carlos Anino, CEO Napse
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