2017 had proven to be a golden year for big data. Not only the systems that supported large volumes of structured and unstructured data continued to rise but also the market started demanding platforms that helped data custodians govern and secure big data while empowering end users to analyze that data.
As big data became more vast and approachable by everyone, various trends became to emerge that started driving the way the market functioned. Big data was used in retail, to mine for consumer insights and behavioral patterns. But big data was never limited to one segmented of the market. The food industry, real estate and every other segment of the market benefited from big data.
But big data is like a dual-edged sword. It will present you with brilliant opportunities and yet at the same time if you fail to keep up with the trends, you can be in serious trouble. Here are some retail tech trends to look out for in 2018-
1. Convenience shall rule
Retailers have since a long time known that any disruption/effort in the purchase of a product will reduce the number of people buying the product. It is of absolute necessity that retailers make it as easy as possible to purchase the product, either by streamlining applications or arranging for
self-service booths where shoppers can pay for their products and check out themselves.
To further make it easier for the consumers, services like delivery options, money back guarantees etc. can be introduced. Same or next day deliveries are the new buzz in town which is why you would have heard news about Amazon experimenting with drone delivery etc. In 2018, winners, in retail space, are going to be companies that offer utmost speed and convenience.
2. The all mighty Artificial intelligence (AI)
AI is a growing trend in almost all the sectors of the market and it’s very obvious why. Not only it processes data much faster and efficiently than humans ever could, it also combines machine learning and other emerging techs. to stay up to date and compete with the on-going trends in the market to stay ahead of the curve.
For retailers, it means that they will be able to use all sorts of trends and tech and make the most of their physical locations to hike up their revenue and profits.
Based on consumer buying patterns, one of the phenomena that emerge is the impulse buying behavior. With the help of AI not only can we dig much deeper into the possibilities, but also use it to increase your sales. One can also experiment with things like store lighting, temperature, background etc. to reach a new level of efficiency and make the most of the space you have.
3. “Ok Google, tell me about voice search”
As technology advances, it integrates more deeply into people’s daily lives. Voice search is one such function that people have started using more and more frequently. Retailers can use this new space to position themselves as a problem solver and provider.
One great example voice search was done by Burger King, where they used the voice search feature to hack into Alexa and Google home. The ad not only developed a lot of media impressions,
the whole campaign was pulled off in less than $2000 in production.
4. I like it my way- Personalization
Personalized product is one flame no consumer can resist. Like a moth, they are drawn to it and often end up purchasing them as they are unique and the consumer can relate to them more.
In the past, we saw how retailers tried to give consumers a better experience via a personalization.
One brand that has started working towards it is Myntra. Recently, when you click on a product, you will see a small size suggestion written below is based on your previous purchase history. Myntra has also started giving style suggestions and possibilities in its app, based on the purchase history and wish-listing behavior of a consumer.
5. Selling a lifestyle
As the millennial generation matures, their purchasing power increases. Marketers have to be ready to tap into this new potential TG very carefully as they aren’t interested in possessing things, they want to make memories and have great experiences. They key is to make new tech 360 and
AI-power tell stories in new and exciting ways.
Interested in keeping up with the latest retail tech trends and even ahead of them? Contact us at Datahut, your big data experts.