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2023 Retail Trends: Video Emerging Leader in Tech Innovation and Retailers to Double Down on Data and Digital Literacy

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2022 was a year marked by innovation. Retailers increasingly dove into immersive experiences and leveraged tech such as artificial intelligence and machine learning to automate processes and increase efficiencies. 

It was, however, also a year marked by challenges. COVID continues to plague the industry, and the bumpy economic climate, stifled by inflation, is impacting retailers and CPGs across the globe, leading to layoffs, stores closing, and overall more mindful, strategic, long-term ventures rather than big investments with an eye toward quick implementation.

So what does 2023 hold for us? Expert consultants, analysts, and vendors from across the retail industry shed light on what retail can expect in this new year. 

From transforming consumer journeys to making huge advancements in technology, the retail industry is prepared to tackle obstacles new and old in order to keep innovating and elevating the consumer experience. 

A Broad Look at the Industry

Retail and CPG president of SymphonyAI Manish Choudhary sees data being increasingly leveraged to make real-time decisions, while the next-gen store will lean on this data for personalization purposes. And what of the supply chain, which has taken a hard hit in 2022? Choudhary predicts resiliency is the name of the game for the new year.

IDC made several predictions for the year in their recent IDC FutureScape: Worldwide Manufacturing 2023 Predictions report (#US48630122) — many of which focused on technology. 

The research company predicts that by 2024, digital-first operations enabled by 5G connectivity will improve worker safety, which could result in a 20% reduction in lost time accidents. Additionally, IDC predicts that by next year, 40% of manufacturers will have deployed AI-based tools across their enterprise to support the decision-making process and maximize the value of data. This could result in up to 5% improvement in revenue/profit.

But how many of these efforts are continuations of initiatives long in the pipeline, and how many will grow as new ideas in 2023 — and how many will require an infrastructure overhaul? According to SmartSense president Guy Yehiav, 2023 will focus more on  “let’s do more with what we have” instead of adding new hardware or software capabilities. 

Data, Consumer Targeting, and Privacy Practices

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