FINAL WORD
“
RETAILERS MUST
ADOPT NEW
TECHNIQUES
AND INNOVATIVE
SERVICES,
AS WELL AS
UPDATING
BACK-END
TECHNOLOGY,
TO STAY
COMPETITIVE
AND RELEVANT
IN 2018.
Scott Lester, CEO, Flixmedia
growing adoption in other regions during
2018, as cryptocurrency sheds its reputation
as a shady enabler of cyber crime and gains
acceptance from the average consumer and
general public.
Cryptocurrency’s role in the retail industry is
not a question of if, but when? The answer
to this – for many retailers in the UK and EU
at least – will become clearer next year. A
number of governments have stated plans
to roll out regulations and new legislation
which will bring cryptocurrencies in line with
anti-money laundering and counter terrorist
financing laws, by increasing transparency.
2. Augmented reality (AR) will
move into mainstream retail
Excitement around AR for retail was
palpable throughout 2017, when a number
of major players launched augmented
reality apps. Sephora’s Virtual Artist, Ikea
Place and Dulux Visualiser all went live last
year. However, Amazon’s backing of the
technology and launch of its AR View in
November 2017 will really kick the rest of
the industry into action in 2018.
104
INTELLIGENTCIO
The AR market was valued at US$2.39
billion in 2016 and is expected to
reach US$61.39 billion by 2023. Set to
revolutionise the shopping experience,
AR technology delivers the benefits of
traditional bricks-and-mortar tangibility,
while harnessing the most futuristic of
digital technology. However, this will only be
realised if AR is made accessible to all.
As such, 2018 will see the emergence of
AR-as-a-Service. White labelled point-and-
place type AR solutions will increasingly be
adopted by retailers looking for a means of
offering an enhanced, immersive shopping
experience, without the costs and effort of
building from scratch. A monthly subscription
fee will allow retailers to affordably enter the
AR scene and scale their offering in line with
consumer demand and tech developments.
3. Speed will be crucial to
keeping pace in the retail race
Speed will be of the essence in 2018’s
retail race. Shoppers expect to be able to
browse and buy at the time they want, on
the device they want, without having to
wait for slow page loads, outdated stock
level information, or limited and sluggish
delivery options. They also expect this kind
of slick service in-store, meaning retailers
must adopt new techniques and innovative
services, as well as updating back-end
technology, to stay competitive and
relevant in 2018.
The unstoppable rise in online sales has
been accompanied by the demise of many
high street stores which have failed to
deliver on shopper demands. Fewer people
chose to visit bricks-and-mortar shops to
buy Christmas gifts in 2017; a trend that
continued on Boxing Day, with the total
number of shoppers down by 4.5% in 2016.
This is more than a passing trend and
instead marks a general shift in shopping
habits that all retailers must acknowledge
and adapt to next year, or face tough times.
Next is a prime example of a retailer that
has done just that. Investing in its online
operations allowed Next to reap the rewards
of an unexpected sales surge over Christmas,
with a 13.6% rise in online sales boosting
overall growth.
www.intelligentcio.com