Retail’s evolution was well underway prior to 2020, but post-pandemic, the revolution arrived with a sudden shift in consumer behavior. Customers expect more, and faster, from retailers, and they spend their time and money with the companies that have risen to the challenge. The coronavirus pandemic and the emergence of Gen Z and millennial shoppers’ dominance have exacerbated this transition.
To meet customer expectations, retailers must harness specific, tailored, and bespoke retail-for-retail technologies. Solutions that underscore how customers think about shopping, provide merchandise recommendations at every stage of their buying journey, and deliver shopping experiences that match their expectations, will gain loyal fans and increase basket size.
There are five areas retailers must master that also provide interesting opportunities for investors:
Engaging the different generational cohorts of shoppers.
Personalizing the shopping experience at every stage of the buying journey.
Harnessing the right data for forecasting and other predictive analytics.
Deploying strategic retail-centric security solutions — both online and in-store.
Embracing AI broadly, and generative artificial intelligence in particular.
Many challenges keep brands, retail, and e-commerce companies awake at night. These challenges, however, create opportunities. This is why investors need to watch the commerce tech space. Innovative solutions are emerging within this sector and delivering impressive returns.
As e-commerce grows at a faster rate than the overall retail industry, it’s clear retailers need to adopt technology to survive in today’s market.
If you’re attending the NRF Nexus Conference, join me and Ram Rampalli, Vice President, New Ventures & Growth, Walmart Global Tech, for our keynote session where we’ll go into more depth about the role of investing in innovation, and why retailers should invest in these technologies.
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