Infographic Digital Innovation: The Competitive Edge for Retail

The way customers purchase goods is changing, and this new shopping behavior forces retailers to evolve the way they do business. Retailers need to consider trends and technologies impacting the shopping experience in order to stay competitive.

Accessibility note: The infographic is transcribed below the graphic.

By Insight Editor / 14 Jun 2018 / Topics: Customer experience Data and AI Intelligent edge

Transcript of Infographic

Infographic text included for screen readers:

Digital Innovation: The Competitive Edge for Retail

Changes to the retail landscape

The new shopper journey → Browsing and researching online first
The new value proposition → Increased competition with e-commerce
The new enterprise intelligence → Buy online and pick up in store options
The new consumer interface → Recommendations, reminders & rewards

An online influence

Retail e-commerce sales are expected to reach $4.48 trillion in 2021.

49% of shoppers made impulse buys after receiving a personalized recommendation.

44% will become repeat buyers after personalized experiences.

Conversational commerce

Voice and video disruption can help businesses address customer service concerns, answer calls and drive live chats.

Voice

51% of consumers use voice assistants.
24% prefer voice assistants over mobile apps or websites.
Consumers ages 33-45 use voice assistants for commerce the most.

Video

Quantity: Accurately identify inventory and availability.
Location: Evaluate store traffic by gender, age and more.
Behavior: Gauge emotional responsiveness to specific goods.

Chatbots and applications

38% of consumers agree Artificial Intelligence (AI) could improve customer service.

34% would be comfortable receiving customer service from AI, specifically in online retail.

36% use a retailer’s mobile app as their primary source when researching a product.

10 technologies reshaping retail

Software-defined infrastructure for easy use
Application programming interface for breadth
AI and machine learning for precision
Digital imagery and video for behavior analysis
Natural language recognition for greater efficiency
Wearable computing for next-level productivity
In-stream data analysis for automated processes
Robotics for optimized store and warehouse operations
5G connectivity for increased speed and bandwidth
The Internet of Things (IoT) for enhanced connectivity

Sources

Buvat, J., Jacobs, K., Khadikar, A., Sengupta, A., Taylor, M. (11 Jan. 2018). Conversational Commerce: Why Consumers Are Embracing Voice Assistants in Their Lives. Capgemini.
eMarketer. (September 2017). Retail 2017 Trendpack: The Latest Data and Analysis for Retail Ecommerce.
Segment. (2017). The 2017 State of Personalization Report.
Salesforce Research. (September 2017). 2017 Connected Shoppers Report.
Pega. (April 2017). What Consumers Really Think About AI: A Global Study.