The intelligent digital transformation is increasingly becoming the foundation n what the future of digital companies and their ecosystems will be built. The technology and enterprise architecture of any firm will determine the competitive edge of the 21st-century retail organization. Retail chain and store owners and managers should evaluate the emerging trends courtesy of technology and incorporate the ideal ones in their operations so that they can identify opportunities and niches that need to be exploited. Technological advancements have created a significant disruption in all corporate and business industries by having the virtual world superimposing itself into the traditional world.
The rate of change in technology and retail transformation is pacing up which has led to the design of new ways of doing business. The digital transformation that is motivated by technology will be determined by mobile devices that are connected to the internet and are set to deliver thoughtful ideas to businesses all over the world. Any company that wants to survive and thrive in this digital age should be able to adapt and incorporate these new digital disruptions and make informed decisions about their operations moving forward. The retail industry is a huge percentage of today’s corporate world as it connects the consumers to their desired products directly. In this article, we are going to highlight emerging trends that will lead to improved consumer brand satisfaction going into 2018.
As technological advancements reshape the world of business, blockchain technology is one of the significant factors that will reshape the advancements in technology in the next frontier markets. The blockchain is a digital ledger that is incorruptible that produces many chained blocks of data where every block contains advanced data in cryptography form that is almost impossible for anyone to break. A company can still take advantage of the value offered by blockchain despite the many limitations. A firm can be able to fasten its business transactions, reduce the cost of doing business, improve the flow of cash and enhance the durability of their systems. These milestones can only be achieved if a company has given their staff adequate training of the basics and operation of blockchain technology.
Artificial intelligence (AI)
Artificial intelligence and machine learning technologies are going to have a significant impact on the decision-making process of any enterprise which will, in turn, boost the consumer brand experience. Most businesses have already incorporated artificial intelligence into their operations with 59% of small companies and big corporations gathering data on how to get the technology work for them. Artificial intelligence technology is also evolving on a daily basis with tech gurus finding new ways to make AI machines more efficient in digital marketing and improving consumer satisfaction.
For a business to survive and thrive in the 21st century, its top management and decision makers have to invest in the right tools and training their staff on AI a top spending priority to have a competitive edge. AI enabled systems can give the consumer a consistent service delivery without the human limitation factors such as fatigue and mood swings that are common with customer service agents and sales representatives.
Immersive technologies such as virtual reality, mixed reality and augmented reality have played a significant role in changing the way human beings interact in this digital age. Leaders in the digital world are going to experience a continuous flow of investments in this technologies. According to a 2016 report by Gartner, a significant funding amount to the tune of $2.09 billion is directed to these immersive technologies by business organizations from all over the world. The funding for these technologies is expected to plummet in the coming years with a 3% increase in 2018 which will account for 52.16 billion. Although augmented and virtual reality is two very different technologies, they have erased the borderline that was created between the digital world and the real world. Mixed reality ion the other hand enables the user to experience both the virtual and real world simultaneously.
by: Vincent Stokes