The Future of Retail: Top 5 Smart Retail Trends and Predictions for 2017

With the constant evolution that’s occurring in the digital world, retailers need to keep up with these rapid changes and utilize them appropriately in their business to take advantage of the numerous benefits that can be availed from using this service to its fullest extent. Industries have incorporated various modern digital marketing solutions into their business practices that has helped them innovate their processes and increase their overall efficiency, and the retail industry is no exception to this current trend. Incorporating smart retail solutions is the way to go, and keeping this in mind here are five of the most prominent smart retail trends and predictions that will shape the industry in 2017

1. Improved scalability: One of the major benefits of utilizing appropriate smart retail services is the addition of end-to-end interoperability which can help in easing the process of scalability whenever required. With the help of IoT technology, you can connect pretty much everything involved in the retail industry and access it whenever required. You can also scale these elements accordingly based on the current and future needs of your organisation.

2. Streamlining of manageability and analytics: By collecting all the relevant data involved in your retail business in one common IoT platform, and streamlining it accordingly to process all the relevant quantifiable data, you can improve the manageability of your retail business through innovative smart retail solutions that can help in reducing the downtime when it comes to implementing certain changes whenever required in your organisation and business structure.

3. Security improvements at all levels: The rapid evolution of the digital landscape has led to – among other things – an increase in the adoption of cloud technology services across various industries, and the retail industry is no exception. However, storing data on a common IoT platform through the use of cloud technology services poses a ton of security risks. In order to prevent any possible cyber attacks that can potentially hamper production, development, management any other process involved in the retail business, one needs to set up a strong internet security system that can withstand such attacks as well.

4. Provision of unique in-store experiences: With the advent of the rapidly-changing digital landscape, most people prefer to shop online instead of physically going to a particular store. In order to entice customers to visit your particular store, it is important to provide a unique in-store experience that takes advantage of these digital transformation services in order to provide a unique, fresh experience that incorporates these smart retail services in a creative way. The virtual showrooms by Audi is a great example of this.

5. Widespread adoption of mobile payment solutions: With the recent implementation of demonetisation all across India, predicting that mobile payment solutions will become all the more prominent is perhaps the most obvious smart retail trend featured on this list. With facilities like Paytm and Samsung Pay becoming more prominent, there’s no doubt in anyone’s minds that when it comes to the increasing relevance of smart retail solutions, mobile payment will be at the forefront of this revolution.

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Created on Sep 19th 2017 04:08. Viewed 1,016 times.

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