In a video posted by IBM UK, Martin Butler, Retail Industry Leader for IBM UK and Ireland, predicts the 5 technology trends to look for in 2014. Retailers who are successful are those who can create a strong culture of innovation across their organization and can successfully pilot and drive these changes.
Here is Martin Butler’s predictions:
1. Create Value Using Social Media
2014 is when social media is going to come into its own, to help shoppers with their wants and needs. Analyzing social data at an aggregated level, such as trends, help retailers plan their businesses earlier versus the traditional forums such as focus groups, market research and press. Through new social media analytics, brands can quicker, easier and more accurately spot and act on trends as they emerge. Sifting through real-time detailed data will provide valuable information to buyers, merchandisers and marketers about customers perception about your brand and product.
2. Predictive Analytics
For retailers the emerging power around advance analytics will drive an ever increasing level of personalized service to customers. Systems that can learn and predict based on cognitive computing will help make shopping experiences individually compelling. For example real-time personalized promotions in store, which in turn, will help improve the customer experience.
3. Mobile in Mind
When designing new innovations – keep mobile in mind. As shoppers become smarter through mobile devices, mobile will become a much more important role. Be ready to embrace location based, augmented reality and gamification applications. These applications will encourage repeat purchases by allowing customers to be more actively engaged with the band.
4. Internet of things
With Wifi in stores, video cameras and energy management systems retailers must invest heavily into their IT infrastructure at the brick and mortar level. Data flying across the customer, retailer and supplier all connected in real-time; this is going to underpin further innovation.
5. Multi-media & analytics; sound & video
This will mature massively in the next twelve months, Butler is absolutely sure more business models around this will continue to emerge.