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Wednesday, December 5, 2018

Online apparel returns set to rise this holiday season - Chain Store Age

TECHNOLOGY

More disruption and more innovation.

That’s the outlook for the retail tech industry as it continues to focus on the adoption of disruptive and innovative technologies, according to a new study from IDC entitled “IDC FutureScape: Worldwide Retail 2019 Predictions.” The technologies will drive digital transformation (DX) forward at a rapid pace.

“The future belongs to visionary leaders and forward-thinking organizations that are able to break the shackles of legacy systems and accelerate mastering digital-first strategies,” said Leslie Hand, VP, IDC Retail Insights. “The thrivers will be those that champion data-driven, experiential, and personalized approaches to experiential retail business and IT.”

IDC’s worldwide retail industry 2019 predictions are:

• By 2020, DX acceleration among the “digitally determined” will result in 20% of retail organizations advancing to stage four of DX acceleration.

• By year-end 2019, 50% of retailers will plan to implement a digital “core” platform, which will enable faster innovation, continuously utilizing insights to drive intelligent actions.

• By 2021, 30% of retailers will provide real-time contextual experiences wherein conversational search is empowering, services find customers, content supports sales, and consumers monetize their data.

• By 2020, retailers will increase track-and-trace and predictive agile execution investments by 30% to meet consumers expectation of real-time order visibility and perfect delivery performance.

• By 2022, retailers will double investments in distribution automation to meet the dramatic increase of single-item, one-click impulse and auto-replenishment ecommerce and marketplace orders.

• By 2021, 30% of retailers will provide real-time contextual experiences wherein conversational search is empowering, services find customers, content supports sales, and consumers monetize their data.

• By 2023, 25% of retailers will create more customer “promoters” by interweaving customer experience, product and service development, and assortment orchestration to grow 25% faster than their peers.

• By 2022, retailers will have increased investment in workforce technology and training by 30% to equip staff for competitive and differentiating customer experience–focused roles.

• By 2023, 40% of nonfood retailers will have capabilities to profitably mass customize new product introduction, including new “lot size of one” design, buy, make, and move skills and systems.

• By 2023, 50% of retailers will have implemented IoT in at least four digital transformation use cases, also enabling the reallocation of up to 3% of operations budget to innovation budget.

• By 2020, retailers will have raised annual spend on data privacy safeguards by 25% given heightened concerns about data privacy and regulatory requirements including the EU’s GDPR.



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