This year, there will be some significant improvements in the retail industry due to the increased usage of cognitive computing, AI, and data.

FREMONT, CA: Technology is changing the way every industry does business by helping to create efficiencies, save money, and provide better products and services. Retail companies are also adopting technology to their advantage.

Predictive Analytics

With the help of predictive analytics, retailers can be active about the future by analyzing consumer behavior and trends from the past. When retailers successfully analyze data, they can understand the important information about customer purchasing behavior, personalize the shopping experience, address a consumer's needs based on where they are in the customer journey, enhance efficacy, and minimize costs of supply chains.

AR

2020 is going to be the year where the shopping experiences go beyond see, hear, feel, or test a product. With the use of experiential marketing growing in the retail space, the augmented reality is sure to become another tool for brands and retailers. AR has helped retailers maintain and improve sales as customers now get a deeper understanding of what they are buying while shopping.

Face Recognition

Facial recognition technology helps retailers proactively battle shoplifting and retail crime. Along with this, it can bring the personalized online shopping experience to the brick-and-mortar location. When a customer is identified through facial recognition technology, the store staff can better respond to that customer's unique needs. There are certainly legal and privacy concerns to be worked out, but there are several advantages for retailers who adopted facial recognition technology.

5G

Faster networks and less latency will increase everything from retail operations to in-store experience for customers and beyond. With more opportunities to deploy cutting-edge technologies expect to see everything from personalized digital signage to smart shelves. That means you will be able to receive information regarding new products in retail stores, delivery dates, recommendations, and prices faster than ever.

Chatbots

There has been rapid adoption of messaging-based customer service bots across retail. Artificial intelligence bots will help to improve the customer journey by lowering cart abandonment and help customers solve problems after the sale without human intervention.

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