Retail Industry

Digital technology is the connective tissue adding ease, convenience, customization, and automation to every aspect of a retail organization—from its business processes, operations, and how employees work, to the customer experiences provided and the very products and services offered.

5 Top Technologies Powering Retail in 2024

Advanced Analytics

Within the next 3 years, over three-quarters of retailers plan to invest in big data solutions for IoT data and 72% in cognitive computing and machine learning.

Artificial Intelligence

About 40% of retailers will develop a customer experience architecture supported by AI, boosting conversions up to 30% and revenue by 25% through hyper-micro personalization.

Cloud-based Architecture

71% of retailer software decision makers believe that agility is a critical benefit of moving to cloud-hosted software-as-a-service.

Internet of Things

70% of retailers will install in-store beacons for location-based marketing.

Conversational Commerce

50% of retail customer service requests will be conducted, at least partially, through conversational AI applications.

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Where will these Technologies Drive the Most Impact?

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Social Media

A shopper who engages with a retailer through social media is likely to spend 19% more than the average consumer.

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CPG Sales Processes

Nearly a third of CPG sales processes can be automated, freeing up the sales force to spend more time connecting with customers.

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Online Shopping

60% of Gen Z shoppers still prefer to purchase in-store, and 46% will check in a store first to get information for an online purchase.

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Artificial Intelligence

Retailers’ spend on artificial intelligence is expected to increase by 53%. In just three years, nearly half of retailers will have adopted AI-powered chatbots and digital assistants.

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Perfection

Over half of shoppers will expect near-perfect fulfillment.

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Personalized Experiences

Nearly half of surveyed consumers said they likely would become repeat buyers after personalized experiences, yet only 22% of shoppers find their retail experience to be highly personalized.

What Areas do Retailers Prioritize for Taking Advantage of these Innovations?

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Reinvent their Supply Chains

72% of retailers plan to reinvent their supply chains with real-time visibility enabled by automation, sensors and analytics. While 68% of retailers plan to invest in data tracking, collection and management.

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Cutting Costs

43% of CPG executives automate tasks primarily to cut costs and increase efficiency.

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In-Store Experiences

55% plan to invest in in-store experiences.

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Sales Influences by Digital Touchpoints

More than half of European and U.S. total retail sales will be online or influenced by digital touchpoints, including instore sales that are influenced by digital research beforehand.