16 Trending Tech Developments Retailers Need To Be Ready For
The Covid-19 pandemic saw an explosion in online shopping, and retailers that didn’t already have an online presence had to scramble to catch up. Further, consumers expect a lot from retail brands these days—including curated inventories and customized experiences—whether they’re browsing in a brick-and-mortar store or on a website.
Navigating the retail industry isn’t easy, and recently, even large, household-name brands have struggled to adapt (and some have failed). To keep up with the competition in a global, digital marketplace, retailers may soon be exploring more tools to help them do everything from better leveraging social media marketing to powering last-mile delivery. Here, 16 members of Forbes Technology Council discuss tech trends they see impacting the retail industry within the next five years and offer tips to help retail businesses prepare.
4. Demand Forecasting Via AI
I believe artificial intelligence in any setting is a cornerstone of efficiency. Within the retail environment, AI can teach businesses to anticipate demand. Through demand forecasting, retailers can decide which products to place on specific shelves, more accurately predict the seasonal popularity of products and even develop pricing metrics. –Vikas Khorana, Ntooitive Digital