Retail Innovation Report: 2016 Trends, Insights & Analysis
2016 is the year that retail hit an inflection point, technology fueled innovation exploding across the industry, transforming and disrupting every step of the supply chain. And for those executives who are shell-shocked at the pace of change, it is only going to increase. There are no time-outs.
Faster and cheaper computer processing is powering growing use of artificial intelligence (AI) and machine learning. These capabilities in turn feeding on massive big data, and powerful new capabilities delivered to even the smallest merchants via the cloud. Technology is becoming democratized, sophisticated solutions no longer the sole province of the largest companies. Indeed, we are entering a period where smaller companies can leverage their ability to move fast, unencumbered by large organizations and legacy infrastructure.
Technology is fundamental to retail success and piloting new innovations is fast becoming a required discipline for retailers, wholesalers, and brand manufacturers. Industry innovation is now being driven by consumer adoption of new technologies, an uncomfortable place for many retail executives as they grapple with power shifting to the end consumer/