With much debate surrounding whether a Retail Apocalypse truly did occur in 2017 — or is still looming on the horizon in 2018 — it begs the question of how retailers can prepare, if at all.
There’s no question that the retail landscape is constantly evolving, with customers demanding more while their shopping habits change as often as the weather. This makes it even more challenging for businesses to keep up, let alone be successful.
If you read the retail news headlines (including our own), you’ll see more and more experts advising that retailers embrace technology to stay ahead. This is true, but what isn’t always clear is what type of technology. For example, Walmart’s Store No 8 innovation hub just announced its acquisition of a VR (Virtual Reality) platform. This is clearly a sign of the company’s commitment to adopting the latest in technology. But is it the right technology?
Depending on how it is implemented, this type of technology may positively affect the customer experience — making it more immersive and interactive both online and offline. At the same time, this may not be what their target customers need or want, and thus might not be the best tool to ultimately drive sales for the company. Only time will tell.
Instead, the sweet spot in retail technologies is most often centered around data. Data is instrumental in helping businesses of all types to better understand their customers, validate decisions (quantitatively and qualitatively), improve the customer experience and more — whether online or offline. At its core, data is what will undoubtedly drive the most change. And technologies that provide this data are the key to a retailer’s survival.
Which of course brings us to Prism. Prism’s software harnesses the power of A.I. and machine learning — the latest in technology — to provide data that is most vital for businesses. How many customers walked into the store? Where did they go? Which products did they touch the most? How long did they stand at that display? All of these answers (and more) arm a retailer with the necessary data to stay ahead in the current environment.
Rather than embracing the latest in technology for the sake of it, when businesses select the right technology (like Prism), they are able to not only survive the threat of a Retail Apocalypse, they’re able to thrive.