Forrester distinguishes ‘hot’ from ‘hype’ in retail tech investments


July 23, 2020 | By RetailME Bureau

Research company Forrester distinguishes ‘hot’ from ‘hype’ in retail tech investments for 2020. “In a highly competitive world of commerce, retailers and brands must invest in technology initiatives that will differentiate them, drive revenue growth and keep their customers satisfied,” stated Brendan Witcher, vice president & principal analyst at Forrester.

Having interviewed over 60 retail and brand professionals, Forrester distinguishes ‘hot’ from ‘hype’ in retail tech investments for 2020. The research includes an evaluation of multiple technology pieces segmented into three categories – ‘hot’, ‘on the radar’ and ‘hype’.

Also read: KOJ Group builds resilience through digital transformation

Among the top or ‘hot’ priorities in retail technology investments are:

  • Advanced analytics/data analysis tools
  • Omnichannel capabilities
  • Personalisation technologies
  • Artificial intelligence/machine learning solutions
  • Loyalty programmes
  • Digital wallets/mobile payments
  • Digital store technology – customer-facing, associate-facing and operations
  • Automated checkout technology/frictionless payments

‘On the radar’ retail technology investments in 2020 include:

  • Experiential retail
  • Chatbots
  • Social commerce
  • Same-day delivery
  • Subscription services
  • Progressive web apps (PWAs)
  • Pop-up stores
  • Computer vision/visual search
  • 5G wireless connectivity
  • Marketplaces (retailers starting their own)

Finally, low on priority retail technology investments, or ‘hype’, for 2020 are as follows:

  • Pick-up/return lockers
  • RFID
  • Shoppable videos
  • Augmented reality
  • Smart speaker apps
  • IoT solutions
  • Blockchain
  • Virtual reality
  • In-store/home delivery robots
  • 3D printed products

 

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