Modern Retail Emerging Technology Analysis: The retailers' guide … – Modern Retail
Along with e-commerce, the pandemic propelled the use of artificial intelligence, virtual reality and augmented reality. Modern Retail explored how retailers are leveraging these technologies to understand emerging trends and provide brands with the intelligence needed to shape marketing and merchandising strategies to compete in the year ahead.
Through a proprietary study incorporating a survey, focus group and analysis of leading brands, retailers and agencies, we uncovered how retailers are currently using AI, AR and VR to their advantage and how they plan to incorporate the technologies in the future. We also previewed our upcoming report on blockchain technology.
Modern Retail’s editor-in-chief Cale Guthrie Weissman and Digiday Media’s senior researcher Li Lu and research editor Catherine Wolf revealed the full results of the report on Dec. 6.
Watch the full discussion here:
Watch analysis of AR/VR use in 2022 versus 2017:
Watch analysis of how marketers attract consumers with AR/VR:
Watch analysis of marketers’ future use of AR/VR:
Watch analysis of how marketers use data-driven personalization:
Watch analysis of how marketers use chatbots and other NLP technologies:
Watch analysis of marketers’ future use of AI:
Watch analysis of marketers’ use of blockchain technology:
Key takeaways:
Expert analysis:
“Blockchain is not as widespread as the hype cycle from a couple of months ago would have shown. There have been interesting use cases in terms of customer loyalty. But those are very specific types of brands where they are very tech savvy and have a certain type of brand enthusiast who is interested in blockchains and NFTs. … It’s a smaller subset who do use blockchain.” — Cale Guthrie Weissman, editor-in-chief at Modern Retail
Retailers are beginning to roll out plans to curate each of their stores based on the neighborhoods that they are located in. The localization strategy indicates retailers’ desire to resonate better with the local community in hopes that they could gain more sales and loyalty.
Known as a homeware destination in the heart of New York City, ABC Carpet & Home is ready to expand beyond the city. Following bankruptcy filing and new management takeover, the company is now focusing on a smaller store format and growing e-commerce sales.
Interviews with Blank Street workers shed light on some of the employee concerns that have been quietly growing behind the scenes. These issues point to heightening tensions felt when a traditionally mom-and-pop business model is reframed to facilitate hyper growth.
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