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Tech. 2019: Technology Is Driving Consumer Centrism and Smart Consumption in Retail

Executive Summary

On October 2–3, 2019, Coresight Research’s London team attended Tech. 2019 at Printworks, London. The event focused on the technology and trends that are shaping the future of retail:

  • Technology empowers customer-centric retail models, enabling companies to deliver consistent levels of customer service across multiple touchpoints.
  • Partnerships between companies to strengthen data analytics or last-mile delivery are seen as a winning model in retail compared to the alternative of vertical integration, according to retailers such as JD.com.
  • While smartphones are currently central in the consumer experience, the rise of wearables could threaten the role of cell phones in retail in the near future, by delivering greater personalization and a better user experience.
  • The adoption of 5G technology is needed to unleash the full potential of artificial intelligence (AI) in retail. The next-generation mobile connectivity can deliver the low latency needed for more advanced AI applications.
  • AI enables smart consumption through greater personalization that minimizes the risk of failing to offer shoppers what they want, which in turn reduces unsold inventory that needs to be disposed of and the likelihood of returns, making the industry more sustainable.

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