Skip to main content

Strategy and Transformation

NRF: Using Technology to ‘Get Connected’ in Retail

Information will be the basis for competitive advantage so make it everything you do.
A decisive theme conveyed during a number of sessions at NRF for retailers has been the demand for knowledge automation. Ginni Rometty set the tone with a call to arms during the IBM Keynote. Whether it’s uncovering new sources of information or finding innovative ways to use the data you already have – it will be a game-changer for retailers to better connect, engage and create value for the consumer. There are a number of business drivers prompting retailers to respond, but one of the biggest driving forces in the industry right now is the Internet of Things (IoT). The predictable pathways of information are changing rapidly as the physical world is inundated with devices and sensors for tracking and understanding consumer behaviors. From smartphones and tablets to wearable technology and even home appliances – everything is connected and communicating. In fact, Gartner estimated IoT applications to have a total economic impact of $1.9 trillion by 2020. IMG_1724
Cisco couldn’t have described the future of IoT any more accurately. It is becoming the Internet of Everything so retailers need to “get more connected”. During yesterday’s session at NRF, “Internet of Everything: What’s the Art of the Possible in Retail?” statistics showed that more than $179.6B in retail value was at stake and essentially anything is possible with the Internet of Everything (IoE).
5 Key Areas of Opportunity for IoE

  1. Improved Customer Experience
  2. Supply Chain/Logistics Efficiency
  3. Employee Efficiency
  4. Asset Utilization
  5. Innovation
Perficient: Digital Strategy Experts
The Future is Digital

Becoming digital is the surest way for you to understand your customers' needs and meet their expectations. Learn how Perficient can help anticipate what's ahead for you and your customer with a digital strategy centered around empathy, alignment, and agility.

Watch Now: Digital Strategy Experts

So what will serve as the foundation for capitalizing on the IoE opportunity?
Retailers will need to be able to sense and connect new information (not to mention have better governance over and management of existing data sources). A single platform for fusing sensors and data from various sources like tags, social, mobile, text and video will be critical for success with IoE.
 3 Tech Trends Driving the IoE Economy
Ginni Rometty talked about three big macro trends in technology that will not only help retailers explore the possibilities of IoE, but they’ll deliver speed-to-market, allow for business agility and enhance decision-making capabilities.

  1. Big Data
  2. Cloud Computing
  3. Cognitive Systems

We’re excited to see what the future holds as retailers make investments in these key areas to help build long-term business strategies around knowledge automation.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Elizabeth Dias

Elizabeth Dias is an experienced technology marketing strategist focused on the financial services and retail industry at Perficient. With over nine years of experience as a professional business-to-business (B2B) marketer, Elizabeth is knowledgeable in technology strategies for the financial services industry focusing on mobile banking and payments, data analytics, and enterprise information management. She also closely follows the fintech community as well as tech trends in social and digital, and is also an active blogger and thought leader on Twitter (@techmktggirl).

More from this Author

Follow Us