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Top Retail Trends in Supply Chain Management

Top Retail Trends in Supply Chain Management

As we move forward into 2019, it is only fitting to look at the latest trends in supply chain management. The supply chain is the backbone of e-commerce and in today’s age, it is more diversified than ever before. New technological innovations are being introduced in an effort to dilute this complexity. The supply chain is changing from being technologically enabled to being technologically driven. The high complexity of online markets, as well as the ever-changing and increasing customer demands, requires proactive stances from retailers. Here are some trends that you should consider in your supply chain to stay ahead of your competition.


Artificial Intelligence (AI)

AI is the technology of the future. A wide array of self-learning algorithms are available in the market today. Huge amounts of data are generated, analyzed, linked and patterned by data scientists. With machine learning operating on this big data, decisive knowledge can be derived from it, regardless of the amount of data. AI also has multiple applications in the supply chain. Logistical coordination and organization in warehouses is being driven by intelligent and autonomous technology such as drones, robots, and self-driving vehicles. Chatbots can also be a function of logistics, for example, they can be programmed to give information such as "Your package has just been shipped", or "your order is going to be delayed". Zion Market Research published a report stating that global AI in supply chain management is estimated to cross 6,548 million USD by the year 2024. AI is an all-encompassing solution that will fundamentally revolutionize and influence the future of the supply chain.


Immersive Technologies

In the supply chain, the use of augmented, virtual or mixed realities isn’t a novelty anymore. Augmented Reality (AR) offers various assistive technologies that facilitate the employees in their day to day work. Hands-free picking aided by AR could take care of simple picking tasks. Employees wearing smart glasses enhanced by AR can immediately view barcode data on the screen and improve their productivity. Tasks in the future of the supply chain could be significantly simplified using smart glasses, displays and simulators. From the customer’s vantage, AR makes virtual trial and test of products possible without the need for actual physical products. This customer behavior could impact the supply chain in the long run with fewer products being kept at store locations and speedy shipping from larger storages in warehouses. Gartner forecasts that by 2022, 70% of enterprises will be experimenting with immersive technologies with 25% having deployed them in production.


3D Printing

This technology has found its way into almost every imaginable industry and continues to provide limitless opportunities. 3D printing is not only used for prototypes and small series products but is being utilized in mass production of items such as car parts. The advantages of 3D printing will be even better utilized in the future. 3D-printed parts can be manufactured easily, at a cheaper cost and without compromising on quality; these factors make it especially attractive for the production of cost-intensive individual parts required in the aerospace industry, for example. Ever since its introduction, 3D printing has been evolving and improving, which makes it a viable addition to the supply chain of the future. 3D printing can not only meet rising customer requirements but also significantly shorten the supply chain. With the possibility of faster prototyping and reduced cost of production, the applications are endless, particularly in the field of consumer goods and medical care. 


These are only some of the trends that you can keep in mind while upgrading your supply chain. Artificial intelligence currently holds the highest potential as it is being rapidly innovated and integrated into every aspect of e-commerce. 3D printing and Immersive Technologies have their own upsides and will only help shape the efficiency and ramp up the dynamics of the future supply chain. Keeping up with these trends will give you a significant edge over the competition and assure lasting viability in the market.

Read more about how leveraging AI could improve supply chain efficiency for Grocery Retailers.

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Retail Trends Prediction for 2019

Retail Trends Prediction for 2019

From online shopping expanding to social media to customer-controlled delivery and returns, 2018 saw an exciting time in retail which drove a massive shakeup in the traditional retail landscape. Besides instant gratification, today’s connected customers expect newer experiences and hyper-personalization in retail. As we enter 2019, retailers are increasingly faced with the challenge to push boundaries and meet the evergrowing expectations of their customers.

Here are 5 retail trends that will gain momentum in 2019 -

Customer Datasets

Data plays a crucial role in the growth of any business. Accurate data will serve as a vital tool to enable retailers to understand customer behavior and reward their loyalty. This data will further enable retailers to deliver personalized shopping experiences to each customer. Retailers can target product offers more effectively due to access they have to customer datasets, AI and Machine Learning. Closer customer engagement will provide insights that can be valuable for retailers who want to grow their businesses. Forming stronger connections will be beneficial for both the customers and retailers.

Cognitive Technology

Cognitive Technology has led to automation across different parts of the retail sector, and this is a trend that will grow exponentially. Retailers will leverage cognitive computing to provide better customer service technology that can analyze enormous amounts of data. Retailers who integrate cognitive computing in their customer service can offer faster service. Setting computers and robots that can actually understand natural language and respond to simple questions will free up employees to attend to more complex queries. Robots can work alongside humans in many areas of retail increasing efficiency and productivity.

Voice-activated Shopping

As of 2018, Amazon and Google have together sold about 27 million voice-activated devices in the USA. 29% of these customers are already using the devices to shop online, and this number is slowly increasing day after day. Customers also expressed confidence in the recommendations provided by these digital assistants. These devices have a large following that can’t fully embrace their shopping abilities due to the lack of visuals. Companies are combating this by adding screens to their voice assistant devices. For example, Amazon Echo Show allows its users to view the products on the screen which increases confidence in their purchase.

Shopping anytime, anywhere

Consumers today are on the move and are going to expect services that could be available in transit. Social commerce will gain momentum by providing users/customers more choices for making purchases on the go. Retailers will be able to do targeted marketing and offer new ways to make online shopping more convenient, social and instantaneous. Customers will be able to shop from their vehicles while commuting. New innovative social commerce solutions will also emerge throughout 2019.

Augmented Reality

Augmented reality is quite popular with many apps that offer users a chance to blend the digital with the real world. These interactive experiences are not just fun but also offer retailers an opportunity to use them in shops. 

For example, if customers want to buy furniture, it could be quite difficult to picture the store items in their own house setting. If they pick wrong, they could end up ruining the aesthetics and ambiance of a room. Augmented reality apps can place 3D models of furniture right inside the customer’s home.

The digital furniture is also resizable and observable in any light, from any angle. Customers can even save room designs for the future. There is a huge level of customer engagement that can be achieved through these apps. They will allow customers to buy the best products and consequently come back to buy more in the future.

These trends may prove useful by providing retailers with some foresight. The landscape of the retail industry is evolving at a fast pace, and with Gen Z driving seismic shifts in shopping behavior, 2019 can be a very interesting year in retail.

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