- Simon Foster, Founder & CEO – Chatter Research
- Rob Cameron, Chief Product Officer – Moneris
Description: The retail landscape is changing and technology is now driving customer interaction and engagement.
Rob Cameron, Chief Product Officer at Moneris, will walk through some of the key trends that are happening in retail and how technologies will drive this change.
Simon Foster, Founder & CEO of Chatter Research will show how one particular trend — the rising popularity of AI and chatbots — is changing the retail experience.
Together, they will show how businesses can use data and emerging technology to improve the customer experience.
Top 3 Session Takeaways:
1) Digitization of the Wallet
It’s the beginning of an era where physical wallets will be replaced by a digital one. In fact, more than half of the transactions that take place today are by tap. That’s because payments by tap provide a unique value proposition for retailers and consumers. They are convenient, simple, and safe. When cards were first introduced with a tap feature, retailers refreshed their point-of-sale (POS) machines to complement this new technology.
“Last year, Apple Pay grew by 400% in the U.S” Rob Cameron, Chief Product Officer – Moneris
Google will also have their version of the mobile wallet available in their app store. Eventually, people will be using their cellphones as a payment method as opposed to physical credit and debit cards.
Another growing trend in retail is the idea of personalization. Technology is being used in a way that moulds to the personality and taste of the consumer. Information about your size, preferences, and budget will be available in the company’s database every time you come into the store. The more you interact with them, the more data they will collect about you and the more refined their suggestions will be.
In the home furnishing space, IKEA had used technology to personalize the customer shopping experience. In addition to their print catalogue, they had also released a mobile application that allowed consumers to take pictures of rooms in their house. People would use this app and place Ikea items from their digital catalogue anywhere on the picture to customize what their new space would look like.
3) AI and Chatbots
Artificial Intelligence and chatbots are also growing trends in retail. People come in contact with forms of AI and chatbots either through personal assistants on smartphones like Siri, smart home devices, or text messages from companies. Now company websites are starting to incorporate the idea of chatbots. So when consumers ask them questions, these bots can pull information from different areas of the website and present in the chat.
These are just some examples of emerging trends that are shaping the retail industry today. It’s not enough just to display your product and wait until someone comes along and buys it. Companies need to change the way they interact with their consumers, and use technology as a way to connect and engage with the millions of shoppers out there today.
Watch this dubdub produced clip of the talk: