“Yet with SAP’s 2018 Digital Transformation Executive Study finding just 3 per cent of retailers have completed digital transformation projects, most of which focused on efficiency and cost cutting, there’s clearly still a long way to go before brands successfully harness digital for more disruptive innovation in the retail experience.
Again, however, only a small percentage of data is being used by retailers in decision making. While these organisations tend to collect as much data as they can, squirrelling away for future use, they’re still not able to ascertain its significance, Schneider agreed.
An example is Adidas in Russia, which used existing cameras plus RFID readers and RFID tags on garments and products to improve real-time inventory accuracy in its physical store from 60 per cent to 99 per cent. Adidas is now looking to rollout the approach globally.”
“In between the glamour and geeks, companies like Walmart, Macy’s, Nordstrom and Kohl’s are sending execs to Austin to tout new technologies and how they’re keeping up with the changing retail landscape.
In addition, some retailers that started out and still mostly sell online will be at this year’s SXSW, which starts Friday and runs through March 17. Among them are luggage maker Away, clothing rental service Rent the Runway, apparel companies Revolve and Outdoor Voices and online marketplace StockX.
Walmart is sending its Chief Technology Officer Jeremy King to talk about why stores still play an important role in the retailer’s e-commerce strategy.
Kohl’s is sending Grace Burgio, who manages artificial intelligence for the department store chain, to discuss how AI is helping Kohl’s boost in-store sales.”
“A new research report by Microsoft shows that 56 percent of retail companies inthe United Kingdomstill not use AI, while for example, 44 percent of financial service providers and 40 percent of manufacturers don’t either. “Clearly, for the sector to thrive in the future, the speed of change must increase”, Microsoftwarns.
Interestingly, another recent study, by Rackspace, shows a more optimistic image. According tothis research, retailers in the United Kingdom clearly recognize the significant opportunity that AI presents: one in four IT decision makers in this industry are planning to use this technology in-store over the next twelve months. This study claims that across both in-store and ecommerce deployments, AI will account for 7.5 percent of total UK retail sector IT budget over the next year.”