Last week, the Retail TouchPoints team was entrenched at the National Retail Federation’s (NRF) annual BIG Show. Like all attendees, we were hungry to learn about the new solutions being showcased on the EXPO hall floor, and the trends being spotlighted by speakers.
Analytics, mobility, payment security and the Internet of Things were among the key topics buzzing around the show. For this week’s Editor Q&A, the RTP team shares what trends they believe will come to the forefront in 2015:
Debbie Hauss, Editor-in-Chief: I see retail becoming more and more digitally interactive in 2015. Shoppers will have access to a variety of interactive technologies that will help them accessorize an outfit, order a product that’s out of stock in the store, collect personalized coupons, share photos and feedback socially, compare product details and pricing, and complete purchases. But I still think store employees will remain vitally important to the shopping experience, so I don’t expect them to be replaced by their digital counterparts.
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Alicia Fiorletta, Senior Editor: What I find most interesting is the sheer amount of conversations taking place around the Internet of Things, or the Internet of Everything. Last year, it was a little blip on the radar. Now, we are having fully fleshed out conversations, and discussing what the overall benefits are for retailers. Think, for example, how Nike can benefit from accessing data on a customer’s daily runs, and use their smart watches or smartphones to send personalized offers and advertisements as they prep for their run. The clear value is in the data. We’ve been talking a lot about customer-centricity and the “segment of one.” I think the Internet of Things can help us achieve that.
Rob Fee, Managing Editor: Some of the most interesting pieces of technology I heard about at this year’s NRF were location-based. We’re just now scratching the surface of what beacons and geo-fencing can offer to both retailers and shoppers. One vendor even mentioned a potential solution that would not require any in-store hardware. Instead it would use the earth’s magnetic field and mangnetometers commonly found in smartphones to pinpoint customers within the store. While the information that retailers could garner from the use of these technologies might be game changing, I could see privacy issues come to the surface as the shopping public gains more exposure to location-based technologies. It is definitely on my watch list for 2015.
Kim Zimmermann, Managing Editor: I think there is still some potential for wearable technology, but the setbacks by Google Glass show that there is more work to be done for these technologies to be adopted. I think we’ll see some more specialized options –like athletic clothing wired to monitor vital signs – before there is more progress with typical shoppers.
Glenn Taylor, Associate Editor: I think we’ll start to see more consistency surrounding pricing options. While product costs have generally varied depending on discount options, consumers are more educated than ever when it comes to the products they’re buying, specifically the price. Therefore, these consumers may be confused if they find an item they’re looking for via a different channel, only for it to have an unexpected price. As part of the omnichannel experience that everyone is striving to achieve, pricing needs to be made into a priority. With so many pricing solutions available now that can measure both competitor and consumer trends, retailers are in a prime position to make better decisions that can help unify prices among all sales channels.
Brian Anderson, Associate Editor: I’m excited to see what type of wearable technology will be affecting the way consumers shop with retailers. For example, companies like Whisbi are equipping store associates with Google Glasses, which allows online shoppers to connect with them in real time, and see the store environment firsthand. That means consumers can shop in-store without ever having to leave their sofa!
