Archive for category: News

Even before the start of the pandemic, the retail space has been integrating some technological tools here and there. Since then, we’ve seen this new normal of tech-infused shopping experiences. With the hottest technology trends being integrated in almost every industry, what will the future of retail look like? Rajendra Roul, Content Promotion Specialist at G2, along with retail experts around the globe, share 6 retail technology trends for 2023 and beyond

1. AI, machine learning (ML), and generative AI. “AI and ML technologies have infiltrated all industries, including retail. In fact, the retail industry has been the testing ground for AI solutions for a long time. The most popular use of AI by a retailer is the recommendation engine released by Amazon over two decades ago. The ML algorithm recommends related products to customers based on their previous shopping history, location, and purchase habits of other similar customers. Going forward, retailers need to double down on AI and related technologies.”
2. Automation. “Another area retailers must step up investments in 2023 is automation,  the process of using technologies to perform repetitive tasks with minimal human intervention. The ongoing labor gaps have fueled the need for automation in every area within the retail sector, from warehousing, inventory management, and order fulfillment to consumer-facing features like contactless payments, noted Gabriella Bock, director of editorial relations at Rethink Retail. The recent advancements in AI, ML, and robotics are powering a new age of intelligent automation where machines are capable of making data-driven decisions on their own.”
3. Augmented reality (AR). “AR is the next big thing for retailers. It has been popular for quite some time now in the retail space. But after the pandemic, AR technology has become more important as shoppers try to bridge the gap between online and physical shopping. Augmented reality provides interactive experiences by adding computer-generated digital content to real-world objects. AR has many applications in retail such as product visualization, interactive in-store experiences, in-store navigation, and marketing campaigns.”
4. RFID, QR codes, and other smart store technologies. “Adopting smart store technologies is paramount for brick-and-mortar retailers looking to enhance their omnichannel experience. DeAnn Campbell, chief strategy officer at Hoobil8, noted that a top priority among them for any brand should be tools to manage inventory, including radio-frequency identification (RFID) and QR codes. RFID and QR codes are technologies that help identify and track an item using tags and codes. It helps with real-time inventory checks. Cameras and sensors are also essential to other upcoming smart store technologies, like smart carts that help with automatic billing and smart shelves that track inventory.”
5. Mobile technologies. “The ubiquity of smartphones makes mobile technologies like shopping apps, mobile payment systems, and personalized marketing via phones inevitable in retail. Two-thirds of shoppers use their phones to look for more product information while shopping in-store. Further, mobile commerce or m-commerce, the shopping that happens exclusively via mobile phones, is set to exceed 10%of all retail transactions in the U.S. by 2025.While the pandemic accelerated its adoption, Tim Koopmans, CEO and founder of Retail Rush, noted that mobile technologies have tremendous potential for enhancing customer experiences and optimizing store operations in the future. Mobile technology helps retailers promote special events and deliver pertinent information to customers, driving foot traffic. Combined with RFID, QR code, and other in-store technology, mobile technologies help with faster checkout, online order fulfillment, and better customer service.”
6. Datafication. “To fully harness the power of technology, retailers must leverage robust retail data analytics and insights platforms. Problems like siloed data, legacy infrastructure, and the inability to share and receive data from different sources often hold back retailers from fully utilizing analytics today. Integrating granular store-level data collected from online and brick-and-mortar stores provides retailers with unprecedented insight, added Brad LaRock of Datasembly. These insights can be used for personalization, product management, price optimization, and  streamlining store and warehouse operations, driving more sales.”

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Infor recently announced that Delta Plus, a manufacturer and distributor of a complete range of personal protective equipment (PPE) , has chosen Infor CloudSuite enterprise resource planning (ERP) solution to optimize its management processes. Additionally, Delta Plus will also deploy the following Infor products: Infor Factory Track^TM warehouse mobility functions, Infor CPQ configure price quote tool, and Infor IDM optical recognition software dedicated to the dematerialization of supplier invoices. These Infor-based tools will provide the group with a modern, more scalable and interoperable IS, all secured in a high availability cloud environment hosted at AWS (Amazon Web Services). Per the press release, the choice of Infor’s ERP solution was made following the decisive commitment of Delta Plus’s CIO, who supported Infor’s Value Engineering approach and involved the group’s general management, as well as all stakeholders in the project. Further, the project is scheduled to start this summer. An initial 1,000 users will benefit from Infor’s new solutions, mainly in the functional areas of sales, inventory and supply chain management, financial and analytical management, and budget consolidation. This number is expected to grow as the group deploys and acquires new solutions on a regular basis.

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Every day more and more technology is introduced or revamped, continuously shaping the way we run our businesses. Small businesses especially see the competitive edge when using digital tools such as customer relationship management (CRM) software, unique marking platforms, and integrated accounting and financial programs. Sales expert David Appel shares an article on BuiltIn.com of the latest small business tech trends that can help small businesses stay ahead of their competition.

1. Applied AI and Machine Learning. “Small businesses can use AI and ML to forecast customer demand, ensuring they always have optimal stock levels. They can also offer personalized customer experiences based on past interactions and behavior.”
2. Edge Computing and Distributed Infrastructure. “Edge computing is often paired with distributed cloud infrastructure, giving small businesses the ability to manage edge devices from a single control pane and ensure consistency. Users can control each edge device locally, improving security and data privacy for small businesses. This will make sure you’re compliant with privacy regulations and strengthen cybersecurity.”
3. Software 2.0: Low-Code Programming. “Software 2.0 involves using machine learning tools that rely on neural networks for software development no-code and low-code tools utilize machine learning, letting you customize your existing code and automate manual tasks, saving time and increasing efficiency. It will also enable the rapid scaling of AI-driven applications. This ensures your tech stack meets your current and future business needs.”
4. Hybrid Work Engagement and Retention. “Technology that supports hybrid working lets small businesses recruit talent from afar. Collaborative tech allows teams to work together and facilitate human connections in a remote world. Plus, you can increase employee engagement and retention by offering flexible working.”
5. Hyperautomation and Super Apps. “Hyperautomation involves identifying, assessing and automating as many processes as possible. As robots and software become more intelligent, automation will continue to grow. This will reduce time-to-market and free employees from repetitive manual tasks. Meanwhile, super apps, platforms that combine separate apps into a single interface,  streamline processes and boost efficiency. A good example is IPO accounting software. An Initial Public Offering (IPO) is a great way to raise capital for your small business. But it also presents a lot of extra work for you and your finance team.”
6. Clean Energy and Sustainable Tech. “Investing in sustainable tech is a must for small businesses looking to secure long-term growth. More people are environmentally conscious, so companies that fail to adopt genuine green practices will struggle to attract customers and remain competitive. Clean technology will also support high-performance computing (HPC) and other technologies that maximize efficiency and reduce time-to-market.”
7. Metaverse. “The metaverse is still in its infancy, but metaverse tech like virtual reality (VR) and augmented reality (AR) are already growing in popularity. This tech could revolutionize how businesses interact with and sell to their customers. AR and VR could see remote employees interacting with colleagues in a shared virtual environment. Small businesses could use this type of technology for training. Plus, digital twins (a virtual model of a physical object) could help with spatial and process planning.”
8. Zero-Trust Cybersecurity and Architecture. “In response to the growing risk of cyber attacks, many businesses are adopting zero-trust cybersecurity architecture that focuses on verification and access control. Zero-trust technology includes multi-factor authentication (MFA), security assertion markup language (SAML) and other access management tools. Small businesses are at particular risk of cyberattacks, but zero-trust cybersecurity can significantly reduce that risk. It also reduces security and compliance costs and increases consumer confidence in your business.”
9. Responsible Datafication. “This trend refers to how companies can use data to improve products and services and better serve their customers. Datafication must be done responsibly, though, especially when it comes to customer data. You don’t want to fall foul of data protection regulations like CCPA or GDPR. Analyzing data can help you pinpoint areas for improvement and make better business decisions. It can also help you identify opportunities to target new customers or create new revenue streams.”
10. Embedded Finance and Blockchain. “Embedded finance lets companies offer financial services without building the corresponding financial infrastructure. You can also offer customers a more streamlined experience, which will boost their satisfaction. What’s more, blockchain offers businesses strong security and transparency. Plus, it increases efficiency through automation while eliminating the need for third-party verification.”

Technology is important for all businesses big and small to stay competitive. Future-proofing a small business, Appel notes, starts with looking at your existing processes and the potential benefits of these technologies, as well as making sure your tech stack is compatible with them so you can easily integrate them in the future

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Infor recently announced that premium skincare brand Clarins UK has deployed Infor WMS warehouse management system, powered by AWS (Amazon Web Services). Per the press release, Infor WMS will help with delivering increased visibility, improved traceability and inventory accuracy, and will enhance order management and dynamic picking, for optimum productivity. Additionally, with a remit to establish a scalable infrastructure for the future, and improve both traceability and accuracy of customer orders, Clarins needed to move away from its previous legacy warehouse management system. Infor’s multi-tenant cloud-based WMS was selected with support from Supply Chain Consulting Group. The decision was based on the solution’s best-in-class capabilities, and prebuilt processes to enable a fast deployment, as well as scale for the future.

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