New Technology Solutions Prevent Loss and Boost Sales
One core topic will be the new technology that’s helping retailers protect against loss prevention. Retailers are using solutions like radio-frequency identification (RFID) tags and enhanced video surveillance (EVS) cameras. These use artificial intelligence (AI), heat maps and image patterns to predict whether a customer is going to shoplift.
Labor Market and Supply Chain Issues
The conference will also examine the socioeconomic and political factors that disrupt supply chains in the retail industry. The pandemic, climate change, the Russia-Ukraine war, inflation and changing government policies have all impacted the supply chain. Retailers will reveal their strategies for managing inventory and budgets under these conditions.
EXPLORE: The hottest retail tech trends of 2023.
Immersive In-Store Experiences with AI, ML, VR, AR and Robotics
According to McKinsey, retailers that invest in technology have higher sales revenue and stronger customer engagement. A 2023 Digital Commerce 360 report notes that nearly 40 percent of online retailers say they will spend 10 to 15 percent more on technology this year in order to stay competitive.
The conference will look at how AI and machine learning are making networks more secure, while augmented and virtual reality and robotics are creating immersive in-store experiences.
LEARN: Three ways that AI video reduces retail theft.
Reviving the Culture of Retail
The most successful retailers use a combination of these technologies to ensure their brands drive customer engagement across channels. This is a reimagined business model intended to revive the culture of retail. The pre-pandemic culture of retail is now a memory.
Retailers must now look to the future and create in-store experiences that meet customers’ changing expectations and satisfy preferences for speed, education, engagement and immediacy.
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