Retail technology is on a roll. There is a myriad of new and evolving developments, such as artificial intelligence and augmented reality, that can help you reach out to more customers than ever before, as well as build engagement.
As advancements like these become more prevalent, you need to consider what kinds of technical approaches will offer your customers something exciting and new, as well as help your business's revenue grow.
So what should you keep your eye on? Below, 10 members of Forbes Technology Council weigh in on what tech advances they see coming in the next five years that will impact consumer markets the most, as well as touch on why they expect the impact to be so strong. Here’s what they had to say:
1. Facial Recognition And Location Services
Facial recognition and location services will provide a seamless connection between our online accounts and our offline experiences. No matter where we are browsing or shopping, we will receive personalized recommendations and experiences that result in a more efficient and enjoyable purchasing journey. - Brian Lange, Something Digital
2. Universal Deployment Of 5G Technology
The widespread, universal deployment of 5G wireless networking will bring as much change to how we live and work as the entire mobile revolution has created to date. The promise of 1 ms latency (vs. 50 ms for 4G networks) and a network that is 100 times faster than our current cellular connections and 10 times faster than the fastest home and business broadband will make everything, from autonomous vehicles to remote surgery, safe, fast and reliable. - Raphael Gindrat, Bestmile
3. Growing AI Impact On Consumer Markets
Consumer markets are already on the cusp of an artificial intelligence revolution. I predict that in the next five years, consumer markets and consumer sales experiences are going to be inextricably linked to artificial intelligence. The impact will be strong because of the clear financial incentive to companies that get to automate large, previously human, parts of their consumer-facing operations. - Ritvij Gautam, TRYMYUI Inc
4. Internet Of Things
The internet of things is a huge growth opportunity. With an increasing number of connected devices, the impact on the overall society will be enormous. We will see considerably more advancements in the security of connected devices, as well. - Manoj Puranik, ATLANTIC.NET
5. Rise Of Voice In Consumer Markets
Voice will dominate consumer markets in the next five years. As the technology becomes cheaper, a voice assistant will accessible in every room. If you run out of toothpaste, you'll ask Alexa to reorder it from the bathroom sink. - Shawn Estes, Global Agora
Read more in The Hyper-Adoption Of Voice Technology
6. Major Changes In Customer Engagement
I see a wave of changes coming in how consumers engage and connect with their most-loved brands. As consumers shift their habits, brands are struggling to adapt, and this means they are drifting apart. Consumers want real-time service, personal communication and convenience, no matter which devices or channels they want to use. The brands that adapt will win customers’ loyalty, as well as compete and thrive. - Fang Cheng, Linc Global
7. AI-Driven Personalized Experience
Today, AI is infiltrating smartphones (Siri), cars (auto-pilot) and homes (Alexa). Soon it will be embedded in every gadget we buy, from trash cans to jewelry to home theaters, transforming how we interact with them. The value of a consumer product has shifted from "hardware" to experience, thanks to the cloud. Now with AI, it will be the personalized experience that matters. - Jane Ren, Atomiton, Inc.
8. Maturation Of AR Technology
I foresee the tech advancement that will have the biggest impact is the maturation of augmented reality technology. Right now, this technology is, for the most part, limited to native mobile apps in order to get the full range of capabilities of the platform. As the technology matures, the ability to offer a wide range of capabilities through more frequently used channels, like the web, will allow for a greater adoption. - Matt Kruczek, Tallan
9. Greater Use Of AI In Cybersecurity
In the near future, we can expect to see a greater focus on artificial intelligence utilized in cybersecurity efforts — machine learning from inside the organization in addition to the legacy perimeter firewall and AV solutions. These solutions will not only be able to detect, identify and report on potential issues, they will be able to resolve them in real time. - John Sanborn, RAA
10. Tech Curation And Simplification
We clearly are reaching peak saturation of tech into our day-to-day lives — voice being one of the last frontiers (I can be cooking in my kitchen and still interact via Alexa or Google Home). The barrier to entry is only getting lower, which therefore increases the noise we receive. Curation and simplification will be some of the more important trends that will matter more than ever. - Zvi Band, Contactually
