Social Selling is still in Infancy.
While more brands and retailers are taking advantage of the advances social platforms have made for social selling, there are still many that aren’t leveraging it. And, targeting is still the most direct way to use your social data—but that’s just the tip of the iceberg. There’s a LOT more to know, more to understand and more to leverage.
EVERY sale is emotional.
Yes, we mean EVERY. Which in one of the reasons facial recognition technology is advancing so rapidly. Information about how you’re feeling emotionally and technology that interprets sentiment is on its way to being in every retailer. The ability to interpret your reactions to a package or product—your mood, your level of interest—it’s all being captured and utilized to improve your experience.
Personalization is getting more personal.
Personalization is moving well-beyond customizing by preference and further away from the if-then predictions. Retailers and e-tailers can now show you composites based on YOU…not just your preferences. For example, when shopping for clothing, you’ll be able to generate your own avatar in your size and shape, and virtually “try on” each outfit – all tailored to your personality and individual “style”.
The biggest benefit to AI is not what you think it is. The amount of data being generated across all platforms is crunchable in the cloud at a rate that exceeds anything in human history and, we can’t keep up. So, while many think the most exciting part of AI comes in the form of a robot, think again. AI is helping to digest the massive amounts of data being produced and composites it into “packets” of information that can be more easily understood. And because of open access resources and open source intelligence, all this data can be turned into adaptable, actionable learning much faster.
Tech for All.
It’s no secret that consumers’ expectations have gone through a complete transformation in the last few years. We now want everything right now, delivered to our door and we don’t want to pay an arm and a leg for it. Right now, only Amazon can deliver the Amazon experience. However, as retail technology is advancing, it’s also becoming more accessible and affordable for all, giving the non-Amazons of the world a chance to survive. Hang in there. The tech is coming and its coming fast. Very soon, you too will be able to access the technology you need to improve your experience or infrastructure without spending ridiculous amounts.