Technology is changing the way we do business in all sectors, increasing efficiency, saving money, and at the same time improving the quality of products
and services. Retail chains are no exception: they also take advantage of technology.
Here are 20 major technology trends that will change the world.
1. Artificial intelligence firmly grounded in the production
AI has already taken its place in everyday life in the form of “smart” assistants Alexa, Siri, and Google Assistant. At the end of 2020, emotion recognition and machine vision will reach a new level, and artificial intelligence will “capture” production.
Augmented reality also provides additional information. For example, the Living Wine Labels app of the wine manufacturer and distributor Treasury Wines Estates identifies the product and tells about it in detail by label photography.
2. The deployment of the Internet of things will indeed begin
With the development of 5G networks in 2020, connected devices and basic IoT applications will spread more and more.
3. Increased need for edge computing power
More powerful sensors and AI models at the core of new advanced applications will require greater performance from the edge devices for processing incoming data and making decisions on the periphery, without sending them to the cloud.
4. Mass commercialization of quantum computing
2020 is the year of quantum computing, VB sure. The amount of processed information is increasing at a frantic pace, and quantum technologies will come to the aid of such industries as healthcare and energy: cancer treatment, genome analysis, and nuclear energy management.
5. The evolution of aerospace technology and space travel
Thanks to SpaceX, Blue Origin, and the success of other private companies, humanity will be able to begin a more active space expansion.
6. A new milestone in the history of the internet: 5G and Starlink satellites
Competition between countries and companies will stimulate the development of 5G and the widespread adoption of a new generation of communications. A more affordable Internet will be provided by the Starlink project - SpaceX plans to launch 12 thousand of its Internet satellites by 2023.
7. Evolution of medical technology and genome analysis
Medical companies offer to analyze human DNA to study diseases and look for ways to prevent them. AI will help improve the quality of treatment: for example, it will be used more widely in the processing of MRI, CT, and X-ray images.
8. Technologies in agriculture
Machine vision, AI, big data, robots - in 2020 all this will increase the efficiency of agriculture and increase productivity.
9. Unmanned Driving
In 2020, autonomous driving systems finally reached level 5, VB said.
10. Practical application of the blockchain by the USA and China
This year, influential structures will begin to use blockchain to stop major data leaks and fraud on the Internet, as well as in financial services and other areas.
11. Augmented Reality
Retailers already use virtual and augmented reality to improve customer service: from viewing products to simulating fitting, Forbes.com notes. The IKEA application helps to choose furniture, showing how it will look in the buyer’s apartment.
Augmented reality also provides additional information. For example, the Living Wine Labels app of the wine manufacturer and distributor Treasury Wines Estates identifies the product and tells about it in detail by label photography.
12. Predictive analytics on big data
Retailers are now more likely to predict the future of the market through big data analysis. This applies to consumer behavior and the study of past trends and processes. As a result, companies personalize the product and the purchase process itself, as well as reduce costs in the supply chain.
13. Predicting the wishes of the customers
Experts call it micro-moments: when users turn to the search engine to satisfy their request at the moment. It could be holiday decorations or an Italian restaurant nearby.
A huge advantage is just those companies that quickly respond to the immediate interest of the client. Thanks to the “powerful analytical capabilities”, retailers remember such moments, come to the rescue and even predict the wishes of customers.
14. Algorithms for recommendation
Mechanisms for issuing recommendations are improving and becoming “smarter”. Their development requires a large amount of data on consumer behavior - there is no problem in this, experts say. As a result, sales growth and customers remain satisfied by simplifying product choices.
15. Warehouse robots
According to Material Handling and Logistics, by the end of 2025, more than 580 thousand autonomous robots will work in trading warehouses around the world. This approach significantly reduces the processing time of the order.
16. Face Recognition
Face recognition technology helps retailers fight store thefts. In addition, the system creates a personalized shopping experience in offline places: the technology identifies the customer, captures his purchases and provides individual offers.
17. Inventory management
Computer systems store inventory data in warehouses in real-time. This allows networks to more efficiently manage product flows, make forecasts, make more accurate decisions, and, in general, better control product stocks, reducing waste and spoilage.
18. Robotic Shops
Pepper robots help customers find the right products, answer questions, and send special offers and coupons via email. Lowe's Home Furnishings Network uses LoweBot, which serves customers in stores.
19. Chatbots
Consumers are used to contacting a chatbot for help, experts say. Such service not only reduces the number of calls to company support services but also often turns out to be better and more efficient.
20. The internet of things and smart gadgets
It is the Internet of things and smart equipment that combine personalization and information that greatly simplify the decision-making process. This was made possible through the collection of large amounts of data and their processing.
So these were the 20 technology trends that will change the world. If you like our article then you can show your love in the comment section.