Artificial Intelligence

Bolstered by positive consumer indicators, retail CFOs are largely optimistic for 2017. But competition and consolidation could cloud their outlook.    That’s according to BDO USA’s 11th annual Retail Compass Survey of CFOs, in which respondents predict a 4.9% bump in total sales this year, up from 3.4% in 2016. The bullish predictions are echoed by online sales projections, with a 10.7% increase expected for the year ahead — the highest in survey history.   

As the retail experience becomes increasingly digitally-influenced, retailers need a flexible point-of-sale (POS) system that can deliver a consistent brand experience at store level.    Nordstrom is taking steps to make this happen through a partnership with Infor to run POS in the cloud. Having a POS system in the cloud will give Nordstrom the tools to be more accurate and consistent across multiple locations, attend to customers more quickly, and better manage and track information, according to Infor.   

The increasingly digital customer is impacting the evolution of new, distinct store formats.   As stores transition to new concepts by 2020 and beyond, so will the roles of store associates, according to new research from Avanade and EKN Research. Avanade surveyed 161 global retail executives across various retail segments to understand the driving factors of digital and workforce transformation in the industry.  

Amazon is making it a lot easier for customers to speak with its voice assistant.     The online giant on Thursday started integrating Alex into its main shopping app on the iPhone, with a full rollout expected by the end of next week.     Users will be able to ask Alexa for help with shopping, and also to stream books from their Kindle library, play media and request information such as news, weather or sports scores.    

The payment company hopes its newest wearables concept will have a bright future.   Visa unveiled a prototype for payment-enabled sunglasses on Monday, March 13, simultaneously at the South by Southwest Festival in Austin, Texas, and the Quiksilver Pro and Roxy Pro surf competitions in Gold Coast, Australia, according to CNBC.  

With increased competition in the home furnishings category heats up, Pier 1 Imports wants to feature better assortments and pricing decisions to attract and retain shoppers.   The retailer is adopting a new predictive analytics solution from First Insight, which is designed to help it make quicker and more accurate design, buying and pricing decisions, as well as evaluate opportunities for new product launches.   

Could “paper or plastic?” become a question of the past? In early December, Amazon opened its checkout-free store concept, Amazon Go, in Seattle. Initially open only to employees, the store is expected to open to the public early this year. With the e-commerce giant’s “just walk out” technology, customers are able to swipe their app when they enter, pick up items they want off the shelves, and exit without cash registers or lines.  

Retailers remain stuck when it comes to Internet of Things (IoT) initiatives, according to “The Internet of Things in Retail: Getting Beyond the Hype.”   The second annual report from RSR shows that retailers are increasingly aware of the impact of IoT on customer engagement and competitive advantage. Yet, they are still hesitant to invest in cutting edge technologies due to operational challenges and a lack of supporting infrastructure.