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THE RACE FOR RELEVANCE

Making bold plays to capture and captivate

On the front line of consumer change, retailers recognize that they must transform or risk being side-lined in the race for relevance. Above all else, consumers hold sway. They already have unprecedented choice and control and they’ll acquire more. Meanwhile, traditional retailers face fierce competition from their born-digital rivals and the boundary between online and offline will continue to blur and shift.

Retailers will have to make bold plays to captivate and capture consumer hearts, minds, and wallets. The smart money’s on delivering compelling consumer experiences and deep personalization.

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FIVE TRENDS IMPACTING THE RETAIL INDUSTRY

The five trends in this year’s Accenture Technology Vision for the Retail industry describe how technology is enabling compelling retail consumer experiences and deep personalization.

AI  IS THE
NEW
 UI

AI is the New UI
AI IS THE NEW UI
Achieving personalization at scale

Retailers are faced with increasing consumer demands that ask them to bend their businesses to offer more choices. And not just choices in terms of what consumers want to buy but choices in how, when and where they buy. For retailers, achieving personalization at scale and delivering enhanced consumer experiences are critical for survival.

Artificial Intelligence (AI) can help. For those retailers willing to envision a bolder future, investments in AI can deliver deeper personalization and enhanced customer experiences in new and meaningful ways.

75% of retail executives expect to make moderate to extensive investments in embedded AI solutions over the next three years.

Next Trend

ECOSYSTEM
POWER PLAYS

Ecosystem Power Plays
ECOSYSTEM POWER PLAYS
Expanding retail appeal through ecosystems

In today’s market, retailers need to work with others to provide the offerings and seamless experiences that consumers demand. In fact, over 31% of retail executives believe adoption of a platform-based business model and engagement in ecosystems with digital partners is critical.

As more ecosystems coalesce around meeting customer needs, retailers will need to become adept at selecting the most relevant ecosystem partners. But they also need to ensure they have the right technology approach to capitalize swiftly on opportunities as they arise.

31% of retail executives say it is critical to the success of their business to adopt a platform-based business model and engage in ecosystems with digital partners.

Next Trend

WORKFORCE
MARKETPLACE

Workforce Marketplace
WORKFORCE MARKETPLACE
More choices to source the right talent

With the changes sweeping through the retail industry in the coming years, the skills retailers will need will change beyond all recognition. These changes will create demand for rapid, scalable and fluid access to workers to meet changing market needs and evolving customer preferences.

Digital talent will be an even more precious commodity than it is today. Retailers will need entirely new strategies and more choices to source the right talent in this new digital landscape.

75% of retail executives believe that retailers that are able to successfully integrate a liquid workforce model into their business model will gain a significant competitive advantage through innovation.

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DESIGN
FOR HUMANS

Design For Humans
DESIGN FOR HUMANS
Designing human-centered retail experiences

Hyper-personalization of the retail experience will require entirely new thinking for how retailers fundamentally sell to consumers, before the first brick is ever laid or the first piece of code dropped. This shift is not without risk for traditional retailers who must grapple with their existing business models and retail footprints versus their born-digital rivals.

Those retailers that shift their thinking to design around their customers’ preferences, behaviors and lifestyles will be the first to make the sale.

82% of retail executives agree that retailers that can truly tap into what motivates human behavior and design customer experiences accordingly will be the next industry leaders.

Next Trend

THE
UNCHARTED

The Uncharted
THE UNCHARTED
A stronger role to play

With technology developments outpacing the ability of regulators to keep up, it’s incumbent on retailers to help design and put in place standards that would protect consumers without stifling innovation. Changing operations will also dictate a new public/private partnership approach to address the social implications of retail’s evolution.

Those retailers that embrace innovation and new business models must also embrace their potential role as leaders to shape the regulatory, legal and local community landscapes as well.

94% of retail executives believe it's important for their organization to be part of a technology consortium that plays a role in standard-setting for the industry.

Next Trend
AI is the New UI
AI IS THE NEW UI
Achieving personalization at scale

Retailers are faced with increasing consumer demands that ask them to bend their businesses to offer more choices. And not just choices in terms of what consumers want to buy but choices in how, when and where they buy. For retailers, achieving personalization at scale and delivering enhanced consumer experiences are critical for survival.

Artificial Intelligence (AI) can help. For those retailers willing to envision a bolder future, investments in AI can deliver deeper personalization and enhanced customer experiences in new and meaningful ways.

75% of retail executives expect to make moderate to extensive investments in embedded AI solutions over the next three years.

Next Trend

AUTHORS

Chris Donnelly

Chris Donnelly

SeniorManaging Director
Accenture Retail

Mail to Chris Donnelly. This opens a new window. LinkedIn

Shyam Thyagaraj

Shyam Thyagaraj

Managing Director
Accenture Retail

Mail to Shyam Thyagaraj. This opens a new window. LinkedIn

Andrew Long

Andrew Long

Managing Director
Accenture Retail

Mail to Andrew Long. This opens a new window. LinkedIn

Konstantinos Vathakos

Konstantinos Vathakos

Retail Strategy Consultant
Accenture Retail

Mail to Konstantinos Vathakos. This opens a new window. LinkedIn

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