In digital economy, next-gen technologies and solutions have been put into practice, and it's an irresistible trend for the retail industry to start digital revolution. And it also means promising prospects for retail technology companies.
On December 9-11, 2020, EqualOcean will host this year's World Innovators Meet (WIM). WIM2020 will take on a bolder stance and adopt a more global outlook by taking the form of an online conference that will be streamed simultaneously in all countries and regions that champion the realm of technology and innovation.
During the World Innovators Meet, the WIM Committee will release the annual blockbuster WIA list, the World Innovation Awards, based on our annual industry and investment research findings, together with a series of research reports.
Customer experience and optimized operations are vital for retailers
In recent years, with the steady growth of per capita disposable income and consumption expenditure, Chinese people's spending power has increased day by day. The new generation of consumers represented by Gen-Z gradually accumulates significant purchasing power, and the strong potential in the markets of small-medium cities continues to be released. In a word, the trend of global consumption upgrading is rapidly developing.
As the business activity associated with the sale of goods directly to ultimate customers, the retail trade is inevitably closely connected with consumers and influenced by them. In order to meet consumers' growing demands, retailers are committed to optimizing the shopping experience, innovating the interaction between consumers and devices, and creating personalized, convenient and satisfying omnichannel solutions.
On the other hand, it's the goal of retailers and brands to reduce costs, improve operational efficiency, and collect and analyze huge amounts of data so as to restructure the industry value chain.
However, the traditional retail industry has a few flaws: having difficulties in adapting to the rapidly changing market, low efficiency in store operation and product management... Moreover, competition in the retail industry is increasingly fierce. How to solve these problems is one of the keys to the retail sector to find the second curve.
In conclusion, customer experience and optimized operations uniformly point to the same answer-retail technology and innovation.
Technology empowers the retail industry
For the modern retail industry, which has experienced more than 160 years of development, technology has exerted an important influence on retail innovation since the beginning. Up to now, both e-commerce and brick-and-mortar retail stores encounter some difficulties, and plus the outbreak of COVID-19 increases the downward pressure on retail, exposing many shortcomings and problems that have existed all along. Therefore, with the help of technology, the retail industry needs to enter an accelerated development period of intelligent automation and digital transformation. Absolutely, the application of technology and mode innovation fuel the development of the retail industry.
In the front office, cameras, sensors and other devices are used to track items when taken from the shelves in real time, so customers can pick up the goods they want and simply walk out. In addition, interactive elements such as location-based notifications, in-store navigation apps, barcode scanners and video screens are great ways to create a new retail experience. In the above process, retailers use big data and cloud computing to organize large amounts of previously collected data, which provides support for personalized recommendations and precision marketing.
In the middle office, RFID and other IoT technologies, integrated with AI, big data and algorithmic models, can promote supply chain management and then relieve the shortage in stores. Besides, blockchain brings transparency to the supply chain, improving the accuracy and efficiency of tracking a product's journey. From intelligent logistics, which ensures products get moved out and on their way to the customer as fast as possible, to autonomous delivery vehicles, which make urban delivery more efficient, these advanced technologies are expected to help retailers save labor costs and streamline warehouse and fulfillment processes.
In the back office, new solutions such as cloud ERP software and SaaS services enable retailers to realize integrated management as well as chain business. From merchandising to planning, supply chain, stores, and e-commerce, retailers who embrace cloud as a strategic go-forward are better equipped to deliver a seamless, personalized experience that drives customer loyalty and brand ambassadorship.
In short, in the wave of digital economy, next-gen technologies and related solutions have been put into practice, and it's an irresistible trend for the retail industry to start the digital revolution. In the new battlefield of transformation and upgrading, it's a new challenge for retailers, including department stores, convenience stores, e-commerce and so on, to seize the opportunity and utilize advanced technologies. At the same time, it also means broad market prospects for retail technology companies.
Next 50 in global tech: retail
On this basis, the WIM Committee will release Next 50 in Global Tech: Retail, which will comprehensively summarize the market trends and capital activities in the field of retail technology in 2020 and deeply analyze the application of various technologies and breakthrough innovation in retail. This report is projected to select 50 potential retail technology companies worldwide by evaluating the financing, latest valuation, track prospects, equity structure and so on.
Hope you and WIM together to have insights into retail technology and explore new opportunities in retail!
About WIM
Hosted by EqualOcean, the World Innovators Meet (WIM) is a world-class event for innovators. It provides limitless opportunities to learn from and connect with the most sought-after technology pioneers.
About WIA
The World Innovation Awards (WIA) are announced at WIM to recognize game-changers across various industries and geographies. Selected by a committee of distinguished experts, entrepreneurs and investors, WIA are designed to acknowledge technology disruptors striving to make a positive impact.
Register for the event
We sincerely welcome you to join WIM2020 on December 9-11, 2020.
Click here to register and you will receive:
[Global Trends] Key insights from 11 Industry and Overseas Chapters made available to you for all three days of WIM2020.
[Insightful Conversation] Connect with 120 top-notch global speakers, listen to their perspectives and interact with them online.
[Innovative Community] Join an exclusive network of 10,000 professionals to participate in discussions and gain first-hand information from fellow participants.
[Business Networking] Gain 1:1 business-connect opportunity to launch or speed up partnerships worldwide.
[Comprehensive Report] Exclusive in-depth research reports will be delivered right to your mailbox.
Free tickets, Premium tickets and Platinum all-inclusive tickets are on sale. Presale and group ticket options are also available, don't miss this opportunity!
Join the WIM2020 family and become a member of the World Innovation Community, participating in a technology and innovation carnival that connects the world right at your doorstep, all while drawing a special end to the extraordinary 2020!
Cooperation
If you would like to become/recommend a speaker, discuss cooperation opportunities or media partnerships, apply for the World Innovators Awards or to be a volunteer, please click here to fill in the WIM2020 Cooperation Form (we recommend you to do so on a computer). We will be in touch as soon as possible. Thank you and welcome!
