Get a sneak peek of the upcoming keynote at the ICX Summit in Charlotte focusing on the future of retail from Professor Steven King. Networld Media Group will host the ICX Summit from September 9-11.
The landscape of retail is rapidly evolving alongside the technology supporting it, catering to both retailers and consumers.
Innovations such as artificial intelligence, virtual reality, blockchain, wireless-powered displays, and holograms are enhancing the shopping experience. How can retail establishments of any scale adopt technology to enhance customer experiences without exceeding their budget?
This is the central theme of an upcoming keynote presentation at the Interactive Customer Experience Summit. Attendees can now register for this event, organized by Networld Media Group in Charlotte from September 9-11. The keynote session will be conducted by Steven King, a professor specializing in innovation and emerging technologies at UNC.
We recently got in touch with King for a brief email interview.
Question and Answer Session with Steven King
Q: What are the primary cutting-edge technologies reshaping the retail environment today?
King: While AI and AR are prominent technologies, my discussion will delve into practical and beneficial AI and AR tools influencing how customers interact and how products are delivered in retail.
Q: What are the advantages and disadvantages of employing AI in retail, and how can operators utilize it efficiently?
King: AI is pervasive across all industries, including retail. Retailers must harness AI to compete with large rivals who optimize every interaction and transaction. Some opt to develop their solutions, while others engage third-party providers. Both approaches have merits and concerns we shall explore face-to-face.
Q: AR is a relatively fresh concept in this sector; what are the premier applications, and is its growth anticipated in the upcoming years?
King: Apple’s 2017 introduction of AR in its phones showcased its potential in retail by demonstrating with an espresso machine. Retailers now have access to user-friendly tools and integrations, yet adoption has been slower than expected. Within a couple of years, customers will anticipate AR in their online shopping experiences as much as product reviews or detailed images.
Q: Could you provide a simplified explanation of blockchain technology, its worth in retail, and shopping setups?
King: There’s been extensive debate on blockchain. It functions as a secure digital ledger across various devices, making alteration or hacking almost impossible. Every transaction, payment, or inventory change is permanently recorded and circulated to all participants on the network. For retailers, this translates to enhanced transparency, improved security, and potentially reduced operational expenses in managing payments or supply chains by eliminating intermediaries.
Q: Should different strategies be applied to integrate emerging tech in physical stores compared to online platforms?
King: The divide between brick-and-mortar and online retailers is an obsolete distinction challenging consumers’ perceptions. Implementing emerging technologies demands retailers to disregard this historical separation and use technology to engage consumers in diverse settings, be it physical or virtual spaces.
Q: In your opinion, what is the most significant oversight in the current use (or non-use) of emerging tech in retail?
King: Brands should experiment and innovate but always aim to solve a problem through their endeavors. Avoid creating solutions solely for technology’s sake; instead, develop solutions that leverage new technologies to address traditional challenges.
Q: Being an expert in the field, do you have any closing remarks for our audience?
King: Our collaborative work with brands integrates human-centric design, evolving to guest-centric or fan-centric design for each unique brand. Utilizing emerging technologies necessitates an understanding of your audience and how they will interact with the technology as opposed to presuming their usage. This journey involves stepping beyond traditional corporate boundaries and engaging with real customers throughout the process.
Related:
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