How Innovative Tech Can Reshape Retail in the Future: NRF 2020 Insights

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How Innovative Tech Can Reshape Retail in the
Future NRF 2020 Insights
https//katalysttech.com/
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NRF 2020 Retails Big Show is the central theme
of the worlds largest retail conference and expo
currently happening in New York. The conference
has become the powerhouse where we are witnessing
the announcement of significant partnerships and
the launch of cutting-edge technologies to
strengthen connections between consumers and
brands and empowering them to create an
ever-lasting relationship with their customers.
One such example of an impressive partnership
at NRF was seen between Microsoft and SAP. They
are all set to modernize and simplify the
journeys of their retail customers as they move
to the cloud while becoming an intelligent
enterprise.
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Lets explore some innovation scenarios
showcasing how the partnership between Microsoft
and SAP will lay the foundation of groundbreaking
retail concepts that will inspire retailers and
delight consumers in 2020.  Blockchain This use
case is about the usage of blockchain to infuse
transparency and traceability in the production
process of fair-trade chocolate bars as how the
cocoa that comes from African farms gets
converted into beans and then reaches to
consumers in the form of chocolate. The case
entails how blockchain ensures the accountability
and integrity of the supply chain management to
ensure that sustainable business practices are
followed, including the prohibition of child
labor and deforestation. Implication for
Retailers Blockchain is a promising technology
that rests on the principle of immutability. By
storing every transaction on blocks that are
interconnected and impossible to be altered,
retailers can win modern customers who believe in
sustainability. They can make their production
process transparent while committing to reduce
their carbon footprints.  Machine Learning The
next case focuses on increasing the quality of
ecommerce experience. By migrating to the cloud
and implementing AI and machine learning,
retailers can embrace smart warehouse management
practices where inventory moves faster with
lowered warehouse costs and increased
transparency.  Implication for Retailers
Automated warehouses will significantly help
retailers to improve process efficiencies.
Warehouse automation intends to cut down the
costs and time invested in manual labor due to
which inventory moves slowly. Moreover, with
robots, it is possible to control value leakage
by reducing the number of touchpoints between
humans and goods in a warehouse.
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Augmented Reality The case suggests the
implementation of augmented reality in retail to
deliver a personalized experience to the
consumers through an online showrooming model
where customers can try on the furniture and
visualize its look and feel with the help of AR
technology. This invariably leads to a reduction
in inventory levels and overhead
costs.  Implication for Retailers AR is going
to redefine the fashion industry, where
e-retailers will rely on AR to deliver
convenience to its customers. They will offer a
customized experience for consumers with the help
of augmented reality, where they can try on
apparel or cosmetics on them before making an
online purchase.  Advanced analytics This use
case explains how retailers can use advanced
analytics and machine learning to analyze and
predict consumer behavior to use the data for
improving the quality of future interactions.
They can create personal profiles of each
customer to deliver higher value while aiming to
increase sales per customer.  Implication for
Retailers Personalization will be a crucial
phenomenon in the retail industry. Every retailer
online and offline will endeavor to deliver
personalized user experience based on their
preferences and past behavior using advanced
analytics.  NRF 2020 is all about bringing a
fresh perspective to the retail industry. The aim
is to make retail intelligent so that consumer
experience can be improved manifolds while
reinventing the business model. So, retail is
expected to be transformed in 2020, and
enterprises need to adopt innovative tech into
their business operations, especially those that
are customer-facing. To meet these ends, you will
need a tech partner who can offer a comprehensive
technologies. Katalyst Technologies can be your
partner in transforming your retail enterprise by
integrating latest advancements in your
technology frameworks. Being Microsoft and SAP
silver partners, we endeavor to offer
cutting-edge technologies that make retail
enterprises intelligent.
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• Katalyst Technologies is a leading IT services
  and solutions company servicing clients in the
  manufacturing, wholesale distribution, life
  sciences, e-commerce, logistics, and retail
  sectors. We provide industry specific IT
  products, strategies and solutions for companies
  implementing large-scale and transformational
  projects. Our business and technology experts are
  highly-skilled and work seamlessly across
  multiple geographies, with a global footprint in
  the U.S, U.K, India, and Germany. We specialize
  in the areas of Digital e Commerce,
  Enterprise Resource Planning, Supply Chain
  Management, Engineering and Manufacturing,
  Professional Services and e Publishing.

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