Retail Tech

‘The department store is online now’ declared investment guru Warren Buffet at the annual meeting of his investment group last weekend. ‘I have no illusion that 10 years from now will look the same as today’, he continued on the future of the retail sector. Whilst bricks and mortar retailing cannot compete with online for cost, it still has experiential advantages, and the same tech driving customers online can also enhance the in-store experience. This can range from reducing friction in the sales process (e.g. e-wallets, RFID check-out), to enriched product interaction (virtual catwalks, motion activated screens), and to location-based feedback (i-Beacons). The dual advantage of more nuanced customer data collection is clear. The store of the future is undoubtedly digital, but that doesn’t necessarily mean online.