{"id":2092,"date":"2019-07-01T02:35:00","date_gmt":"2019-07-01T02:35:00","guid":{"rendered":"https:\/\/dgbrew.com\/staging\/visenze\/resources\/how-technology-has-radically-transformed-retail-visenze-perspective-from-ceo-oliver-tan\/"},"modified":"2021-11-08T16:13:44","modified_gmt":"2021-11-08T16:13:44","slug":"how-technology-has-radically-transformed-retail-visenze-perspective-from-ceo-oliver-tan","status":"publish","type":"post","link":"https:\/\/dgbrew.com\/staging\/visenze\/blog\/2019\/07\/01\/how-technology-has-radically-transformed-retail-visenze-perspective-from-ceo-oliver-tan\/","title":{"rendered":"How Technology Has Radically Transformed Retail – ViSenze perspective from CEO Oliver Tan"},"content":{"rendered":"\n

Total Retail sat down with our Co-founder and CEO, Oliver Tan, to learn more about the disruptive trends technology is causing and the lasting effects it leaves on the retail sector. <\/p>\n\n\n\n

“self-checkout kiosks, tech-infused pop-up shops, point-of-sale systems that improve customer service, and more, in addition to the continuous growth of more advanced smartphones and social platforms that have increased engagement and modernized the shopping experience. While each trend has impacted retail in its own unique way \u2014 whether it be online or in-store \u2014 many share common themes on how technology will continue to drive retail experiences.”<\/p>\n\n\n\n

\"\"
Credit: Getty Images by Photographer is my life<\/figcaption><\/figure>\n\n\n\n

Retail no longer solely means walking into a store or going to a website when searching for something to buy. The \u201cif\u201d factor of finding desired products is now \u201cwhen\u201d and \u201chow,\u201d and the possibilities for purchase are endless. Today, retail is about the experience<\/em> \u2014 finding the best price, shopping in your preferred mediums, accessing in-store conveniences like buying online\/picking up in-store, etc. Regardless of the experience, technology plays a significant role in how and where we shop, and it will continue to drive innovation across the industry.<\/p>\n\n\n\n

This was confirmed after attending the National Retail Federation Big Show<\/a> this past January in New York, as it was evident how far retail has evolved. <\/p>\n\n\n\n

Retail is Sensory Driven<\/h2>\n\n\n\n

Our senses navigate us through our daily lives; retail is no different, with voice and visual commerce being two of the driving forces. Voice assistants like Amazon.com’s Alexa, Apple\u2019s Siri, and Google Assistant have created a new era of retail, and we\u2019re just at the forefront. In fact, management strategy consultants OC&C estimate<\/a> an astonishing $40 billion will be spent on U.S. voice commerce by 2022, with 36 percent of device owners regularly using them to make purchases.<\/p>\n\n\n\n

Visual commerce allows the abundance of images and videos that we see online every day to become shoppable, instantaneously turning inspiration into reality. Today, there are 600 million visual searches every month across Pinterest<\/a> through its Lens tool, a direct result of more than 85 percent of consumers<\/a> putting more emphasis on visual information than text when shopping online. While voice and visual commerce are both already very relevant today, over the next few years we\u2019ll see more brands redesigning their websites<\/a> to support these trends further.<\/p>\n\n\n\n

Related story: The 2018 Retail Technology Report<\/a><\/strong><\/p>\n\n\n\n

Increased Personalization Strategies<\/h2>\n\n\n\n

Time has become a scarce commodity for the modern shopper, therefore, buyers value brands that immediately and directly appeal to their individualized needs. This makes personalization tactics more important than ever, especially in advertising. Ads that are served across all devices need to be aligned with shoppers\u2019 current interests. This strategy can be accomplished through artificial intelligence (AI), as the technology can analyze browsing history to determine \u201cthings we may like\u201d and make data-fueled predictions on what may be searched for next.<\/p>\n\n\n\n

Convenience also plays a big role in personalization. The moment consumers see something online or in person that inspires them, they want to leverage the resources at hand (i.e., their smartphones) to find the product immediately. Fortunately for consumers today, these visual search capabilities are being built directly into the cameras<\/a> of smartphones, allowing them to purchase products anytime, anywhere from a device that\u2019s already natural to them.<\/p>\n\n\n\n

Reimagined In-Store Experiences<\/h2>\n\n\n\n

Traditional retail has undergone radical changes, transitioning from inventory-led to frictionless, experiential environments. Despite some beliefs, brick-and-mortar will likely never<\/a> go away regardless of the surge in e-commerce. Therefore, brands and retailers are left to take more innovative approaches that merge offline and online experiences to give consumers the best of both worlds.<\/p>\n\n\n\n

Today, we\u2019re surrounded by cashierless checkout<\/a>, pop-up stores<\/a>, interactive smart mirrors<\/a>, data-driven merchandising<\/a>, and more. We\u2019re even seeing scan-and-go capabilities<\/a> where consumers can scan the barcodes of every item they put in their cart with their smartphones to gather product information like price, nutrition facts, and more. What\u2019s even better? When consumers are ready to check out, they can pay using the app and leave the store \u2014 which also plays well into the convenience factor outlined above.<\/p>\n\n\n\n

Overall, retail is a rapidly evolving industry consisting of many segments that are both digitally and physically transforming with new innovation. Much of this transformation is made possible through emerging technologies like AI and the abundance of data that’s available today. And when you combine technology and data, you get a relevant and efficient shopping experience \u2014 something that today\u2019s consumers crave.<\/p>\n\n\n\n

Oliver Tan is the co-founder and CEO of ViSenze<\/a>, a company that provides artificial intelligence-based visual search and image recognition solutions that help retailers improve revenue and conversions.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Total Retail sat down with our Co-founder and CEO, Oliver Tan, to learn more about the disruptive trends technology is causing and the lasting effects it leaves on the retail sector.  “self-checkout kiosks, tech-infused pop-up shops, point-of-sale systems that improve customer service, and more, in addition to the continuous growth of more advanced smartphones and social… Read more »<\/a><\/p>\n","protected":false},"author":1,"featured_media":2093,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[79],"tags":[],"class_list":["post-2092","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-visenze-in-the-press"],"acf":[],"yoast_head":"\nHow Technology Has Radically Transformed Retail - ViSenze perspective from CEO Oliver Tan - Visenze<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dgbrew.com\/staging\/visenze\/blog\/2019\/07\/01\/how-technology-has-radically-transformed-retail-visenze-perspective-from-ceo-oliver-tan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Technology Has Radically Transformed Retail - ViSenze perspective from CEO Oliver Tan - Visenze\" \/>\n<meta property=\"og:description\" content=\"Total Retail sat down with our Co-founder and CEO, Oliver Tan, to learn more about the disruptive trends technology is causing and the lasting effects it leaves on the retail sector.  “self-checkout kiosks, tech-infused pop-up shops, point-of-sale systems that improve customer service, and more, in addition to the continuous growth of more advanced smartphones and social... 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