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The development of technologies is moving forward and it can’t but influence the development of many industries. Big data and machine learning are believed to be the key factors for retail industry growth.
Since the beginning of the “fourth industrial revolution”, markets have seen the rise of tech giants Google, Amazon, Apple, and Microsoft, seen the impacts of AI in the automotive industry, and watched as the availability and delivery of products and services have accelerated in ways nobody could have predicted for consumers.
These high-profile, “new” market changes are often-touted; What could cause more controversy than machine automation on the production line, or cars which drive themselves? That’s stuff which nobody would have predicted a hundred years ago. As a result, people often overlook the transformation of traditional industries, especially the retail industry which, according to a 2018 review by Fortune, will grow from $3.4bn from 2018, to $13.3bn in 2026.
Fortune cites big data and machine learning as key drivers for industry growth – and a more in-depth study by KPMG outlines horizontal trends driving consumer purchasing forces which will be sure to dictate the successes of retail companies in keeping up with the curve:
- Hyper-personalization is a necessity
- Price-conscious and values-driven consumers transforming the industry
- The function of physical retail of bricks and mortar must change
- Highlighting the need for Social Media opportunities to be harnessed
- Harnessing the power of the platform is essential but challenging
Forward Facing Solutions: Where Are We Going Wrong?
The amazing thing is, some of the biggest retailers are aware of these trends, and the incredible rewards that are gained through high market capitalisation but are unable to capture those rewards. Take Old Navy, a company that have been operating as a subsidiary of Gap in the US, operates from over 1100 locations nationwide, and commanded a formidable revenue of over $8bn in 2018, for example.
Old Navy has attempted to keep up with the curve, by releasing an app allowing for retail shopping on the go. The app was rated one of the worst – scoring 25% in a consumer report by ARC. The main factor which leads to this score, as voted by users? Poor app design, and horrendously slow loading times.
Then there is the US Department store Macy’s, which has an even larger revenue of over $24bn in 2018. Macy’s too tried to bridge the gap between physical and online retail by releasing a tailor-made app for their shoppers. The app was a catastrophic failure, scoring another 25% in ARC’s report.
This time, the failings were poor content choices/inadquate personalisation, and gaping security flaws – and with app security firm NowSecure finding that 70% of retail shopping apps leak sensitive personal data, it is clear that a solution must be presented which bolsters the worries of consumers, and fills some of the huge potential that is the retail industry growth curve over the next 6 years.
People Solutions: Do Teams Matter?
So how can having a team versed in innovative tech disrupt the market and do away with the failings of yesteryear? Blockchain-based retail platform Reckoon’s team think they have the answer. Their platform’s Global WishBasket Shopping Protocol (GloWS) provides a standardized and universal medium through which shopper’s orders are fulfilled, using AI and blockchain to give retailers further insights into the intent of their shoppers, and shoppers more personalised experiences.
Collectively the Reckoon founders have several decades of international industry experience, and are passionate about innovation. They are bringing a diverse range of strengths and skills to build a strong foundation for Reckoon, making the company the pioneers in heralding tech innovation for the retail industry.
Reckoon’s team is especially equipped to deal with the challenges of the market like data breaches and the issue of privacy, and predictive to prescriptive analytics, because its founders have unique and valuable insights and experience in high-tech markets.
Firstly, Founder Priya Misra, who holds a BSc in Mathematics, and Masters in Business Management, has extensive experience consulting for and driving radical change through technology solutions and digitalisation for finance, consulting, and technology organisations. His drive for simplifying solutions for complex issues is very much highlighted in Reckoon’s ecosystem design.
PriyaVrat is not alone in his fight for retail excellence however – Co-Founder Nili Misra also presents a formidable skillset – with a background in Computer Engineering and educated in the Blockchain Strategy Program at the Said Business School at Oxford University, she is known for strategizing the true business value of data promoting the ethical and governed use of data. She has been a part of sr. leadership team, is an ex-IBMr and has provided thought leadership in the UN’s data collaboration projects for sustainable development goals. Her knowledge and expertise in strategy and data solutions are the supporting pillars for Rekoon’s future development plans and growth driven insights for the retailers.
What is clear is that Reckoon have the Technical know-how and experience to deploy a platform which has the architectural and functional ability to power right through the competition, keep up with shopper demands, navigate the increasingly important data-privacy landscape, and provide the insights and personalisation which are pertinent to the success for both retailers and consumers.
When you couple this with GloWS’ innate benefits of protecting retailers from technological changes and trends, allowing retailers to focus on their core offerings and product strategy, the platform is sure to bring industry-changing levels of service and benefit to all parties.
What to expect next from Reckoon? Find out more on their website.