Coronavirus Tech Trends

5 Tech Trends Expected To Shape Retail Through The End Of The Year As Result Of The Coronavirus Pandemic

07/15/20 AT 12:57 PM

KEY POINTS

• Retail sales were up in May but they're still below February levels. June figures are due Thursday

• The National Retail Federation says back-to-school shopping is expected to be up over last year, driven by purchases of laptops and peripherals

• Among the electronic solutions retailers are pursuing are cashierless checkout systems and innovations in delivery options

The coronavirus pandemic has accelerated digital plans by retailers attempting to “futureproof” their operations to meet fast-changing consumer behavior, advisory company Coresight Research reported Wednesday.

“Retailers and brands will need to collaborate more than ever with technology startups to futureproof their businesses and be better equipped to meet fast-changing consumer demand and behavior,” Coresight said.

Coresight reported the pandemic has piqued consumer interest in cashierless models. Technology firm Shekel Brainweigh said 87% of respondents to its global consumer survey indicated they would choose stores with self-checkout over those with only cashier lines.

“More retailers and brands will focus on AI [artificial intelligence] and ML as the core technologies underlying demand forecasting solutions, as these can realize a high degree of automation—applying algorithms with minimum intervention from data scientists. Some innovators have already begun to disrupt this sector,” Coresight said.

_{Source: International Business Times https://www.ibtimes.com/5-tech-tren...-end-year-result-coronavirus-pandemic-3011819}