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Report: Technology essential for retail

March 9, 2018

A new GlobalData report reveals choosing the right digital technology is essential for retailers striving to survive and differentiate their brand.

The Technology Trends in Retail, 2018 report mentions various solutions, including artificial intelligence for customer service, analytics and smart supply chain management, and interactive tools based on augmented reality. Such technologies can allow retailers to personalize the customer shopping and interaction experience.

"Personalization can drive customer loyalty and the ability to collect more data about their behavior and preferences. By establishing what customers are likely to be interested in through the latest analytics and AI technologies, retailers can upsell more products and avoid going out of fashion," said Andreas Olah, GlobalData lead analyst, in a press release on the report.

The report also noted retailers are planning to "substantially" invest in smart supply chain and inventory management this year to reduce costs and gain greater control over suppliers.