Retail Cheat Sheet: SXSW Collection 2018
Softvision's SXSW insight from SXSW 2018
SXSW provides a glimpse of what the next five years will bring for consumer and retail technology.
Facts from SXSW 2018:
- 96% of Gen Z owns a Smartphone
- US consumer online retail spending will grow by 55% in the next five years
We are starting to see a true convergence of technologies where customer and operational applications and, AI and communications channels combine into one. Below are some major themes:
Fellow Robots – CX + Inventory Scanning
Robots in stores can serve multiple purposes: customer experience, support, inventory, and store operations.
Fellow robots are already in Lowes home improvement stores and showing great value. Major benefits: 1) It helps customers find what they need to and 2) on each pass through the store, it scans products shelves and often finds a total of approximately $50,000 of inventory that previously went unaccounted for. This is the type of innovation that finance and operations will become evangelists for.
Instagram is set to have the greatest impact on mobile commerce in the US in 2018, and the statistics prove it.
- People open their Instagram app on average 25-30 times a day
- 500 million daily average users
- Their ad revenue will almost double in 2018 (from $3.64M to $6.84M)
- Instagram users are 30% more likely to follow celebrities and public figures than Facebook users
- Salesforce Marketing Cloud – Marketing data platform
- HootSuite – Social media management
- Shopify – eCommerce platform
Automation is occurring at all points in the value chain and the customer journey. Top customer experience automation solutions include:
- Heuritech detects what’s inside millions of untagged images shared on social media for fashion & luxury houses to measure product trends and to know their clients better
- AdEspresso provides A/B testing and digital ad automation
Blockchain for Supply Chain
AR is becoming a useful customer experience tool that creates demand, informs and positively impacts mobile conversion:
- L’Oreal acquires makeup and faces AR solution, Modiface
- Lowe’s vision for visualizing products in your space
- Overstock’s furniture layout app
Cryptocurrency: NOT READY FOR POS
Research suggests that just under half a million individuals across the globe have invested at least $100 in cryptocurrencies.
Estimates from top retailers see a three to five3-5 year time horizon before it’s important to integrate cryptocurrencies with POS and eCommerce systems.
- Shapeshift – the best option for today is using and their commerce integration.
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