Market Research Report
Innovation Trends in Global Retail and Payments 2017
|Published by||yStats.com GmbH & Co. KG||Product code||578137|
|Published||Content info||91 Pages/Charts
Delivery time: 1-2 business days
|Innovation Trends in Global Retail and Payments 2017|
|Published: October 26, 2017||Content info: 91 Pages/Charts||
Merchants and shoppers alike are adopting innovations such as Artificial Intelligence (AI), Augmented Reality and Virtual Reality, the Internet of Things and blockchain. Conversational commerce is one new development resulting from AI, whereby shoppers can give vocal instructions related to shopping to virtual assistants like Amazon's Alexa or Apple's Siri. Surveys in the USA and the UK cited in the yStats.com report indicate that consumers are ready to use this technology, as well as a related innovation, the chat robot, which guides a purchase and answers customer queries within a messenger application. Chatbots are predicted to offer huge cost savings to merchants as they are adapted widely in the next five years. The Internet of Things permitting such services as automatic refills and automatic checkout of products in physical stores is also projected to be widely adapted, as nearly all newly designed electronic products will have the IoT built in.
Online and in-store payments are also impacted by innovative technologies. Contactless or NFC payment and mobile wallets have been around for a few years and are gaining wider acceptance, especially in developing markets in Asia. In China alone, in-store mobile payments approached USD 100 billion over the past year. Another new technology, blockchain, is behind the spread of bitcoin and other virtual currencies, and is predicted to become more widely used in the finance and payment industry to detect fraud and improve infrastructure. The use of AI and biometrics related to payments are also predicted to become more widely adopted, according to research cited in the yStats.com report.
Alibaba Group, Amazon.com Inc, Apple Inc, Facebook Inc, Google LLC, PayPal Holdings Inc, Samsung Electronics Co. Ltd, Wal-Mart Stores Inc.