Technology and Retail

Introduction

Technology is playing a major role in shaping retail. E-commerce (thanks the Internet) has already revolutionized retail in a big way, with Amazon changing the manner in which people shop and in which goods are sold. As technology continues to advance, retail is going to change even more in the future. This paper will examine what the near term future holds in terms of how advancements in technology will shape retail in the coming 10-15 years. It will discuss, specifically, the way that robotics, green energy, drone delivery, and blockchain will alter the way in which retail exists and functions in terms of 1) customer service, 2) product delivery, 3) payments, and 4) energy consumption.

Robotics

Changing Customer Service

Robotics are the wave of the future: as OShea (2017) points out, more and more retailers will be developing and implementing robotics to help out with everything from the supply chain to customer service. The competitive edge that retailers believe robotics will offer is: fewer mishaps. By taking the element or risk of human error out of the equation with robotics, retailers view themselves as being at the forefront of the technological revolution, ushering in an era in which consumers are dependent more and more on pre-programmed robotics as well as AIartificial intelligence, the concept that technology can evolve or learn as it goes. As AI and robotics become more and more integrated, the retail industry will look to rely more heavily upon this integration so as to better manage its internals and better serve its customers. Amazon, for example, is already using robots to assist in its supply chain management. Lowes is looking to implement robots in its stores in the coming years to assist with customer service: consumers with questions can just ask a friendly robot and get answers to their questions (OShea, 2017). The idea behind robot implementation is that it will save brick and mortar retailers cost associated with hiring humans. So it may be good for businesses and consumers, but when it comes to workers, robots might be a big threat to job security.

Changing Product Delivery

Robotics will also be used to develop drone delivery. Drones are already being used by the military to deliver payloads upon the enemy. Drones are also going to be used to deliver goods purchased by consumers from retailerslike Amazon. Amazon is developing Prime Air, which is a delivery system from Amazon designed to safely get packages to customers in 30 minutes or less using unmanned aerial vehicles, also called drones (Prime Air, 2018). According to Amazons plans, Prime Air has great potential to enhance the services we already provide to millions of customers by providing rapid parcel delivery (Prime Air, 2018). In other words, product delivery by using drones instead of people in UPS or FedEX or USPS trucks will, like robotics, enhance customer satisfactionbut it could put a lot more people out of work. In the next 10-15 years, robotics are going to transform the way packages are delivered by retailers...…much room to grow is the fact that sustainable practices are still being developed as technology advances. For instance, as green energy solutions arise from solar and wind power and the ability to store the electricity produced from this power sources and place it into the grid, the more that retailers will be able to implement sustainable practices into their works. With everything from supply chain issues to products that are developed, retailers look at green energy as the next big technological breakthrough that will change the way the retail business is conducted in the next 10-15 years.

Conclusion

A lot is going on in technology today, all of which bodes well for technological breakthroughs in the future. With advancements being made in terms of the blockchain, green energy, and robotics, retailers are going to change the ways they practice customer service, supply chain management, product delivery, payment processing and sustainability. The face of retail has already changed so much thanks to the arrival of the Internet. Now the next stage in technology evolution within the next decade or two is set to arrive and with it change how retail is conducted even more. Consumers can expect to see more robots in the workplace, more sustainable practices being touted by retailers hoping to build out their brand among green energy consumers, products being delivered by drones, and cryptocurrencies becoming the preferred method of exchange within the next 10-15 years. So much is changing and changing fast: retail will never be the same thanks…