Technology Trends for 2016

Jacque Sir Louis, Smithers-OASIS

Business is led by the speed of the consumer, so no wonder the rate of change in retail and wholesale business is swift. Innovation, collaboration and managing change are in many article and book titles. This need for speed is to keep pace with the consumer.  Jeff Bezos may have summarized best with his three reasons that Amazon is successful – customer first, invent, be patient. That said, here are the five technologies that will further define 2016.

  1. Integrated purchasing – All services wrapped into one is best exemplified by Uber. From a single app, we schedule, share, talk, map, pay and rate our service. It is so convenient that the saying, “I am going to call a taxi,” has transformed to “I am going to Uber.” The power of integrated purchasing is what the consumer wants. So would you rather be Yellow or Black?

  2. Connectedness – Omni channel retailing has been a major discussion since 2012 and today it is a requirement of business. From research to electronic purchase to brick and mortar pick-up or delivery, the customer expects a harmonious system. And today even the largest retailers are changing. Target and Wal-Mart commented in a January Wall Street Journal article that e-commerce is their largest investment and opportunity.

  3. Shared design – There is the old adage, it costs you $25 an hour if I do it, $35 an hour if you watch and $50 an hour if you help. Today, the consumer wants to help and will gladly play more. Go to Adidas.com and check the top navigation. Right after “brands,” you can click on “customize.” Add any design and customize more than a dozen base shoe styles. Be ready to alter your product for specific customer needs. Clearly, this is why 3-D printing is affordable. Fast prototypes, short runs and custom development is what technology is supporting.

  4. Electronic engagement – reach is not defined by how many consumers a marketing message is sent to, it is defined by the viral nature of our fans. Meaning a group of fans of our products or services can create a market for a new product or service. Do you understand your fans? Are you cultivating relationships and talking to those fans that are socially connected? Vanity measurements such as: likes, followers and comments is not enough. Use technology to measure conversions – conversations focused on brand and competitive comparisons.  

  5. User experience – The age of reading instructions is over. Technology must be so easy to integrate into the consumer lifestyle that it happens without even noticing. Think Fitbit. When was the last time someone told you it was time for bed and you listened? If you own a Fitbit, it was probably last night. The device fits so well into your daily life that you follow its lead. This user experience is what our products and services must emulate. Make it so easy that no explanation is required. And, if you have a question, natural language and human interface must be present.

Is your team thinking about consumer trends and how they apply to your business? Are you building the capabilities of your company to meet consumer demands? Don’t get caught waiting to see what others do. Remember, it’s not the big that eat the small anymore, it’s the fast that eat the slow.

 

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