Innovations in retail technology refer to new trends, novel solutions and one or two glimpses into the future. In addition to the question of how retail technology itself will influence shopping behaviour in the future, RETAIL NXT also deals intensively with the question of which innovations are really novel. A reality check and a look into the future let RETAIL NXT 2023 take a closer look at five fields of innovation: MACH+, NFT, Metaverse, Smart Delivery and Digital Twins.
MACH+ stands for “Microservices-based, API-first, Cloud-native, Headless+” and is a novel architecture for e-commerce platforms. This architecture enables companies to react quickly and flexibly to market changes and to develop new functions and services. By using microservices, companies can develop and update the different components of their e-commerce platform independently of each other, which leads to more agility and flexibility.
NFTs are unique digital assets that are not interchangeable and are based on blockchain technology. Retailers can use NFTs to create exclusive collectibles, limited edition products or personalised offers. By using NFTs, retailers can also strengthen customer loyalty by offering unique and memorable shopping experiences to their customers.
Metaverse: The Metaverse is a virtual space where people can interact and share digital experiences in real time. Retailers use the Metaverse to offer their customers an innovative shopping experience. For example, customers can use virtual reality to immerse themselves in a virtual world and try products before they buy them.
Smart delivery is a process that uses data and technology to make the delivery of goods more efficient. Using GPS tracking and machine learning, businesses can better plan delivery times and routes to provide a better delivery experience for their customers. Smart delivery can also help reduce delivery problems and delays.
Digital Twins are digital models of physical products or systems. In retail, Digital Twins can be used to create virtual images of products that customers can view online. By using digital twins, customers can view products from different angles and in different contexts, which can help them make purchasing decisions.