- The retail sector has witnessed accelerated adoption of technology to offer new experiences and match the convenience offered by online shopping.
- EarlyBirds can help businesses identify retail tech for solving business challenges and increasing their market share.
- The EarlyBirds platform can help retail sector companies connect with innovators and SMEs to meet their technology needs.
There have already been significant discussions about the way the COVID-19 crisis has triggered companies to fast-track the implementation of digital technologies. Thanks to this rapid ongoing transition, we have witnessed accelerated digitisation of the supply chains as well as customer interactions, including internal operations of businesses.
One of the key reasons encouraging companies to execute rapid technology adoption is to maintain their competitive edge in the dynamic economic and business environment, wherein a plethora of new practices and strategies keep rolling in. Moreover, business leaders have also started to acknowledge the strategic value of technology.
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Accelerated technology adoption across retail sector
According to a study, businesses have expedited their adoption of such technologies by three to seven years due to the COVID-19 crisis. The level of investments made in technology indicates that the adoption of technology is a long-term affair.
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The accelerated technology adoption is clearly evident across the retail space, wherein new technologies are being adopted for various functions, including customer service automation, automated checkouts, voice shopping and payments. This is because such technological advancements directly impact customer choice and the way they behave.
Emerging trends in retail tech space
EarlyBirds, an innovative Australian business, believes that even in 2022, customers prefer the in-person retail experience, although the augmentations of new technology can offer new experiences and match the convenience offered by online shopping.
Also, new ways of shopping for customers are being tried in the retail space, such as “buy online pick up in-store” and providing omnichannel capabilities.
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Given this backdrop, EarlyBirds believes that there are numerous emerging trends in the retail tech space, which are summarised below:
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EarlyBirds Open Innovation Ecosystem
As a wide range of alternatives and possibilities becomes available, retail space players may encounter unique challenges in selecting a suitable retail tech to implement.
EarlyBirds believes that it can help businesses identify retail tech for solving business challenges and boosting their market share.
EarlyBirds’ open innovation ecosystem can play a significant role by allowing retail sector players to team up with innovators and SMEs, further enabling them to become aware of emerging technologies and the various ways their companies can use these technologies.
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The EarlyBirds open innovation ecosystem comprises the following three parts for Early Adopter organisations:
Explorer Program: This offers many key features, including a nominated SME for the business, a platform enterprise licence, regular webinars to help stimulate innovation in the organisation, a focus on certain innovations, and quarterly and monthly innovation days.
Challenger Program: This is specifically for businesses which want to focus on specific problems of one business at a time.
Open ecosystem platform: The platform has more than 4 million innovators (including startup, scaleup and mature organisations) along with capabilities to discover, resolve and then manage technical and business challenges.
EarlyBirds offers innovators, startups, scaleups and mature organisations opportunities to find customers, list their products and even sell pilots, proof of concepts or trials.
You can visit the EarlyBirds website if you want to learn more about EarlyBirds, its platform and programs, and the ways to help businesses expedite the adoption of technological innovations.