Retail Analytics Trends That Will Drive Transformations Globally in 2021
No one had predicted how 2020 would shape up. But in spite of the circumstances pulling us into a crisis, this year has produced more technological transformations than ever before. As the fight to tame the pandemic is underway, there is also a silent technology revolution happening in the background, which would transform the entire world. The trend has only just begun, and 2021 looks far promising for the technology sector. So let us check out the best retail analytics solutions trends which would lead to transformations in the year 2021.
1. The Increased Popularity Of 5G
For quite a few years, we have been hearing that 5G would revolutionize the way people communicate, but things never really moved further until video conferencing, digital collaboration and remote work became the core elements of corporate work culture. The need for more bandwidth and reliable connectivity became a real and concrete demand for every professional business.
Today almost every business relies on technological devices, such as tablets, smartphones, and other technology devices, including the rising demand for the Internet of Things (IoT). The rapid integration of communication technology into businesses has highlighted the need for a telecommunication superhighway that allows businesses to deliver information quickly to their restless customers. Businesses today just could not afford to remain disconnected from their audience. All of this has necessitated the urgent need for 5G deployments, which would become the most crucial element of the solution. As more people are increasingly managing their work as well as the schooling of their children remotely, it has only raised the value and the need of 5G. Therefore, finally, we could see the 5G network becoming a mainstream retail analytics trend in the year 2021.
2. Explosion Of CDP
The market has already witnessed an explosion in customer data platforms in the recent few months. Fragmented data available from different sources could be very difficult for companies to organize and arrange. This situation is not ideal for companies who rely on the well-curated and timely inflow of proper data to conduct optimal operations. As per the recent study by a leading technology company, the problems of big retail data analytics have already cost technology companies around the world close to 3 trillion USD per annum. Therefore, addressing the big data problem has become the top priority for all organizations regardless of their size and scale.
Customer data platforms could solve this big data problem very efficiently. Customer data platforms would collect the data from every available source, organize it, tag it, and make it usable and worthy for any entity that needs organized data. Major technology giants, such as SAP, Adobe, Microsoft, and Oracle, have already invested heavily in developing powerful CDPs for the market. Even newer companies have performed way beyond market expectations when it comes to providing effective CDP solutions to solve the unique big data problems of the businesses. Therefore, the explosion of better customer data platforms for retail data analytics will certainly drive technology transformation in 2021.
3. Hybrid Cloud Infrastructure
In this modern age, businesses are moving rapidly towards the hybrid cloud infrastructure. From on-prem cloud solutions to SaaS cloud applications and a blend of private and public cloud solutions, the new hybrid cloud strategy helps organizations maintain the right technological equilibrium for their unique needs of cloud infrastructure.
Over the last year, the industry has observed major capital investment in hybrid cloud technology as more businesses are increasingly looking to increase their presence on the cloud. Major companies that have invested heavily in hybrid cloud technology include AWS, Google, Azure, Oracle, and IBM. Even Original Equipment Manufacturing companies, such as Dell, HPE, and Cisco, are increasingly investing in building tools that enable simpler and swifter connectivity between hybrid cloud infrastructure and data centers on-premises. These types of investments are aimed at meeting and feeding the consumer with the information they require within their comfort zone. At the same time, they also need to address the challenges of big data followed by newer issues such as data theft, security, privacy, and other compliance issues. Therefore, as more businesses are investing in a hybrid cloud infrastructure to support their future business needs, the hybrid cloud will become the trend that would drive global transformations in the year 2021.
4. Work From Home
Beyond all expectations, work from home would indeed outlast the pandemic, and it will survive and thrive in the years to come. The corporate workforce has been demanding better work flexibility for a long time. The pandemic has forced the companies to allow their employees to do remote work or work from home at the scale and scope which has never before been seen in corporate history. Many companies have even decided to offer full-time work-from-home opportunities for their employees. It is a radical concept that has never been observed before but will certainly rule the corporate culture in the future.
It has been possible due to the rapid development and deployment of smart remote work technologies. We have seen the exponential usage of technological apps, such as Zoom, WebEx, and Microsoft Teams by companies, to manage their employees remotely. Various online communication platforms have observed an exponential growth due to this urgent need of working from home resulting from the pandemic outbreak. Slowly, as the world is moving towards a positive outlook with different vaccine candidates emerging in the market, only time will tell how much the work from home culture flourishes. But trends have it that remote work has become an integral element of the corporate workforce and will continue to flourish in the year 2021.
These are the most popular retail analytics trends which would drive the transformations in the coming years.
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