Retail industry is expected to experience the equivalent of singularity in technology by 2025, and retail will morph into something that we can hardly envisage today.
San Francisco, CA – January 12, 2019
Humankind today leads the kind of life that was unimaginable to earlier generations. And this pace of change will only accelerate exponentially in the coming years as technology advances. At a point in the near future, machine intelligence will supersede human intelligence, eventually leading to singularity. The age of RetailSingularity will commence when commerce becomes invisible and omnipresent.
All set to revolutionize the future of Retail, CxOs, Senior VPs, Disruptors and Visionaries in Retail will be invited to join the prestigious Retail MasterMinds Group. The select RetailSingularity visionary consortium gets to architect the digital future of retail and enjoy various elite group privileges like nomination to annual global rewards and recognition for outstanding contributions in this field.
At the RetailSingularity Hub, visionaries will closely engage with Brands, Manufacturers, Consumers, Retailers, Social Media Influencers and Regulatory Agencies to understand and minimize protruding present day frictions and also to assess the progress the retail industry is making towards the age of RetailSingularity.
Retail industry is expected to experience the equivalent of singularity in technology by 2025, and retail will morph into something that we can hardly envisage today. Presently the rise of intelligent agents such as Amazon Echo and Google Home are in primitive stages. These agents perceive most of the human conversations as happening outside the digital space and they understand that the next level of experience can only be designed better when more such interactions are digi-ported. When that age arrives, the measure of success on consumer experience will be limited to Convenience, Time and Effort. Every consumer will become a brand ambassador and today’s social media will migrate into a new age social relationship model where the site of manufacturing desire a.k.a. the new age social media would be the site of fulfillment.
Venu, Founder CEO of Litmus7 says, “the digital future of retailing is being visible in those invisible spaces.” Litmus7 foresees the emergence of a doppelganger with the entire digital trail that we leave behind as we go. Customers will delegate routine purchases to that digital twin. A quarter-century since the web went mainstream and Amazon took birth, colossal consumer data capture machinery has emerged that holds intent and transaction information, and the social graph. Even as Google owns intent data, Amazon, the transaction data, and Facebook, the social graph, each of these players are trying to encroach into others’ territories.
Two of the global services that Litmus7 will emphasize on providing for customers will be Product Intelligence and Consumer Intelligence. The reason is that in future, intelligence around the product and consumer will matter most to the retailer. All else will be plugged in as a ‘business as service’ model.
Current antitrust thinking is predicated on short-term consumer welfare, which precludes any action. In the past, regulators have doggedly pursued a retailer company like A&P, for allegedly lowering the market’s ability to compete. Litmus7 believes the tide will turn on antitrust and belligerent regulators will transfer the ownership of the data to consumers.
Litmus7 foresees the need to focus on AR/VR/AI which will then be integral to the day-to-day life of consumers, given the pace of technology. The real concern for retailers as the organization understands will be the intelligence around intent; the product, consumer and all else would converge as a service.
Millennials who were raised on environmental concerns are entering their prime buying years. Others too cannot simply wish away the contemporary ill effects of climate change. Climate change is unlikely to be contained meaningfully by 2025 and is likely to remain as part of the public discourse. This is one aspect that Litmus7 understands, will surely influence retail in the age of Singularity in 2027.
Litmus7, a 100% retail design niche company established its digital leadership with the world’s leading retailers since 2009. Predictable engineering services and solutions for the future are its core focus areas. Well recognised for its engineering excellence, having implemented large eCommerce initiatives for several top retailers. Litmus7’s deep involvement in transformations has created unique success stories, making it one of the most loved retail engineering companies. With highly skilled retail technologists and domain specialists spread across 5 global locations (US, India, UK, Canada and UAE), Litmus7’s portfolio includes Digital Experience (UI/UX, Mobility, Augmented/Virtual Reality, Consumer Store), Store, eCommerce, Analytics, Core Retail Marketing, DevOps, Integrations and Microservices.