Self-service kiosks have rapidly become a staple in the retail landscape, symbolizing the growing trend toward automation in customer interactions. In 2023, the global self-checkout market was valued at approximately $4.5 billion, with estimates suggesting it could reach between $5.2 and $6.0 billion by the end of 2024. This [...]
The retail industry has always been competitive, and it is important for retailers to thrive in this competition by adapting to new technologies and trends. In the current age of e-commerce, any retailer who does not adapt to the changes will stay behind their peers. With ever-changing customer behaviors and [...]
Given its intricate and cross-system nature, effectively managing master data necessitates a robust technological infrastructure. The process begins with data collection, utilizing Extract, Transform, Load (ETL) and Extract, Load, Transform (ELT) processes for normalization and integration. Master Data Management (MDM) systems employ API-led connectivity to seamlessly transfer master data between [...]
The Nvidia study found that AI has already been a game-changer for retailers, with 69% reporting an increase in annual revenue attributed to AI adoption and 72% of retailers that already use AI saying they experienced a decrease in operating costs. According to recent reports, the global AI in the retail market is expected to reach $40.74 billion [...]
In the busy world of retail, the checkout process is the last and often most crucial step in the customer journey. A smooth, efficient transaction can leave a lasting positive impression, while any hiccup can lead to frustration, abandoned carts, and lost sales. With the rise of advanced Point-of-Sale (POS) [...]
Imagine finding yourself in an airport, receiving a message from your travel app: “Due to severe weather conditions, your flight is delayed by 3 hours. We anticipate your gate opening within the next hour. Here’s a $30 voucher for refreshments while you wait.” While this scenario might seem like something [...]
According to Gartner’s Top Priorities for Customer Service Leaders -2024 – Three priority areas are Self Service, Gen AI, and Customer Journey Analytics. When delved into the primary concern, it became apparent that many customers abandon product or service issues rather than seek agent assistance if online solutions are unavailable. [...]
By 2030, the value of the Generative AI (Gen AI) sector is expected to grow to USD 110.8 billion. GenAI is predicted to be responsible for 10% of all data generation by 2025, a stark increase from under 1% in 2021 – Gartner. Gen AI is causing transformative changes [...]
52% of customers pay more for a product if they anticipate an easy shopping experience – PWC Adyen’s research reveals a $3.3 trillion global opportunity, representing the potential revenue shift from negative to positive shopping experiences for retailers. Businesses that excel in tailoring services to meet customer needs and desires are [...]
In the ever-evolving world of banking technology, the traditional core banking systems have long been the backbone of financial institutions. However, the limitations and challenges associated with these systems have paved the way for a paradigm shift towards coreless banking. Let us delve into the concept of coreless banking [...]
