Reimagining Retail: Welcome to the Metaverse

The emerging wave of technology disruption, or the “Metaverse Continuum”, will reimagine retail over the next decade. Companies must start preparing for it to sustain future growth and competitive advantage. Our Retail Technology Vision 2022 report outlines four key trends as the metaverse rapidly evolves to weave together a spectrum of digitally enhanced worlds, realities, and business models.

First, retailers will have to build unique virtual and augmented spaces in the metaverse where customers can explore and experience products in a truly personalized manner. This, in turn, will help merchants to expand addressable markets and diversify revenue streams.

?Second, the industry should leverage technologies such as 5G, ambient computing, and augmented reality to “program” various physical environments, thus, unlocking a whole range of automation, customization, and control.

?Third, retailers must engage with their customers to build trust and secure permission to use synthetic data, as the increase in the adoption of artificial intelligence (AI) blurs the lines separating the real from the unreal.

?Finally, the industry needs to keep pace with the transformative changes happening in the quantum era, as a new array of machines redefines computational theory and hardware… Read more

News and Views

For personal care brands, hyper-personalization is the key: Sameer Amte

?Beauty and personal care brands are increasingly leveraging advanced technologies to drive omnichannel shopping and utilizing customer data to provide highly personalized consumer experiences. Hyper personalization has enabled brands to segment markets effectively and fine-tunes their marketing strategy to reach micro-markets … Read more

Global social commerce market to hit $1.2 trillion by 2025: Accenture

?The global social commerce market will expand from $492 billion in 2021 to $1.2 trillion by 2025, mainly driven by Generation Z and millennial customers, who will constitute about 62% of the total spending, a report released by Accenture has forecasted. The report estimated that emerging markets like India and Brazil would witness the highest growth in social transactions. However, China will retain its position as the most advanced market in size and maturity… Read more

Shoppers Stop selects Accenture to help advance its digital commerce transformation journey

?One of India’s leading fashion and beauty retailers, Shoppers Stop Ltd., is partnering with Accenture to enhance customer experience and profitability by accelerating digital transformation across the value chain. Venu Nair, MD & CEO, Shoppers Stop, said that the collaboration with Accenture will help the company strengthen its digital commerce strategy and increase revenue over the next three years… Read more

Aditya Birla Fashion & Retail Ltd selects Accenture to accelerate its digital transformation journey

?Aditya Birla Fashion and Retail Limited (ABFRL) is partnering with Accenture to design and roll out an enterprise resource planning (ERP) system to enhance data visibility and accessibility and streamline workflows. Praveen Shrikhande, Chief Digital and Information Officer at ABFRL, said that the digitalization and consolidation of core ERP systems would improve responsiveness and agility… Read more?

Accenture is ready to help as you begin to re-imagine your consumer and customer relationships. If you’d like to know more about how we can partner with you in your digital transformation journey, please feel free to contact me.?Thank you!?

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