DLA Piper in collaboration with Retail Week have launched their "Retail Reimagined" industry report which investigates tackling the rise of technology within the Retail sector. In addition, the report looks at how technology is generally reinventing customer shopping behaviours and how this impacts retailers running their businesses around the world. Having an insightful understanding of what changes could potentially arise over the next ten years enables deeper knowledge on what the future looks like for retailers.
This thought leadership report focuses on an array of discussion points, which include three key elements of technology within the sector, including personalisation and the customer journey, technology and the workforce and an autonomous supply chain.
Legislations which derive from such technological changes could intervene with the performance of retailers. The purpose of this report is to prepare for these beforehand and understand how changes can be embedded in the retailers culture and performance. With contributions from DLA Piper's global retail group, the report is predicted to generate some interesting debate amongst our clients, contacts and intermediaries across the globe.
How will personalisation and the customer journey impact shopping behaviour?
Consumers will create and control their own shopping experiences with high expectations for personalisation. Retailers will need to: Adopt a nuanced approach to brand management, which acknowledges the growing collaborative relationship between consumers, brand owners and retailers.
Navigate regulatory issues unique to technologies that facilitate ‘hyperpersonalisation’, including the use of consumer meta-data, automation and technologies such as augmented reality. Protect content that is created or commissioned for novel interactive platforms. Employ targeted use of technology for customer engagement that differentiates between low-value and one-off high-value consumption decisions.
Melinda Upton, IP & technology partner, Australia
How will the rise of technology impact the workforce?
Emerging technologies will present challenges and opportunities for retail brands over the next decade. Planning and executing the transition in the profile of their workforce will be key to success. HR directors and chief people officers need to grapple with integrating newly created roles (often performed by independent contractors working remotely), and remaining an employer of choice in a sector that will be constantly in a state of flux. Keeping diversity and inclusion at the heart of the people agenda will also be a challenge given that many of the roles that are likely to be impacted are those currently performed by under-represented groups in the labour market, often on flexible working patterns. Our current employment law protection regime will need to be reviewed (maybe overhauled) to ensure that it remains relevant.
Gurpreet Duhra, Employment partner, UK
How will an autonomous supply chain impact retailers performance?
Technology poses a conundrum for retail; the threat and challenge from the internet combined with product personalisation and a thirst for experience rather than mere products. Investment in technology will be required either to develop online outlets to meet this demand or to accommodate the shortening of the supply chain to provide increased product personalisation. Technologies in terms of logistics, inventory and stock management continues to be important, so too is predicting
customers’ preferences. Data management and regulatory compliance will be key. Investment in blockchain to assist in supply chain integrity could be deployed. Use of AI will assist this but requires investment and a reappraisal of the allocation of risk in the supply chain. There are certainly many
considerations retailers will need to grapple with over the coming years.
Mark Dewar, IP and technology partner, UK
To view this report please access here
Find out more about future events and key trends evolved from this report by contacting the author.