In 2018, technology will continue to reshape consumer expectations and how brands engage with shoppers. IT innovations will power new ways of doing business for stores, online marketplaces and omnichannel brands. The latest tech trends also will open opportunities for design and development. So if it’s a priority for you and your team to create more compelling products more efficiently this year, read on.
In this three-part series, we’ll take a quick look at how three major technology predictions pertain to product lifecycle management (PLM) and strategies you can deploy.
Tech Prediction: Artificial intelligence (AI) and customer experience (CX) converge. “By 2019, the top 30 percent of retailers will be actively engaged in digital transformation, driving organizational shifts and investment strategies in foundational platform technologies that are cloud based, AI enabled and composable,” according to IDC Retail Insights, as reported by Chain Store Age. Also by 2019, “40 percent of retailers will have developed a CX architecture supported by an AI layer,” predicted IDC. “Such a platform will enable CX hyper-micro personalization, providing up to a 30 percent conversion increase and thus up to 25 percent higher revenue.”
PLM’s Role: AI isn’t just for Alexa and the front lines of customer engagement. It also plays an important part in PLM. When integrated into a connected PLM platform, AI can help designers and product developers evaluate millions of possible product attribute combinations to determine which is most likely to result in the highest gross margins. This information also can be leveraged to personalize styles to meet demands of very specific target personas. A cloud-based, AI-enabled PLM solution can tap into disparate data streams, from social media to the point of sale, to identify what trends are resonating with consumers. Newer PLM platforms also are composable. In other words, components of the software can wrap around and extend to specific segments of the retail, apparel or footwear value chain, wherever the solution is needed most.
Check out more of what IDC has to say in their MarketScape report.
Up next: Will 2018 be the year digital-physical barriers finally break down?
Industry Analysts in the Retail PLM Software Segment Help Speed Decision-Making