DIpil Das
Future reports in the Supply Chain series will explore topics such as:
Source: Coresight Research[/caption]
Below, we provide an overview of various technologies that have emerged recently that offer promise in supporting the retail supply chain at different stages:
- Immersive technologies.
- Machine learning and artificial intelligence (AI).
- 3D printing.
- The Internet of Things (IoT).
- Blockchain.
- Drones.
- Robotic
Source: Coresight Research[/caption]
Below, we provide an overview of various technologies that have emerged recently that offer promise in supporting the retail supply chain at different stages:
- 3D design and 3D printing can speed product prototyping and enable the customization of products. Details on how 3D design brings impact to the supply chain can be found in our report discussing 3D design and the fashion supply chain. With 3D printing, companies can make personalized products on demand without having to mass-produce them. It is also being deployed as a tool to make prototypes with greater speed and flexibility.
- Internet of Things (IoT) technologies, in which devices are connected to the Internet, can support the logistics stage by enabling better tracking of goods, and better scheduling of planned maintenance to prevent asset failures. IoT technologies can also help the sales stage by tracking customer journeys in-store.
- Immersive technologies including virtual reality (VR) and augmented reality (AR) can add visualization capabilities to product design so users can see more realistic representations of what the final product will look like. VR and AR can also enhance manufacturing with repair and maintenance capabilities. In the store, VR and AR can create immersive customer experiences at the sales stage.
- AI and machine learning can be useful in multiple stages of the retail supply chain, including determining optimal in-store quantities and mix of goods, making or informing pricing decisions, and collecting consumer behavioral data to facilitate better demand forecasting. Further details can be found in our report that covered AI’s applications in customer-facing functions in retail.
- Blockchain, a distributed ledger technology, can enable better transparency and traceability of inventory with better security, ultimately facilitating better logistics through clearer tracking of goods and better warehousing through more secure handling of goods and prevention of over-stocking.
- Robotics, drones and unmanned aerial vehicles (UAVs) enable better supply chain efficiency by streamlining warehousing, reducing the time needed to check inventory, through more efficient picking and sorting of goods, and better monitoring of out-of-stocks inside warehouses. They can also help deliver small items to places with precision and facilitate last-mile delivery. Further discussion on the use of robotics and drones in last-mile delivery can be found in our report The Final Hurdle – Innovation in Last-Mile Logistics.
- Conversational systems, such as chatbots or virtual personal assistants (VPAs), can help retailers monitor inventory and product perishability in the logistics stage and manage customer queries such as order status and shipment tracking at the sales Conversational systems can also help in the manufacturing stage by informing production requirements to supply chain managers and the warehousing stage through management of warehouse operations.
- Facial recognition, an AI-enabled technology, can enable features such as greeting customers and analyzing the customer journey, as well as payment authentication at the sales stage.