Research Highlights Differing Sentiments on the Role of Automation, Drones, IoT, 3D Printing, Virtual Reality and Wearables in Customer Experience
Oracle has announced the findings of new research that examines consumer attitudes to new technologies and how their implementation will shape consumer behavior in the years to come. Insights from the Oracle Retail 2025 study highlight that consumers are most willing to engage brands with new technology if they feel that they are in control of their experience.
"Consumers clearly indicated that they have a conservative appetite for retail technologies that requires deep personal data and make decisions on their behalf," said Mike Webster, senior vice president and general manager at Oracle Retail and Oracle Hospitality. "This signals brands to focus on building a strong foundation to win trust. Warm attitudes toward utilizing virtual reality and receiving recommendations for custom-made accessories produced with 3D printing points to consumers' willingness to adopt new technologies if they are in control of their experience."
The Retail 2025 Report results provide a benchmark for where consumers are on the retail technology adoption lifecycle and the impact on retail in the next eight years. The Retail 2025 Report polled 709 consumers in February 2017.
Smart Gets Smarter
AI, VR and IoT present the opportunity to better anticipate consumers' next purchase. However, establishing a strong foundation of trust is critical to success when rolling out new experiences to consumers. If brands over step the reaction can be visceral.
Fast Gets Fierce
Velocity in fashion is critical and it will only get faster. 3D printing and drone deliver will accelerate the product design to consumer process from months, to days and eventually hours.
Personalization Gets Perfected
Consumers are wary about volunteering data necessary for personalization but still look for a tailored experience, reinforcing the need for stronger brand relationships. On the flipside; there is a clear difference in consumer expectation for retailers to make data available and customize information about components, origin and recalls to their specific buying patterns.