The future of the retail sector will be shaped by the use of innovative technologies, enabling rapid adjustment to changing consumer expectations and demands. Last autumn, at a round table organized by NUMA, three RetailTech companies - ZigZag Global, Gamitee and finally Veda Labs - discussed the future of this sector. They returned to the issues of data protection, online sales and the growing importance of a social and collaborative shopping experience.

Here are some key points to remember: 

The pandemic has created new opportunities

While the COVID-19 pandemic has disrupted retail operations, it has also opened up new opportunities. As Al, founder and CEO of ZigZag, points out, the volume of online purchases has exploded. This rapid shift to e-commerce platforms has opened up an untapped market for these companies. 

For example, Gamitee's social plugin enables customers to make collaborative purchasing decisions among friends, while providing important consumer information for the e-commerce company. 

Retailers must innovate to meet new health and safety challenges

Veda Labs has successfully adapted its video analytics platform with AI, enabling merchants to monitor key aspects such as social distancing compliance, mask wearing detection, temperature measurement, space occupancy monitoring and disinfection alerts in real time. Thanks to such advanced analysis technologies, retailers can maintain their business while ensuring the safety of their customers.

Data protection must be a priority 

Data protection is a complex subject. On the one hand, it enhances the customer experience, but on the other, customers may feel that their privacy is being exposed. As Ella noted, it's essential for companies to determine what data they really need before launching any technology platform. Data use is a sensitive topic, and as we move into a digital age, retail professionals need to be smart and transparent about what data they collect and for what purpose. 

Millenials and Generation Z are changing the rules of the game 

Growing environmental concern among this generation prompted ZigZag to adjust its global returns management platform, offering paperless, label-free and boxless solutions. Gamitee, meanwhile, has undergone a major change in the social networking arena. As Ella explains, it's imperative for all businesses to keep up with the latest technological advances. Whereas previous generations were often concerned about their online privacy, Millennials and Gen Z are more focused on instant gratification. It is therefore important that retailers understand their customers and adopt the appropriate technologies to meet their needs and expectations.

Special thanks to our moderator, Kirat Anand, and our three start-up leaders, Hiren, Ella and Al, for sharing their vision of the future of the retail industry! NUMA New York is an international start-up gas pedal based in New York that helps early-stage and growth-stage start-ups establish a foothold in the US market.

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