What: A complete, 17-pages-long, report on the state of relevant technologies for retail, that Coresight considers very important for 2023

Why it is important: It is not about looking at tech for the sake of it, but considering that innovation is now a sine qua non conditions for retailers to stay in the game and make sure they do not lose precious margin points in their operations.

Retail spending on technology is expected to reach $229 billion in 2023, with a slight year-over-year increase. The industry is undergoing significant changes, with new trends emerging in retail technology, including the growth of the metaverse for shopping, the rise of live streaming for e-commerce, the use of AI/ML and external data for more accurate demand forecasting, and the implementation of IoT and sensor fusion for actionable data.

Retailers are also adopting cloud computing to reduce hardware costs and accelerate innovation, as well as microservices and headless commerce for a more flexible software future. Returns management platforms can reduce costs and increase sustainability, while associate enablement tools improve the customer experience. The growth of 5G wireless and the adoption of self-checkout and contactless payment terminals are other key trends in the industry.

To remain competitive, retailers must invest in new technologies that provide convenience and engaging experiences to customers across offline and online channels. These technologies can help retailers reduce costs, become more flexible, and cultivate new revenue opportunities. While technology is not a cure-all solution, it can be a powerful tool for retailers looking to stay ahead in an ever-changing landscape.

Top 10 trends in retail technology for 2023