Gift cards continue to grow in popularity – a fact especially noticeable now, during the holiday season. Retailers and consumers should be aware of problems gift cards can create – notably regarding money left unredeemed by card holders and what happens when an issuing company goes into bankruptcy.
Everyone knows shrink is a major issue, and retailers are continually rolling out more sophisticated means of preventing shrink. However, according to Fortune, Walmart’s shrink prevention efforts have included the use of “sci-fi” facial recognition technology to identify suspected shoplifters, and there may be privacy concerns.
Merriam Webster defines democratize as “to make (something) available to all people.” We are witnessing the democratization of technology as technology providers are able to put increasingly powerful solutions in the cloud, making industry-leading capabilities available to even the smallest retailers.
According to Juniper Research, retailers are expected to spend $2.5 billion in Internet of Things (IoT)-related investments during the next five years. IoT encompasses a huge number of machine-to-machine connections that will have impact on retailers of all verticals in a variety of ways.