5 Technologies Transforming Retail in 2018

By December, more than 6,985 stores closed across the US, according to retail think-tank Fung Global Retail & Technology. It also beats the previous all-time high of 6,163 store closings that took place during the 2008 financial crisis, according to estimates by Credit Suisse. The reality is that many stores are closing for the same reason they've always closed -- they simply don't meet the needs and demands of customers. But at a time when consumers are empowered with choice and market conditions are increasingly volatile, new technologies can help brands and retailers drive valuable business efficiencies, and improve the overall customer experience and value proposition. "The biggest upside to technology in fashion will be the ability to offer consistency, and being able to personalise the customer's shopping patterns," said Robert Burke, chief executive of retail consultancy firm Robert Burke Associates.