Personalization is taking on a new level of importance as more and more companies master the art of personalized communications through marketing automation platforms, CRM systems and more.

Online personalization is nothing new, but we're starting to see more and more technologies that allow retail companies to personalize the in-person experience, too. In many ways we're heading full circle because the personalized approach is the main thing that we've always liked about local businesses. Imagine walking into any Starbucks in any country and being recognized just the same as if you walked into your local shop.

Data’s role in retail decision-making is ever growing, especially as technologies surrounding Big Data and machine learning continue to mature. Forward-thinking retailers are exploring ways to collect and leverage data in their sales, marketing, customer service, and operations.

Companies like Walmart are now using machine learning and Big Data in various aspects of their business. One such use is the optimization of delivery routes of their associated home deliveries. Stores are also making use of facial recognition to identify shoppers who are unhappy or frustrated. That data can then be used to tell associates to open new checkout lines.

Retailers have made significant investments in security technology in the last few years to implement EMV security technologies to authenticate new credit cards with embedded chips. This has involved investments in point-of-sale security, data management and encryption, and general network and web security tools.

However, retailers still feel under threat and vulnerability management remains an area to maintain investment, including encryption, email security, identity access management and multi-factor authentication.

Certain categories like consumables are starting to flourish as a result of smart home devices and voice assistants.

Voice enables stores to have a 1-to-1 relationship with customers on a massive scale. Bots can be a simplifying experience for consumers' frequently asked questions. And the AI capabilities possible within devices like Amazon Alexa and Google Home can provide a rich interaction with the consumer all without leaving the home.