Technology

As senior managers, we're tasked with overseeing initiatives that drive innovation and growth, defining and setting the direction of the company, hiring the right people to execute the overall vision, and being champions for the company's products and services. Together, our actions and decisions are designed to influence product development, sales, operations, competitive positioning, company reputation and, if publicly traded, stock performance. If a particular business unit or function isn't performing as expected, or their actions have an adverse effect on operations, ultimately, the responsibility falls on senior management.

Modell's Sporting Goods has deployed cutting-edge technology in its Times Square flagship to welcome Super Bowl XLVIII fans. The sporting goods retailer has installed a virtual image of CEO Mitchell Modell to personally greet shoppers. The image is provided via Tensator's Virtual Assistant digital signage solution, which creates the illusion of a real person. The virtual Modell provides suggestions on Super Bowl gear, shares information on apparel, footwear, sporting goods and licensed team products, informs shoppers about the store's loyalty program, how to sign up and even gives directions on where to find certain items. 

Revenue growth may have slowed last year at Apple's retail stores, but the division remains one of the world's strongest and a key strategic focus of the tech giant's future. With revenue exceeding $20 billion for the fiscal year ended Sept. 28, Apple's brick-and-mortar unit exceeded the total annual revenue at big-name retailers such as Nordstrom, Gap and AutoNation. The stores are practically hallowed ground for entrepreneurs who supply accoutrements for Apple's "iOSphere." They say the cache and cash flow at Apple's retail outlets combine to make it a unique and unrivaled platform for introducing their products.

As to be expected at events in any industry, executives at the National Retail Federation's Big Show earlier this month lapsed into lazy talk, bandying about vague notions such as "customer-centric solutions," while ticking off hot retail buzz terms like "personalization" and "omnichannel selling" without always delivering concrete examples of what those terms will mean in 2014. But along with the nebulousness came some meaty insight on what's poised to revolutionize how retailers serve shoppers: big data. IBM Chairman and CEO Ginni Rometty did a good job of demystifyng the concept. 

There are inherent advantages to shopping online — convenience, access to information (e.g., product reviews), personalized product recommendations; likewise, shopping in a brick-and-mortar store has its advantages as well — the ability to touch, feel and try on a product; personal attention from store associates; instant gratification from walking out with your purchase. Now imagine combining the best of each. Retail nirvana, right? Well, Hointer, an apparel retail startup, is trying to accomplish just that.

The evolution of technology within the retail and e-commerce space is shaping how consumers behave and interact with brands and savvy, smart retailers know that understanding shoppers’ behavior is key for success. These retailers realize they can utilize technology to capitalize on consumer needs and customize offerings to help significantly increase their bottom lines. Here's how companies are using technology to provide added value to consumers. 

Target has long looked to India to fuel its software applications and back-office projects. Now, the Minneapolis-based retailer is doubling down on the country's tech potential. Come January 2014, Target is planning to launch the Target Accelerator Program, a corporate incubator — complete with funding, and possibly equity stakes in the cohorts — that it hopes will help it tap into the country's startup culture and engineering talent to better compete against other retail heavyweights Wal-Mart and Amazon.com. The selected startups will receive up to $30,000 in funding as part of the program.

The leading trade group representing the retail industry lauded a bill introduced in Congress this week that would seek to curb frivolous but costly litigation targeting patent holders, a blight the National Retail Federation says is a growing problem for its members. The Innovation Act, backed by Bob Goodlatte (R-Va.), the chairman of the House Judiciary Committee, would provide for numerous reforms to rein in abusive lawsuits brought by entities that hold patents but don't use the covered intellectual property in any products or services. 

Under Armour knows some of the best ideas are beyond its Baltimore campus waiting to be discovered, so the company is opening its doors to more entrepreneurs with innovative concepts for future products. The sportswear maker will begin hosting innovation challenges twice a year — instead of annually — for entrepreneurs outside Under Armour to suggest ideas for new innovations the company can incorporate in future product designs. Under Armour began holding the contests annually three years ago, and the results of the first challenge will hit the market in 2014.

Fossil hopes to beef up its in-store technology within the next two years, offering customers a number of ways to access, browse and purchase products. "It's really important for our target customers," said Andrew Hess, Fossil's vice president of IT, adding that the brand's target customers are typically well-connected shoppers in their 20s or early 30s. "We're trying to meet some of their expectations."