Mastercard Signals Report Reveals Emerging Tech Trends Shaping Commerce in 2024
In a recently released Mastercard Signals report titled, “Emerging Technology Trends for 2024,” the company’s insights experts delved into the world of artificial intelligence, computational power, and data technologies that are set to revolutionize the face of commerce in the next three to five years.
The retail sector is expected to undergo significant transformations, altering how consumers shop and spend money, how brands interact with their customers, and how businesses make decisions and operate.
Ken Moore, chief innovation officer at Mastercard, sees these emerging tech trends as a promising development for the retail industry, predicting higher levels of engagement and connectivity between consumers and brands.
However, businesses must be willing to adapt to new opportunities and technologies in order to remain relevant. Moore highlights the challenges that may arise from slow or limited adoption of new tech rollouts, such as underwhelming user experiences, interoperability issues within existing systems, or bad timing.
One of the key trends identified in the report is the rise of AI-powered shopping assistants, which are set to streamline the shopping process for consumers, provide personalized product recommendations, and speed up checkout. Companies like Dynamic Yield, Shopify, Instacart, Mercari, Carrefour, and Walmart are already engaging in this trend, with more expected to follow suit in the coming year.
Other trends highlighted in the report include mixed reality wearables, advances in smart network tech for “smart cities,” and the importance of “responsible companies” that align with consumer values and regulatory compliance.
The convergence of AI, computational power, and data analytics is driving innovations across multiple industries, not just in tech but also in finance, healthcare, education, and more. These advancements can enhance the customer experience through personalized marketing, streamlined supply chain management, and deeper consumer behavior analytics.
Overall, the interconnection of these technologies is set to reshape how people shop, work, and interact with each other and the world at large. Moore emphasizes the potential for new channels and points of sale, as well as the importance of transparency, personalization, and consumer insights in shaping the future of commerce.
As these new tech trends continue to emerge, businesses will need to stay ahead of the curve to capitalize on the opportunities presented by AI, computational power, and data analytics. The results of this convergence will undoubtedly have a profound impact on the way we shop, work, and engage with the world around us.