2020 Competition Theme – Connectivity for the Future
In 2020, INNOVATEChina’s main theme is Connectivity for the Future.
With the fast-paced development of cutting-edge technologies, such as 5G, AI, Big Data, and Cloud Computing, topics like OMO (Online-merge-Offline) and IoT (Internet of Things) have become highly relevant and widespread. The boundaries between the real and virtual world are becoming increasingly seamless, which will have a significant impact on our daily lives and future business models.
IoT, perhaps the most transformative and compelling application of innovative technologies for businesses and consumers under 5G era, remains in the early stages of its revolution. Nevertheless, significant trends are emerging. Based on latest McKinsey’s industry reports, a right linkage between the physical and digital worlds could generate up to $11.1 trillion a year in economic value by 2025.
What can we then expect when considering IoT combinations with AI, VR, and Big Data advancements?
How will it transform the way we live and do business?
How will it change the way we know today manufacturing, retail, transportation, healthcare?
Online-merge-offline (OMO) strategies are rapidly transforming the retail space. Pioneered by giants like Alibaba, the concept of merging the convenience of online retail with the experience of offline retail to build ‘smart’ retail stores is revolutionizing the way consumers go through their shopping journey. Research suggests that with the current pace of development of IoT technology, smart retail stores will be able to process more than $78 billion by 2022.
What technologies that are a part of our daily lives can companies leverage to enhance the retail experience?
Are there any avenues for development of new technology that can drive us towards this new future in retail?