Technology as we know it in the linear sense is changing faster than we realize. In fact, technology in retail is growing exponentially. This means the impact of tech is doubling each year (see graph below).

Graph Courtesy of Ray Kurzweil

For you geeks that want to better understand how the law of accelerated growth works here:

So what does this mean for retailers? It means that you must embrace technology to survive and thrive in what I would like to refer to as the “new frontier” of retail and tech. The paradigm has shifted where science and fashion become one entity. In fact, rumor has it Nike and Apple are currently in talks to work on a line of wearables.

One of the major hurdles is making wearables look fashionable and inconspicuous so they seamlessly blend in with our outfits. Even more reason to let fashion retailers do what they do best, and leave the technology up to the tech companies. I think what you will see as wearables become more mainstream is not only a joint partnerships between major tech and fashion brands, but fashion brands hiring or scouting product engineers and designers from major tech companies to create their own products in-house.

So what are wearables and why should we care?

Above is a photo of the Nike Fuel Band and the Fit Bit. As you can see it monitors your heart rate, calories, and steps taken. It’s a really useful utility and not just a novelty. In fact, people are becoming more wired and dependent on wearable technology to monitor their progress, especially competitive runners. I’ve met many people that couldn’t imagine a world without this technology.

At CES in Las Vegas this year, wearables were the highlight of the show.

Half human, Half robot. Implants and 2045

Based on Kurzweil’s theory of exponential growth, it is estimated by 2045 artificial intelligence (AI) will be the norm. Man and machine will become one. Using technology will enable humans to extend their reach and become smarter human beings. Far fetched you say, I don’t think so.

Here is a fantastic explanation of AI and how this will impact human kind. Watch this video here:

Thanks for reading and I would love to hear your feedback!

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HAPPY SHOPPING! 

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