The conventional view is that consumers are fickle and inconsistent, hard to understand and predict, and therefore unmanageable. In fact, they are perfectly consistent, perfectly understandable, and quite predictable.

Teens are shopping like their parents during the back-to-school season, and that's putting a lot of pressure on retailers to change the way they market to them.

An influx of sensors relating to Internet of Things technology is generating a growing volume of data to feed the predictive supply chain, and informs not only operational decisions, but also helps analyze the behavioral patterns of workers.

At the heart of everything omnichannel is inventory. The customer needs to be able to get the merchandise they want, when they want it, and through their channel of choice. There has to be inventory visibility across channels, so stores, warehouses and distribution centers can see real-time inventory levels as part of the order fulfillment process. And finally, in order to actually fulfill orders in a timely and efficient manner, inventory needs to be shared across channels.

While cash remains king at the point-of-sale, a variety of other digital payment methods are preferred by consumers, with 25 percent of all smartphone owners now using mobile wallets.