Every year, there are several digital transformation trends that have been hitting every industry. The retail landscape is constantly changing. The emergence of e-commerce software development has been shaping the e-retail industry. Now you can discover certain ways to increase your retail business by taking advantage of these top future retail trends.
As a merchant, you have probably noticed that the retail industry is evolving constantly and the retailers have been trying to thrive an eye on the future trends that will shape the retail industry as retail as an industry have the agility to adapt in real-time.
Consumer’s shopping habits have been changing constantly and thus retailers have positioned themselves to embrace innovation and find new ways and opportunities to sustain in the retail industry for the coming years.
The biggest challenge that retailers have been facing is that the customers have more control today in terms of their shopping preferences and the future winners in the retail would be the ones who can engage better with customers and can adapt to their changing needs.
Here are the six digital transformation trends that will rule the Retail Industry in 2020:
1. Personalized Customer Experience:
The future of retail will place a greater emphasis on digital. The fascinating digitization of the customer experience, where retailers are unleashing their insights for technology and innovation to offer consumers a wide mix of transnational and experimental channels to engage them on a personalized level. This would help retailers in front lining employee performance and engagement.
The resulting data from insights can help business owners learn about their customers to serve them better.
The more insight a company has about a customer, the better the company can target a customer to create a customer-centric approach for sales from that customer.
Over the last few years, the tech industry has made it easier for advertisers and marketers to deliver more relevant messages, experience, and content to customers based on their profile and experience. You can expect a similar innovation for in-store experiences ranging from personalized offers delivered during retail visits to dynamically based displays based on who is in the store and some knowledge of their shopping experience.
Customers can opt-in for premium store service through face recognition that enables them to be identified in-store while AI will analyze their online and offline preferences to make intelligent recommendations.
2. Hybrid Shopping Experiences:
E-shopping and sales continue to rise, the hybrid shopping experience merging brick-and-mortar and online may become more cohesive and fluid. E-commerce software development has given rise to online shopping and mobile e-commerce that have been as a futuristic trend for the retail industry.
This coming year will witness a mainstream implementation of tech innovations by retailers. The use of AI will go beyond customer service chatbots and will direct the overall shopping experience.
For instance, Virtual Shopping experience will transport you to a store at the comfort of your couch. And when you are virtually exploring the store, a virtual assistant will assist you with suggestions based on your previous shopping preferences.
In the area of shipping and delivery, click and collect will become even more common. For instance, you can order an item online and can expect a pick up at the store on the next day, this will add ease and comfort to the shopper’s shopping experience.
3. Shopping as an Experience:
The future of retail will be about who can provide the best user experience. For the most part, consumers no longer visit stores to sift through product displays to get the best deal. Better in-store experience will be the future of retail.
Retailers will be creating activities to draw foot traffic that would be possible to replicate online. For instance, Outdoor Sports Retailers, being a leader in this area has been focusing on brands offering such as in-store fly fishing lessons, bike paths, and climbing walls. These offerings create community and culture that will profess shopping as a value-added experience.
4. No Lines or Cashiers in the future of Retail:
future of retail. Picking up merchandise and just walking out of the store and getting charged automatically has been made possible with the Amazon Go.
Once the retailers will figure out how to scale the concept affordably, it is likely to be implemented in convenience stores and small groceries.
If the pick-up-and-go concept works, then you can certainly hope that big-box stores will carve out portions of real-estate to dedicate to the retail model.
The pick-up-and-go concept could be the success that retailers had hoped self-kiosks would be.
5. Superior Employees and Customer Service:
All of the changes in the future of the retail would reach a point of enhanced customer experience. Such an experience is usually only possible when you hire top-notch employees.
The next big digital transformation in retail focuses heavily on the employee. It has been expected that leading retailers would understand the importance of the influence of associates in an in-store shopping experience that can increase the overall brand affinity.
Employee-focused mobile technology will play a pivotal role in equipping employees or store associates with the tools and information that they need to deliver better customer experiences.
To stay ahead of the competition in the future of retail, hiring and training highly competent employees has become a necessity.
In this technology-driven era, customers have become more knowledgeable than employees with whom they interact within stores. This phenomenon can be referred to as an experience gap.
In order to narrow such an experience gap, retailers have been advised to empower and educate front-line staff with tools, techniques, and tips that would help them in upselling to provide a better in-store experience.
6. Augmented Reality:
2020 will be the year where you don’t have to unnecessarily virtually see, feel or test a product in person before you feel confident enough to buy it, thanks to Augmented Reality. A popular instance can be seen through Toyota, who has launched a new AR program that allows users to try out 10 of their cars without ever picking up the keys.
It has been estimated that the e-tail industry has been expected to see a rise of $5 billion in value by 2021. Augmented Reality could mean retailers keep more of their sales because consumers now fully understand what they are buying at the point of purchase.
Technology in this area has been catching up by several companies such as Microsoft that have launched second-generation reality headsets which is one of many newer, lighter headsets and wearables that will make AR more immersive for retail customers and employees.
Are you ready for the next big leap?
Yes, in 2020 it is expected that smaller stores work to compete for a piece of the pie against Amazon, which is crushing the retail market. But these new technologies and strategies, when used effectively, may be enough to win a bigger piece of the retail pie and e-commerce pie.
So, if you are looking forward to taking this big leap of digital transformation, an e-commerce software development company can help you in this regard.