What’s in store for Retail

  • By rachel-waston
  • 7 min read
  • 0 Comment

Every year, several digital transformation trends have been hitting every industry. The retail landscape is continually changing. The emergence of e-commerce software development and has been shaping the e-retail sector.

In 2019, RETAIL E-COMMERCE SALES reached $ 3.53 trillion, but now the worldwide e-retail revenues projected to rise to $6.54 trillion in 2022.

retail sales

Source: Statista

Consumer’s shopping habits have constantly been changing. Thus, retailers have positioned themselves to embrace innovation and find new ways and opportunities to sustain in the retail industry for the coming years.

Now you can discover certain ways to increase your retail business by taking advantage of these top future retail trends.

future of retail: 6 digital transformation trends that will rule the Retail Industry

As a merchant, you have probably noticed that the retail industry is continuously evolving. Additionally, retailers have been trying to thrive an eye on the retail future trends that will shape the retail industry have the agility to adapt in real-time.

The biggest challenge that retailers have been facing is that the customers have more control over their shopping preferences. The future winners in retail would be the ones who can engage better with customers and adapt the changing needs.

1. Personalized Customer Experience

Retail-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 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.

ecommerce developers

If the company has more insight about customers; then the company will be able to target more customers. This will finally help you to create a customer-centric approach

By 2020, 25% of customer service and support operations will integrate virtual customer assistant (VCA) or chatbot technology to enhance the customer experience. 

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. This enables customers to be identified in the store. In other hands, AI will analyze customer’s online and offline preferences to make intelligent recommendations.

2. Hybrid Shopping Experiences

Retail-Online Shopping Experience

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

Retail- Online Shopping

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.

The number of digital purchasers is anticipated to reach 2.05 billion in 2020 and 2.14 billion by 2021.

Retail: Digital-buyers

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.

app ideas

4. No Lines or Cashiers in the future of Retail

Shopping-No more waiting

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 figure out how to scale the concept affordably, it will help to implement the 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.

5. Superior Employees and Customer Service

customer-service-retail

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 may be possible 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.

96% of customers say customer service is crucial in their choice of loyalty to a brand.

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 experience gap, retailers have been taught to empower and educate front-line staff with tools, techniques, and tips. This would help them in upselling to provide a better in-store experience.

ecommerce developers

6. Augmented Reality

AR

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-retail industry 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.

GARTNER stated that, by 2020, 100 million consumers would shop in AR online and in-store.

Technology in this area has been catching up by several companies such as Microsoft. Microsoft company have launched second-generation reality headsets which are newer, lighter and wearables. These headsets will make AR more immersive for retail customers and employees.

Wrapping Up

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, maybe enough to win a more significant piece of the retail pie and e-commerce pie.

So, if you are looking forward to taking this giant leap of digital transformation, the leading e-commerce software development company (ValueCoders) can help you in this regard.

Also, a comprehensive eCommerce store along with your retail outlet is an excellent idea in this pandemic situation. Consider opting for eCommerce development services from experienced software companies.

Well, you can avail eCommerce development solutions from ValueCoders. For more than 16+ years, this company is offering services to retail and other sectors. The developers of our organization offer quality work and reliable solutions to its clients.

 

ecommerce page

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Book Free Consultation

Our consultants will respond back within 8 business hours or less.

Error Message
Error Message
Error Message
Error Message
Error Message

=