Retailers who willingly accept new technology while being consumer-centric and test new concepts will win the battle.
FREMONT, CA: While 2019 was a year of changes in retail, 2020 will be the year of great changes. In this year of significant changes, retailers who readily accept new technology while being consumer-centric and test new concepts will win the battle. One example that technology has already begun to influence store appearance would be the onset of pop-up stores. As time matters, the retailer should hunt the ways to cater to the needs of the consumers who are willing to pay for faster shipping. In that case, smaller retailers who lack logistics infrastructure can partner with delivery experts to satisfy consumers’ demands. Here are some other trends that will gain attraction this year.
Data will cause disruption
Data is occupying a vital part in the retail sector with the enormous amount of data from IoT devices, social media, web browsing, customer transactions, and store visits driving predictive analytics. Retailers are on the verge of IT geeks and data scientists to improve product development, manage inventory levels locally, and seamlessly optimize the customer experience across channels.
AR and VR will enhance customer experience
While virtual reality (VR) can improve the online experience, technologies like facial recognition and augmented reality (AR) can improve the offline experience. Through try-before-you-buy experiences, Customers can try on outfits and makeup that inculcates more confidence in what they buy.
Blending online and offline stores will create more opportunities
Recent research has shown that the maximum percent of customers research products online and purchase in-store, and some click and collect proving an opportunity for the retailer to upsell and cross-sell additional items or services. Retailers who focus on customers can arm them with useful tools to use in-store. Using consumer data, they can provide a more personalized and meaningful experience to the consumer.
Social Shopping will be most welcome
Many internet users search for products on social media. In 2020, social channels will help significantly to purchase in-app. Some companies have recruited TikTok influencers to encourage viewers to buy the products. Retailers who embrace it will merely attain success.
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