Retail CIO Outlook Weekly Brief
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The forecasted fall of the retail was a bust. Over the last three years, several stores shut down, and companies went bankrupt. In 2017 alone, 7000 stores closed their doors and experts predicted that 2018 is going to be even worse. However, it did not happen because the problem was not that people were addicted to eCommerce, but stores did not provide excellent real life shopping experience. Experts believe that in 2019 brands are going to make the shopping experience even more seamless.
Startups have recognized that physical stores could be a tremendous asset. Customers are still fond of browsing the stores and checking out products in person. It deepens a customer’s relationship with the brand, increases their lifetime value, and makes a customer more loyal. Startups have realized this, and they are expanding their retail presence. However, new retail stores will provide a digital experience to the customer. Companies have developed an in-store technology that connects a person to their online platform so that they can use the credit card they have on file to make a purchase.
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Innovation is going to seep in grocery stores. An automation technology such as self-checkout that uses facial recognition is already used in some of the Go stores by Amazon. The company is planning to open more of such stores. Social shopping is also gaining momentum. Social media platforms such as Facebook and Instagram are working towards direct shopping from these sites. Brands allow customers to buy products directly from the post. Generally, customers notice a product and then leave the social media platform and but the product from a regular internet browser. However, in recent times, customer behavior is changing.
Climate change will be the focus of consumers in the coming years. When news regarding the harmful effects of plastic straws was broadcasted, the search for metal straws went up by 205 percent. Users are talking about buying more durable products and sustainable fashion. Buying eco-friendly products will be the focus of consumers and brands have to be on board with this philosophy to thrive in the market. Consumers are more aware now, and they feel disinterested if the same concepts are used multiple times. Brands have to strategize according to the trends.
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