If you’re wondering what the Retail industry is bound to offer up to its customers, then this is definitely for you. Here are 5 sure shot trends that will be made ubiquitous across the retail industry:
- Personalization – This is bound to continue to be a priority for retailers even in 2019. Retailers who enables shoppers to build products from scratch and customize them down to the very last detail will thrive. For eg., Dresden, an eyewear retailer obtains plastic waste directly from Australian beaches and worn out fishing nets and upcycles them into affordable frames. Dresden allows shoppers to create their own pair of sunglasses which enables them to interchange the lenses and frame parts (that usually come in a number of colors and sizes).The result? Shoppers can purchase eyewear that’s unique, stylish, and environment-friendly.Image/Mobile commerce is making waves and social media is most certainly going to be a bigger part of that in the future. A photo of an item can be used to initiate a visual search which cater to better personalization. Further using immersive technologies like augmented reality has begun capturing interest of consumers – all leading to heightened personalization recommendation, better promotions, loyalty points, etc.
- Retailers will predominantly rely on robots – Companies such as Amazon are investing in robots that can aid in shipping and packing items. This particular retail giant had robots in almost 20% of its fulfillment centers in 2017, with numbers expected to skyrocket.Additionally, chatbots are offering other ways of purchasing through social media platforms, such as, Facebook Messenger. All kinds of brands from H&M to Pizza Hut are dabbling in shoppable chatbots.The benefit chatbots have over social media shopping that is picture based, is that most keep the customer within the messenger platform to complete their best buy, permitting conversations that run forth and back about a purchase, numerous recommendations and additional product info that can help with conversion.
- Retailers choosing to up the ante on social media strategies will prosper - The proliferation of Instagram Stories, Messenger and Facebook Live apps will essentially change the online interaction between retailers and customers. Merely posting updates or photos to a reputed social profile will not cut it anymore. Retailers will need to step up their social media play and utilise apps and social networks to relate stories, while engaging with fans in real-time.
The role of technology is envisaged in this eg: A German fashion brand called Born Originals has a humungous Instagram following, being featured even, on the official Instagram for Business account.This brand creates customized sneakers and leather goods that have beauty as well as the capability of being fully functional. It’s hardly any surprise then that their Instagram posts do amazingly well. Their account is filled with beautiful photos from Born Originals and their customers alike.The Company also makes wonderful use of Instagram Stories. - Data is steering and will drive retail decisions - As technologies such as Big Data and Machine Learning continue to ripen,Data’s role will be pivotal in retail- decision making. Deep-thinking retailers and foreseers will continue to explore ways to leverage after collecting data in their Marketing, Sales, Customer Service operations. For eg: Walmart is at present using Machine Learning and Big Data in several of its business slants. Forbes reported that the retail behemoth “already uses machine learning to optimize the delivery routes of their associate home deliveries.”In addition, Walmart is using facial recognition to identify frustratedor unhappy shoppers. This data can therefore be used to headoff associates to open other new checkout lines.
And that’s just precursory. Forbes outlines, that a veritable application from Walmart seems to denote that the retailer wants to use Internet of Things (IoT) tags “to monitor product usage, auto replace products as necessary and monitor expiration dates or product recalls.” - Delivery, in-home services and consultations will penetrate the market –Consumers today no longer want to step out of the house to make their purchases.Several merchants (especially those selling commodities) will make attempts to connect with customers in their homes and engage with them.
Companies such as ‘Enjoy’, that hand-delivers and is involved in setting up electronics for consumers, will branch out, and other retailers, such as grocers, will ramp up home delivery services. IKEA very recently purchased TaskRabbit, a platform that connects service providers with consumers who can verily assemble furniture, conduct appliance installations, and more. It is very clear that IKEA intends to build on its offerings-that of in-home services, and purchasing TaskRabbit is a bold step towards this.
The future is promising for retailers who adapt well and cater to the needs of their customers.The retail merchants who will reap rich rewards will therefore be those who evolve and move in step with them (customers). It is important for retailers to win, whether it’s a big one or a series of small wins because both help achieve the creation of that ideal unified commerce.