With the technology outspreading its wings all over the world, a lot is shifting in the retail business. Stores are changing, new technology is emerging, retail space is shrinking, retail trends are improving, phones are getting increasingly popular to buy pretty much everything, and with consumers surrounded by new tech and innovations in their everyday lives, they expect this to be reflected in their retail experience too.
In fact, according to a Mordor Intelligence report, in 2017, the global retail industry was valued at $23,460 billion and is expected to touch $31,880.8 billion by 2023. As said,
The tech comes last, the customer comes first, and you are the magic in the middle.
We’ve highlighted five big retail trends that promise to help retailers see, how these trends are making a difference in shopping experiences this year.
Online – Offline, Both in Action
Most consumers spend a lot of time on the Internet. They use it to search for products, read reviews, and find stores, so if you aren’t online, you’re essentially invisible. On the other hand, retailers that do have an online presence and are finding ways to deliver experiences across multiple channels should see the web not as a threat, but an ally. Yes, some consumers are turning to e-commerce to complete purchases, but studies have shown that more people actually end up buying offline.
In other words, you should be there for your customers no matter where they are or what device they’re using, and you should provide an excellent experience as your shoppers switch from one channel to the next.
Omnichannel Approach
Shoppers these days are no longer using just one channel, and neither should you. In order to keep up, retailers must find ways to serve customers across all these channels and devices. This can be done by offering online to offline services such as click-and-collect, in-store pickups/returns and more.
One way to do this is to measure any increase in online sales where you have a physical location. Look at your e-commerce analytics and see how much traffic or revenues are generated from locations where you have a brick and mortar presence. In the new order of things, there will be no such thing as in-store sales or e-commerce; it will all just be commerce.
Localization
Another emerging trend in the industry is localization which is driving the industry’s growth. Localization and personalization will continue to accelerate in 2019 with more and more retailers looking to establish brand distinction through an enhanced and personalized in-store experience, bringing together the best of the digital and physical worlds along four key dimensions: openness, coordination, connectedness, and intelligence.
Autonomous Checkout
Self-checkout terminals are getting more attention among all the other retail trends. It allows integrating customers as active co-producers into a retailer’s business processes. They have enjoyed increasing popularity in the past years since they allow saving costs and increasing customer satisfaction.
The technology creates an opportunity for brick-and-mortar retailers to develop an in-store experience worth having. RepairDesk here provides you a self-check-in widget that allows capturing customer digital signature and device information.
Mobile POS
Today’s connected consumers love to have a personal shopping experience that can only be met when salespeople are no longer tied to the cash register and counter. With mobile and cloud access to all core point of sale and customer service functionality, in-store staff can convert more sales without leaving the consumers side.
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