In the retail industry, you can never achieve sales only by advising the customers to purchase. It takes an extraordinary customer service, in-store familiarity, something which captures someone’s attention and offers them a real deal with value. To show its worth, now the emerging trends are shaping the retail industry. By deploying advanced technologies or by exploring the latest setups at the stores or maybe by rebuilding the business approach and creating personal investments in the store.
With having the variety of mediums, industry is being driven towards its growth. Its biggest impact is expected to be around the retail industry itself in the future. Retail industry is going to getting evolved and is creating their bag of smart shoppers.
Let’s cast some light on the trends that will mark the major impact on the retail industry:
Holograms are going to be the next big thing
Since there is a rise in online shopping, brick-and-mortar stores are being increasingly challenged to rebuild their business objectives. Just imagine, what if there were no limits to what you can see in the store? What if you had a tool to make your product stand out in every way in which you can imagine? And it would be right in front of your eyes, with every dimension.
Multiple brands are practicing this if you think that it is not possible, hologram technology is really going to be the next big trend in the retail industry. 3D holographic retail displays projects to our clients to make sure that the WOW factor attracts crowds, the customers are excited and are left with a lasting memory, and not only this, it also inspires people to share their excitement on social media or with friends and recommended others to go and visit.
Traditional marketing methods focuses on the visual and auditory stimulation of the market, whereas, the hologram display places marketing visuals in the third dimension and integrates them with a physical object. Locations with a lot of visitors like events, shopping centers have a tremendous benefit from this kind of promotion.
Our research shows that the brands which are using the hologram technology have been noticing that the potential customers who experienced the holographic promotion tends to be more passionate while making any purchase. The main reason behind it is to give a positive experience, also amazing experience increases attention and generally make a person feel happy.
Mobile Involvement in-store to uplift
More than 95% of consumers are using their mobile phones when they’re shopping. Currently, trading on mobile is on top. Many brick-and-mortar stores start selling online, also stores created their app to improve the in-store experience. This is a major motivation for the retailers to do what they can do to reach out to those shoppers with special offers, discounts, and coupons they have. Particularly for the customers using mobile while shopping in-store, mobile serves as a mean to find the difference between buying the product they are standing in front of while using their phones or leaving the store empty-handed. Those shoppers were interested in such offers because they wanted offers the moment they are doing their shopping. Presently the retailers are bargaining with their customers to make conversion and also to take care of the future as well.
There is also a disadvantage if the retailers might have missed to give the offers to the customers, then there are only few chances for the conversion as your competitors may take the situation’s advantage.
This shows, that the retailers are enhancing their in-store experience with the use of mobile. They are focusing on creating a mobile application of their store so as to create more engagement among the shoppers and for the new customers who are very actively browsing over the products.
QR code is one of the most well-known kinds of 2D-barcodes in circulation. QR codes are designed through a pattern of black squares which is configured on white background. The code is designed to retain the data much like a regular barcode that you must have seen on any article of clothing or on food products which are scanned at the checkout counter. The QR has the possibility of storing much more data than those typical barcodes
QR code comes in and out several times but it is always going to be useful as the information that is being provided to shoppers as well as to the retailers and the manufacturers. When QR Codes are incorporated with tracking tools it can gather data for the market analysis. The retailers can use this to obtain a detailed metrics such as demographics, repeat scans, etc or to inspect the inventory like updating sale and purchase, through which the client’s engagement can be more meaningful with customized offerings.
In the years, we will discover the dominating comeback of QR Codes in getting in the deals and gaining groundbreaking loyalty programs. It will surely provide value-added information on products available in the showrooms.
These innovative technologies are unlocking doors for the retailers present in the market. Such kind of trends is just providing a sight into the possibility of retail proficiency. Mainly, following the track of digital transformation can help retailers in providing better assistance to their customers and compete in the market competition.
The usage of the QR codes is not just limited to the consumer analysis and their engagement also, they can be successfully integrated into the supply chain-end retail processes to improve stock accuracy and availability.
The change between in-store, in- person and online will also create a big opportunity for retailers to deliver the services according to the customer’s demand.
Cloud technology adoption
Solutions that are deployed on the cloud technology enables faster delivery of innovation. With access to the latest technology, upgrades are virtually a non-event in solutions deployed on the cloud. Cloud-native systems have a direct benefit to IT budgets. The financial model which is associated with the cloud is predictable and also economical. Cloud solutions can help in scaling solutions during events such as cyber sales or discount sales and peak season. Besides, solutions on the cloud also lend the right support and agility in retail footprint expansion or setting up new stores.
Tech-driven omnichannel experience
Nowadays the consumers are expecting the same level of services and support during any shopping they are doing in-store, experience as they are doing in the online stores. Customers now have grown the ability to purchase products online and get it arrived at their doorstep more fast and free. Its results have made the retailers are transforming their store fulfillment capabilities. If the shoppers find some items that may not be available in a specific store, in that case digitally connected retailers can now locate the item from their warehouse or another store’s location and ship it directly to the customer or to a preferred store for the pick-up. This enables the ability to satisfy the customers, in this way using technology has become an important part of the business practice.
Digitalization with the Internet of Things
With the Internet of Things(IoT), retailers can remotely monitor and automate their operations while improving their customers experience. Having fully connected network devices and systems makes critical information.
Digital technologies are now being used to create game-changing business innovations or their goals that may interrupt the existing industries and create a whole new. Retail as a business can no longer be just about having the products, it now has to be about the customers. Retailers are going to transform from product-centric to customer-centric. The money comes from the volume of customer insights which a company can generate and how quickly they use those insights to take productive decisions for their business. Most importantly, retailers can’t reach there by protecting the existing organization or even technology investment.
Artificial intelligence and Augmented reality will get more polished
Each and every customer today is a connected customer, who are the digital user. Retailers know it and they are trying to make efforts to fulfill their needs or preferences with digital technologies which initially will increase their relationships with the customers. One interesting resource is augmented reality(AR), the possibility of combining the online and real-world information. It has been a while since this, augmented reality has reached a perfect storm moment but it is still having a very long way to go.
As in-store technology, it is beginning to become more popular as time passes by. Some well-known brands have experimented it with the solution that enhances real-world through computers or smartphones especially to those who sell products like footwear, watches, etc. Retailers can bring their products, shop windows, and mirrors to life within the store. Customers have smartphones ready but innovations from retailers are still scanty. A study has shown that 50% of customers didn’t even have the chance to try the augmented reality, 35% of people are not sure how it worked and 15% didn’t find it useful.
Similarly, to forecast things like recommended products and the identification of the shoppers, marketers now have started to use artificial intelligence(AI). But, there is a requirement to expand the range of machine learning to strategies things like understanding the buying channel preferences of their consumers and linking the blank spaces between all the different touchpoints to make the shopping easier.
A survey on Artificial Intelligence in retail that included these insights:
- Real personalization is challenging for retailers.
- Many retailers are planning to invest in Artificial Intelligence/Machine Learning solutions in the next 12 months.
- Most retailers believe that AI and machine learning will help solve the problem of managing inventory and reduce waste or loss.
- Cost and accuracy are the two main factors that cause retailers to limit the scope of AI deployment.
While data and analytics are transformational, the data is valuable as you can ask the right questions to shape the vision. You should understand that which part of your business requires analytics to drive value for your firm, understand where the gaps are and establish how to generate, collect and organize the data which you are required to work on.
By digitizing these operations and integrating with the advanced technology, a retailer can capture more data with the help of customer interactions. It is the right combination of information drives better customer experience, improves loyalty, and increases customer spending.