Digital Every year, digital transformation brings in a new concept of handling business even more efficiently with necessary improvements in technology used by industries. Today, technology saves time, better product/service quality, reduces man-made errors and improves productivity.
While we see a major impact of technology in every industry, today the discussion is going to be on the latest retail trends 2020. The favour technology sources for retail is mesmerising and the topping of ice to the business is remarkable.
Now without spending any more time on explaining technology advancement, let us get to the topic: Here comes the list of 2020 retail trends as follows:
Even More Real Touch With Reality
Virtual and Augmented Reality is no longer a new topic for discussion as some you might have experienced the power of this technology while shopping. Its support in enhancing the customer experience is quite addictive and the search for the product is made simple.
No doubt, 2020 will be the year where it becomes virtually unnecessary to see, feel or require product demo, thanks to AR, VR and mixed reality. From searching the product on the internet to trying them, extended reality is already in use by some of the retailers. Now some of you may wonder
What is Extended Reality?
Extended Reality(XR) is a fast growing immersive technology like augmented reality, virtual reality,mixed reality along with the technologies that are about to be created. These AR and VR blend the concept of virtuality with the real world or simply by painting a fully immersive environment.
Recent research showed that nearly 60% of respondents believed XR will be at the top of the technology in the next 5 years.
- Extended Reality is known for providing additional information to its customers while they are searching for products like “Living Wine Labels” from Treasury Wines Estates.
- Teen surf and sports clothing retailer Tilly’s installed a back-to-school hunt experience for its customers in trying different clothes and accessories.
- IKEA Place ARKit app helps in purchasing the most suitable furniture for the house that fits in space.
- Toyota’s new AR program allows users to try 10 of their cars without the need for a key.
- Microsoft have launched second generation headphones which are new, light and wearable that makes AR more valuable to the retail industry.
Almost every retailer makes business successful with its online and offline presence. So here come the question, What makes facial recognition tech more important in retail digital transformation? Simply put, installing facial recognition applications in your retail can control shoplifting and helpful incase of retail crime.
Secondly, facial recognition can bring in the concept of personalized user experience in online shopping to brick and mortor location. Based on the customer identified through facial recognition, retail staff can make it useful for that customer to meet their unique needs. Ofcourse, the installation takes a bite from the legal and privacy side but considering the benefit we get it will be a welcoming technology.
Your Orders are Automated
Amazon’s recent shift to a one-day shipping system has brought some welcoming reviews from shoppers. Yes, now the product you order can be delivered at your doorstep within two days which is quite receptive from customer point of view.
Studies prove that nearly 88% of customers are willing to pay for faster shipping. Instacart and Shipt have made the grocery shopping convenient for the buyers. It is expected that by the end of 2025, more than 5,80,000 AMR(Automated Mobile Robot) will be deployed by warehouses to achieve customer orders. Many retailers are taking effort to adjust its product delivery methods like amazon thereby improving the speed and flexibility of operation. This surely reduces the order processing time.
GrubHub and former UberEats now undertaken by Zomato have made eating in and eating out fast. Added more to the point, Amazon Prime Air has promised its customers to deliver the products within 30 minutes. Awesome but is it possible? Professionals achieve this for sure with technology.
Clearly, it proves that customers are making their shopping at the swift pace of digital transformation and expecting to receive their products at a shorter time interval.
Handling huge amounts of data is always difficult and how would it be easy while analysing that data. Retail industry is no longer exceptional to do this.
Every day, retail organizations collect a lot of data and they have no problems in collecting that information. But utilizing the data in solving the problems or creating new solutions made them to struggle. But big data, otherwise predictive analysis can easily change this struggle. With the help of predictive analysis, retailers can look ahead by analyzing the customer behaviour from the past experience.
Now, when retailers after successfully analyzing the data they are able to understand their particular customer interest and find out where they are right now in a unique customer journey. Today, the advancement we see in predictive analysis can make retailers smarter and more economic.
Search Result Engines
Just think how many times you use Google or other search engines in a single day. Everyday you are somehow relying on these search engines to know what you need to know(real-time search), how to solve/prepare, where to find,what is- these are the phrases you must be typing at least once in a day.
Here retailers share a powerful advantage when they meet their customers with their previous search enquiries. Thanks to digital technology that has given us the power to understand every customer’s need with their effective analytic capabilities.