23rd Jan, 2020
Denave, Team, Designation
Change is the only constant – the statement finds its best fitment in the retail landscape. With the constantly evolving needs of consumers, retail businesses can be termed as the swiftest tribe when it comes to conceiving or adopting technology trends.
With so many brands already leveraging technologies & tools like artificial intelligence, advanced analytics etc. to maintain and increase their audience base, these are few more innovative trends which are shaping up the newest version of retail landscape:
Data privacy to emerge as a top-most concern
Data privacy and transparency will act as a make-or-break criterion for retailers as their credibility and authenticity will hang on these delicate threads. The fragility quotient of consumer trust is going to keep the retailers on their toes and will ensure the best in class compliance mechanisms being adopted by them. Balancing the personalisation of consumer experience (using tools like biometrics etc.) with privacy management will be the way to thrive in this trust economy era.
Experiential retail will rule the roost
This trend will be visible across online marketplace or brick and mortar ones. With augmented reality and virtual reality already redefining consumer experience, brands will delve further into extended reality and make the experience more life-like. Enabling consumers to share their VR experience with others will also be a trend among retailers.
With many online brands opening up physical stores for the digital natives, existing stores will also employ Runway to reality feature – RFID tags triggering the online video of the product ramp showcase to the nearby placed iPad or consumer device. Leveraging augmented reality, a large number of brands will also incorporate the ‘try-on’ feature.
Using intelligent automation, brands will not shy away from using the digital workforce, bots to deal with the common questions, repetitive issues as well as providing a personalised shopping experience.
Product video catalogs will be another trend being adopted by a large number of brands since regular product listings will be passé. This trend will give a boost to innovation in the space of video automation platforms as well.
‘Shop & Go’ will see more traction
Automated checkouts and cashier-less stores will be a trend which many brands would try to experiment with. After the success of Amazon Go, retail experts believe that many brands would be trying to jump on this wagon of ‘no-line, no-checkout’ using sensors, computer vision & deep learning models.
Analytics will step-up its own game
More and more brands will be deploying video analytics in their offline retail spaces, generating maps that show where customers spend most of their time in the store. In alignment with this information, store planogram, as well as ad displays, will become more targeted.
Customization will open-up those purse strings
Having a personalised item has become a symbol of luxury since it subtly shouts that what I have is something unique. Brands understanding this shift of ‘me over we’ will flourish while the onlookers will risk fading into oblivion. IoT sensor-based personalised discounts and other location-based services will be some of the wow factors which will be leveraged by brands.
Small moments will become defining
With the modern consumer becoming further impatient and wanting to get hold of the things right at the moment of demand, brands will be vying with one another to capture that small moment leveraging technological innovations. Knowing what the customers may need, even before they start looking for it – that is the vantage point retailers would be striving for.
Apart from these trends, other aspects like social currency (social media ratings), environment-friendliness, last-mile retail fulfillment and ease of transaction etc. are few more areas that will occupy the retailers’ brain bandwidth.
Ultimately, retail is an ever-evolving industry and technology trends will continue keeping the transformation quotient of this domain high in the time to come.