With the explosive growth of online shopping and a shift in consumer preferences for experiences over possessions, the marketing notion has completely changed the marketing concepts.
New technology and evolving shopping habits are transforming the retail market at a rapid pace.
Social-driven sales and referral traffic have risen at a faster rate than all other online channels.
The digital medium has influenced retail with a powerful strike, reshaping customer behaviour and expectations these days are becoming increasingly demanding, and more tech-savvy to improve their shopping experience.
Through this blog we will be discussing the upcoming retail trends that will transform the industry, reshaping the shopping trends with growing customer demands.
1. Brands will sell experiences at their stores, not just products.
- Technological advancement has challenged retailers to become digital, then just simply being mobile brands.
- Marketers need to shift their focus from selling products to creating memorable experiences for consumers.
- In order to increase the sales brands will have to prioritize the user experience, designing every customer-brand interaction with the user’s emotions and exact needs in their mind
2. Analytics will be commonplace in every physical store.
- In the coming years, e-commerce retailers will be using analytics to map where people walk and what they pick up to better position products in the store or track the shoppers at the device level to target promotions, data will be used to understand customers behaviour and increase sales.
- This strategy will be completely based on consumers preferences and habits as well as their ability to refine the shopping tactics continuously, selectively targeting their preferences.
3. The Internet of Things will make shopping easier, cheaper, and more convenient.
- As per the statistical data, the Internet of Things connects over around 11 billion products every day like home speakers, TVs, and cars, to the internet, retailers can now use this data to provides context about their customers’ product usage.
- It allows them to send relevant marketing messages to their customers throughout every phase of the buyer journey, enhancing the overall sales level and making it easier and convenient for both buyers and sellers.
4. Retailers will make better use of sensory technology.
- Retail stores will have more awareness of our emotions and how to excite our senses. By using the sensory technology, the retailers will be able to detect how and when consumers will be reacting to the offered products, signs and interaction with the sales associates.
- This will allow retailers to have aggregate data on customer sentiment and to adapt offers in real-time based on how customers are feeling.
5. Brands will use augmented reality to market their products.
- By leveraging augmented reality, the retailers will make it much easier for their customers to engage with the brands.
- Leading to more exposure in picking the right products which would cater their needs accordingly and brand recognition which would ultimately make the customers buy more of their products.
On concluding the blog, I would say that the rising income level, urbanization, and changing consumer behaviour will give an optimistic outlook to the retail sales, promising an undoubted growth in the future.
Also, the retail business is constantly trying to retrospect their technical strengths, reinvent their offerings across the purchase pathway, and rewrite their approach of retail economics.