Retailing is one of the most challenging businesses. Vast product categories, unpredictable consumer behavior, competition, discounts, profit margins, overstocking, understocking and many more are main factors affecting retail businesses. Here are 7 amazing trends for the future of retailing that will change the shopping world:
1. Omni Channel
Omni-channel retail is a multichannel approach to sales that focus on providing seamless customer experience whether the client is shopping online from a mobile device, a laptop or in a brick-and-mortar store.
A service representative communicating with a customer in a store can promptly reference the customer’s past buys and preferences as effectively as a customer support delegate on the telephone or a customer support webchat representative. Or then again the customer can utilize a PC to check stock by store on the organization’s site, purchase the thing later with a cell phone or tablet, and get it at a picked area.
An omnichannel approach improves client support by giving numerous correspondence choices. The back-end incorporation of channels additionally considers greater adaptability, as the customer can switch between channels all through an association.
Example – Nike opened brick-and-mortar shopping stores.
2. Cashless and Cardless Shopping
Bill payment is one big headache everyone would have experienced while shopping from a store. Long hour waiting in queue for paying bills against your purchase is common experience while shopping from a retail store. However, new technology using IoT, Computer Vision automatic payment happens when the product is taken from the shelf so that you don’t need to wait for billing at counters.
Example – Amazon Go, relies on cameras and sensors to track what shoppers remove from the shelves, and what they put back. Cash registers and checkout lines become superfluous: customers are billed after leaving using a credit card on file.
To start shopping, customers must scan an Amazon Go smartphone app and pass through a gated turnstile. If someone passes back through the gates with an item, his or her associated account is charged. If a shopper puts an item back on the shelf, Amazon removes it from his or her virtual cart.
3. Real Use Experience
Real use experience brings user an opportunity to use and see products like furnitures, appliances, electronic gadgets and so on. It is a real setup with demo products rather than just displaying or stacking products for sale. You can touch, operate, use and have your personal experience to make decision for purchasing.
Huge area is used for stores to setup different range of products. The advantage of this type of retailing is the customer gets to experience multiple options before purchase and retailer gets higher sales with customer experiences.
Example – Ikea Stores, provides an environment where the shopper trusts the store to guide them the right way.
‘Retailtainment’ brings immersive retail experiences, brands are able to provide customers with fun, unique and in-person experiences that elevate shopping to new heights.
With Retailtainment, the retail industry is shifting attention from a features-and-benefits approach to a focus on mesmerizing shopping and customer experience. To be successful, retailers must offer consumers a desirable retail experience that in turn drives sales.
Example -STORY at Macy’s is a narrative-driven retail experience by the American department store.
5. Augmented Reality Stores
3D visualization of fit and appearance of a product is possible using Augmented Reality. You can save the time of making physical trials as you can check virtually. While this is benefitting eCommerce businesses in big time it is also getting popular in retail.
Example – GAP, Converse, Ikea, Burberry so on..
6. Real Street Experience Stores
Real street themed stores may become popular as it provides real street experiences to its customers. . In the modern world, people love real experiences.
Certain sports and sitting arrangements are exciting ways to attract customers to retail. Although real experience theme isn’t new for the restaurant business, this would be an amazing trend for the future of retailing.
Example – Vans has maintained double-digit growth for 19 consecutive quarters. Thus far, their approach has been working and there is significant room for future growth. T
7. Movie STATION – Avengers STATION, Marvel brand
Providing entertainment along with the shopping experience is a unique idea. Whether it is movie or music or computer games customers are thrilled to have these experiences. These combinations can uplift retail performances and customer satisfaction.
Example – Avengers S.T.A.T.I.O.N. allows Marvel fans to step into a world of superheroes and villains.
Hopefully, the above 7 amazing trends for the future of retailing have given you an overview of the future of the retail business. Please do write your experience and feedback in the below comment section.