Retail Trends to Watch Out
We can get a pretty good idea of what the future might hold, by looking at top retail industry trends & technology to watch out for
The future of the retail industry is one that cannot be predicted easily. And while it is hard to say what is next, we can still get a pretty good idea of what the future might hold, by looking at retail technology trends that are making names for themselves today. Check out the top retail industry trends to watch out for.
This is why today we will be looking at the top retail technology trends already making their way out there: a store, e-commerce site or even a consumer’s home. Keep these trends in your radar and maybe one day you will decide to invest in one of them.
Meeting Consumers Where They Are: Top Technology Retail Trends
One of the most significant retail trends is to meet consumers’ needs where they are present. This customer-centered approach provides exceptional customer support, either in person or via phone, email, or messaging. According to the Zendesk Customer Experience Trends Report 2023, 64% of consumers will increase their spending if their issues are resolved on the channel they’re already using.
Boxycharm meets consumers’ needs by offering different methods for them to contact customers. The corporation employs third-party apps to assist with responding to direct messages on Instagram, handling support tickets, and maintaining a data warehouse in-house.
All of this is assisted by Zendesk. As a result of utilizing social media and integrations, the Boxycharm customer satisfaction rating increased by 10 points.
Point of Sale and Inventory Control Software
There is no one good reason today for a customer to wait in line. Most retailers and brands realize, that many of the serious inconveniences are present with the legacy point of sale (POS) and are costing their business tons of money, not to mention that it leads to a very bad customer experience.
Today, it is neither hard nor expensive to add to an existing POS system in order to address line busting, as well as offering a variety of other services that drastically enhance the shopping experience of your customers.
The cost of POS development built from scratch is within a reasonable budget as well. Retailers should be looking on applying modern cloud-based point of sale systems if they want to solve common retail use cases like the endless aisle and BOPIS.
At the same time, retailers should also be able to function to full capacity in the case of network outages.
Modern mobile POS offline mode options can ensure that your sales associates will be able to manage their common workflow, like applying discounts and special promotions, processing sales, and returns, and all of that even during busy periods with no connection to the internet.
Let us once again outline all of the main possibilities that POS can give you:
- Improve the effectiveness of your marketing efforts
- Dramatically improve your customer service
- Simplify and improve inventory management
- Save huge amounts of time by automating bookkeeping and countless other retail tasks for you
- Easily show where you’re making and losing money so you can make adjustments and increase profits
UPC Codes and Bar Code Scanning: Retail Trends
Bar code scanning allows your business to check products at the point of sale much more accurately and faster than it can be done with a keyboard. It will not only save you time but will have a huge impact on your inventory.
Imagine, for example, the potential consequences of entering the wrong number of a product and then signing it off. From your inventory. Every successful business knows, that the inventory is its lifeblood and it is vital to keep it in proper check. Errors like that can cause your business time, sales, and inventory costs.
In case your merchandise has UPC codes on them, you can easily scan its tags. Without the need of printing your own barcodes. Just imagine what a huge time saver this can be for your business. Check out the top retail industry trends and technology to watch out for.
High Personalization Options
There has been a recent uprise in the number of direct-to-consumer, subscription-based fashion services. After completing a survey on your preferences in style and fashion.
These types of companies can send their customers a wide selection of clothing, accessories, and beauty products. In order to keep with that agenda, various brands are now also adding level of personalization to their customers’ shopping experience.
And we are not just talking about attaching your name to the mailing topic. Retailers are trying their best to track your shopping history and shape the content around your tastes. Look at the lingerie retailer ThirdLove for example.
Which sends their customers pieces of lingerie that are picked specifically for them based on their previous purchases using retail trends.
Retailers try to keep with this level of personalization both in and out of the store. Using the chat capabilities of the store’s native apps. Associates from these stores can communicate with their customers directly to curate their looks and wardrobe choices.
Suggestions like that can be shared with a customer via a previously mentioned app or even in in-store dressing rooms. American retail company Nordstrom, for example, went as far as even offering customers their own personal stylists for various occasions.
And some retailers take it even a step further by letting the customers build their own products. Take a look at Dresden, which is an eyewear retailer from Australia.
They collect plastic waste from Australian beaches and discarded fishing nets and upcycle them into affordable frames. They then let their customers create their pairs of sunglasses.
By enabling them to interchange the frame parts and lenses. So whether you are a large retailer or an SMB yourself, do not forget to personalize your customers’ experience.
Phygital Retail Industry Trends to Watch Out
Also, phygital retail, which combines physical and digital elements, is expected to become a significant trend in 2023.
Phygital is a shopping experience that is immediate, interactive, immersive, and personalized to the extreme. It combines elements of both in-store and online shopping.
There is a lot of movement: physical retailers are increasingly adopting digital methods, and digital retailers are increasingly converting to physical locations.
For instance, companies are increasingly facilitating customers in creating their own journeys during the shopping experience. This encompasses them:
- Intelligent dressing rooms: These areas facilitate the customer in finding their measurements virtually.
- Utilizing influencers and live streaming: Companies that participate in e-commerce say that conversions can reach as high as 30%—up to 10 times higher than in conventional e-commerce.
Phygital has numerous benefits for a company, including:
- Increasing the NPS score: Customers feel more satisfied because of the personalized experience.
- Increasing customer loyalty: If customers are pleased with the experience, they are more likely to return to the business.
- Increased conversions: Your customers will have a higher degree of engagement, which can lead to increased conversions.
- Increasing customs: Customers can spread word of mouth marketing if they are satisfied with your brand, this will lead to a larger audience.
The Internet of Things Retail Industry Trends to Watch Out
The Internet of Things is one of the main trends of recent years. So, it helps connect physical things to the internet to provide a seamless shopping experience.
There is no surprise that a technology like that already revolutionizes the in-store experiences of customers all around the globe. It is a perfect solution to bridge the gap between digital and physical shopping experiences.
A recent report shows that almost 85% of retailers are expected to adopt IoT technology. By 2024, up only from 57% that are using the technology today. The Internet of things will open a room for a variety of applications, such as:
Electronic Rack Edge Tags – at the moment, retailers need to update prices on the products. So, that was sold in-store with printed labels. This process will change as many more retailers are adopting electronic labels, that help them update product information online.
GPS Enable Shopping Trolleys – will allow customers to upload shopping lists. With the trolleys, then use these lists as a guide that will help them to navigate in-store to find the right products. Customers will also be able to pay via trolleys themselves. Eliminating the need to stand in lines and wasting time.
I hope you did understand the top retail industry trends & technology to watch out for.