The future of the retail industry is interconnected with the development of technologies. Check out what trends it bears to be ready for your business changes

New technologies trends in retail business

The pandemic has changed the retail landscape forever. The retail industry exists until the people do. However, closing shops ubiquitously has born new trends and tendencies in buying behaviors and customer experience. Thus, retail has to reassess every marketing and operational strategy of the past. Consumer shopping habits have always been dynamic, but no one could have predicted such a strong and immediate need for isolation and distance in all places.

While retailers estimate the pandemic year’s lasting effects, we wait for things to get normal. Meanwhile, let’s overview several examples of how retailers have accustomed themselves to new times.

Go after the link if you want to discover in detail how immersive technologies transform the retail business.

Omnichannel

We live in the hybrid world now, where online and offline shopping is merging. Thereby, new channels emerge to order things, such as voice (Alexa, Google Home, etc.). Besides, we will have machines as customers in the future. It means that your fridge might decide to reorder food, or your car will pay for car parking space.

What you, as a retailer, should do then?

1. Collect data and metrics via IoT and sensors across different channels.
2. Develop a holistic view of your customers.

For example, if a customer walks into the Burberry online store, they will be tracked to collect data on what they looked at, their purchase history, how long they overviewed a specific product page, etc.

Immersive experience

If you remember the smell of your favorite shop or specific music genre, it means they are contributing to the immersive experience. Such tricks involve all our senses: sight, smell, taste, and hearing. Augmented reality (AR) technologies take over the market too by the added value they provide: to get people into physical stores, entertain while the pandemic continues, and encourage them to visit the online store.

Apple

Apple uses AR technologies to showcase products. Thus, you can have a closer look at the latest iPhone or iMac. You can put them right in front of you or your room. This experience brings people closer to the brand and helps to visualize themselves owning its products.

IKEA

They’ve created a Place App for you to place furniture items into your house using a simple smartphone. You can see if it fits your design, room size, and other settings.

Gucci

In their flagship store in Italy, they charge an entrance fee. It is now a mixture between a café, a museum, an art gallery, and a shop to provide an immersive experience of all senses. Thus, both new people and Gucci fans are actively engaged.

Nike

They use AR & VR in their stores. For example, you open an app, scan shoes, and get additional information about them. You can also try on other items unavailable in the store to order them or not.

Warby Parker

This brand makes and sells glasses. They also have an app to try on different glasses before buying them online. The same can be done with jewelry, watches, clothes, and everything possible to try on.

L’Oréal

They use AR for you to try on makeup, see what product shades fit you best, and save your money ultimately.

Asos

Many people restrain from online shopping because they fear choosing the wrong size, color, or texture. Therefore, the fashion retailer Asos has created a simulated view of models: you pick a model, and they put on garments, jeans, dresses, etc., which you like.

BMW

They allow you to customize cars. Not every vehicle design is present in the car dealer showroom, so you can see the desired car in the desired color, kitting, and interior using your phone or VR glasses.

Subscription models

Subscription builds deeper customer relationships since it allows companies to go directly to customers. It also cuts the middleman and gives access to data. Netflix, Spotify, iTunes, and many more you know, like, and use yourself. It applies even to socks: e.g., Black Socks provide a subscription to get your socks delivered monthly or any frequency you want.

Autonomous delivery and fulfillment

Retailers need to look at their supply chain and add automation here. For example, companies have started integrating hive robots and creating automated warehouses (e.g., pack shopping baskets). Hundreds of robots all working together increase the total KPI amazingly. Besides, consider autonomous trucks, ships, and drones that deliver goods.

More automation across supply will save your cost, increase productivity, and ensure customers with faster delivery.

Conscious consumption

People care more about sustainability now than ever before due to different factors. If you want to remain in demand, you must catch this trend. From the packaging to the supply ⎼ as many as possible spheres of your production have to become environmentally friendly. Importantly, make people know that and how you care about carbon emission, used food miles, or source location.

Why are you worth existing on this planet? The answer should bring you great insights.

So what?

Like any sector, retail is going through a transformation and has to respond to the forces of the 4th industrial revolution and major societal trends. Today, we looked at key trends in different sectors with actual examples. If you are a retailer, you should try to implement them at least partially. It gives you more chances to be noticed by people in this immersive and quickly developing world.

Story by Mariana Kudyk