Blog Denave

06th Apr, 2018

Future of Retail - 2018 and Beyond!

In a retail setup, you don’t get customers to accomplish a purchase by just ‘advising’ them to purchase. Rather, it takes a great in-store familiarity, remarkable customer service, and enthralling visual merchandising tactics that offers the real value. To deliver this worth, emerging trends are shaping up the face of the retail industry.

Be it by deploying advanced technologies or exploring latest store setups or may be by refurbishing business approaches altogether and creating personal involvements, retailers are certainly getting prepared for the future.

With the diversified mediums quickly driving the industry towards growth, biggest impact is expected around the retail industry itself in the near future. Probably, predictable retail is going to get evolved in no time, creating their own set of smart consumers to dominate the entire retail arena.

Let’s throw some light on the trends that will mark the major impact on the retail industry in the next few years:

Pertinence of ‘Bots’ will increase

Robots are approaching. Yes! We are soon going to get the drift of robots having conversations with the shoppers on the shop floor. The advent of machine learning and artificial intelligence are helping retailers to become more efficient. Continuing with this, robots are now being an unusual yet effective sight in storerooms.

2020 might be considered as the most blown out year with robots leveraging the in-store retail aura. There will be an upsurge of customer facing robots in retail stores eliminating cashiers from the counters and reducing the need for sales associate in stores.

Holograms are going to be the next ‘big’ thing

The holographic display market is expected to see a strong growth by 2024. The rising demand for holographic projections at events, product launch ceremonies, and product marketing events is also expected to help the market gain pace through the course of the forecast period.

Walking in the digital world of limitless possibilities, consumers have started looking for all the more immersive experiences, experiences which can be termed as unreal but still very real. Imagine, what if there were no limits to what you can see in a store? What if with your hand gesture, you could feel a product stand out in any way you can imagine? And it would be right there in front of your eyes, in all its dimensions.

It’s not only just possible, rather, it’s what’s being lately practiced by multiple brands. Hologram Technology is expected to be the next big trend in retail! Today, stacking the shelves has become an anachronism for some ‘big’ retailers with this ‘visualisation technology’ ­­being used to generate holographic images of products for display and sale.

For instance – The exhibition of BMW X2 in showrooms through hologram technology was used to present the product in physical display. The customers were able to walk around the 3D projection to have a full view experience of the product. In the coming future, with the implementation of haptic effects like temperature, smell and sound it will create a distinct scenography.

In-Store Mobile involvement is to Uplift even more

Mobile trade is on the rise. For instance, companies like Sephora regenerates to thrive in its space by creating its innovative mobile app – a strong part of the in-store experience. Hence, customers can now use the app to scan their faces and locate products that match their skin tones and make preferences.

Clearly, successful retailers are now positively enhancing their in-store experience with their own mobile programmes. They are focusing on designing their store on mobile app so as to create engagement amongst instinct buyers and the new customers who are actively browsing over the products.

Augmented reality and AI technology will get even more sophisticated

It has been a while that augmented reality has reached a perfect storm moment. However, it seems that it will get even more advanced in 2018 and beyond. With the iPhone 8/X and Pixel 2 bringing AR to the commonalities and gamification reaching the next level, there is an expectation for more retailers to jump on the trend.

Similarly, to forecast things like recommended products/content and identification of shoppers, marketers are using artificial intelligence. But, there is a requirement to expand the range of machine learning to strategies things like understanding the buying channel preferences of consumers and linking the dots between all the different touchpoints to make shopping easier.

QR code to make a comeback

No wonders QR codes have gone in and out of style several times in the past decade. But soon they will make a comeback. This comeback will definitely benefit the retail stores in leveraging digital impact for a more customer-centric-in-store experience.

For instance – WeChat and Alipay have made QR codes identical with access to services thus widening the trend to the west. Similarly, Amazon’s Amazon Go store will be using QR codes as the process to sign in to the POS while entering one of the revolutionary stores.

In the years to follow, we will observe the dominating comeback of QR Codes in getting into the deals and gaining ground breaking loyalty programs. It will surely provide a value added information on products in showrooming.

These innovative technologies are unlocking doors for retailers. Clearly, these trends are just a glimpse into the prospect of retail proficiency. The consumers have become far more adamant and demanding as per the real time technology world, owing to the digital reform. Essentially, following the track of digital transformation can help retailers better aid their customers and compete in the market.

Coming forth, retail will be more omni present thus, making the merchants to treasure more success in 2018. The change between in-store, in- person and online will also cater a huge opportunity for the retailers to deliver services according to the customer’s demand.

Do you think the above-mentioned technologies will come out as ‘’ground-breaking trends’’ in Retail? Let us know in the comments section below.

 

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