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Retail Business Review | Thursday, December 01, 2022
Trends drive a lot of consumer purchases; therefore, retailers have spent years learning to read the market and provide compelling new merchandise at the peak of excitement.
Fremont, CA: But many retailers have safely waited to see what has staying power before they move on retail technology trends. To compete in today’s marketplace, retailers must become agile, aggressive and insightful in selecting technology as they choose products to meet consumers’ continually evolving expectations for a great shopping experience.
Smart retailers are especially attuned to spotting technologies with the potential to disrupt current ways of doing business, so they can stay on trend rather than lose market share to more innovative competitors. Here are a few trends that are reshaping retail.
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Store Associate 2.0
Highlighting the role of the store associate pays off. Interacting with a sales associate makes customers 43% more likely to buy and 12% more likely to revisit, and their purchases garner 81 % more value for the retailer.
Breaking through the Screen
With stores striving to become more digital, digital is working to become more like the store. Live commerce, for instance, combines streaming video with e-commerce. One such Chinese e-commerce site allows consumer-to-consumer live streaming where viewers can ask questions of influencers and learn skills like makeup application techniques. Meantime, another company allows shoppers to upload photos to find merchandise through intelligent visual search in its Snap.
As per one contributor, both could be precursors to the real disrupter, the Spatial Web — a computing environment that presents in three-dimensional space, so users can build an exact copy of their physical reality in the virtual domain and bring the digital into their real situations.
Artificial Intelligence for Supply Chain
Artificial intelligence (AI) use cases of about 74% in retail are concentrated on the customer experience. It is estimated that retailers could save around 340 billion dollars by taking AI to scale around the value chain. AI can raise efficiency and identify and avert mistakes while delivering predictive logistics, visual-aided picking, and warehouse robotics controls.
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