Key Retail Trends to Transform To Future of Retail In 2020

With the growing advancement in technology, the retail industry seems to be undergoing the major transformation especially when run as an ecommerce site. The basics of the retail sector is changing as being examined due to the end of the inventory led retail era while enhancing the concept of branding and the growing customer experiences.

The year 2020 seems to be the year of digital transformation, especially for the retail industry. But, this does not mean that the cradles checkout and smart beacons has ended to the fullest. The digital transformation along with the adaption of the political and economic fluctuation is the growing trend for the retail industry. Below are the key retail trends to transform to future of retail in 2020 everyone must know about;

• Growing trend of technology

The companies in the retail industries have now taken the machine learning trend that serves to bring improvement in the user engagement as well as predicting the shopping behavior of the targeted audience. According to the research conducted in the year 2002, one of the big names in the retail sector “Target” applied for the predictive analytics to divide the targeted audience and marketed their product to the customer it may relate to. In the next session, the company paid attention towards the new mommies as they would tend to be more loyal. This was done via placement of ads that targeted the women and helped achieved enhancement in the engagement. The utilization of machine learning algorithms helped in evaluating the customer data and predicted the demand for wider product categories.

The core benefits that the retailers can achieve with the machine learning trend in the retail industry includes the following;

• Improvement in the personalization to make customers purchase the recommended products.
• Proper inventory planning
• Improved market segmentation
• Secured payment processes, etc.

• The future of retail industry with augmented reality (AR)

The trend of augmented reality is what makes one confident enough to make purchase of the product. The trend basically is being common for the concept it is offering that includes virtually unnecessarily feeling or testing the product. One of the examples that have come across is from Toyota that has launched the AR program as per which the targeted audience have this permission to take the test drives for the cars they want to without the need for picking the keys. This does not even require downloading of any app for the experience. This trend has made it easier for the retailers to make sales as the consumers they’ve targeted today understand the purchase they are to make completely prior to reaching the point of sale. This results in gaining the benefits including; improvement in the visualization of the products, enhanced and improved brand awareness, reduction in the amount of returns, enhanced competitive advantage, improved customizable user experience content, etc.

• Adoption of robotic process automation for retail industry trend

For the on-going year 2020, the adoption of the robotic process automation serves to bring improvement in the workflow both in the stores as well as in the warehouses. It is applied to some of the common sectors in retail including; healthcare, clothing, pharmacy, furniture, hardware, etc. This trend has taken place in the industries of USA, Asia, Australia, Canada, and many others. Not just it serves to satisfy the growing demand of the market, it also helps in achieving the customer satisfaction, minimizing the cost incurred, efficiency in planning the promotional activities, etc. Want to opt this trend? Make data management an easier task for you with the adoption of this trend.

The transformations in the year would serve the retailers earn the bigger chunk of the industry. What transformation have you opted to grow yourself in the year full of transformation? Share with us in the comment section as below!