Top 7 Trends in Digital Innovation in Retail

Digital innovation has reshaped all avenues of people’s live and that includes retail.  Let’s look at seven trends that will enhance the customer experience.

  1. Computers will influence what we buy: At the annual Shop.org Digital Summit, retailers discussed what they felt would make the greatest impact on consumers.  The consensus? Personal shoppers, in the form of algorithms, will make suggestions based on customer feedback.  3D printing technology is in its infancy and is expected to account for $500 billion of all retail sales in 2025.  Retailers will increasingly sell connected devices.  Source: National Retail FederationDigital innovation in retail
  2. Mobile will be as important as ever in 2016: As more and more customers are shopping using mobile devices, retailers need to create sites that will entice them to buy.  At the same time, retailers need to deal with fraudulent reviews and feedback, which has become a real problem.  Other mobile trends include payment, security and automated technology innovations. Source:  Internet RetailingMobile payments
  3. Artificial intelligence will play a greater role in retail: Online virtual assistants, similar to the kind found on smartphones, will answer questions and help customers make purchasing decisions.  AIl programs also “work” in customer service, conducting phone calls and live chats.  Source: IT Pro Portalartificial intelligence
  4. Retail will become more streamlined in 2016: Retailers are looking to adapt new technology in order to make the customer experience better.  Clothing will become smart, allowing retailers to track it from the warehouse shelf to the register.  Drones will be used to make more deliveries.  Retailers will use Wi-Fi to study buyer habits.  Real data will be used for merchandise ordering.  New payment systems will eliminate having to wait in line.  Source:  Information Agesmart clothing
  5. E-wallets and Bitcoin will gain great acceptance: Customers are increasingly looking for alternatives to credit cards for making purchases online.  One alternative is the e-wallet.  By 2019, it’s estimated $70 billion in sales will be paid for using an e-wallet.  Another alternative is the Bitcoin, a form of digital currency.  Source:  Bitcoinist bitcoins
  6. Technology will change how people live which will change how people shop: Many technologies that seem far in the future are close to entering the market.  Three are self-driving cars, solar energy and drones.  Self-driving cars and drones will make it easier for retailers to make deliveries.  As solar cells become less expensive, the price of energy generation will drop, causing population shifts.  Source:  National Retail Federation self-driving cars
  7. Ecommerce retailers will continue to take advantage of new ways to increase sales:  An increasing number of retailers are investing in technology vendors and mobile technologies.  Research indicates retailers will be increasing their ecommerce budgets this year.  Retailers, however, need to be careful about consolidation in the technology industry.  A contract can be signed with one company, only to have it acquired by another company.  Source:  Internet Retailer

Culled from Global Real Estate Experts