Back to the Future: 5 Predictions on How the Retail Industry Will Evolve

Jul 24, 2018

challenges of visual merchandising

New technological developments and the latest retail trends have redefined the meaning of ‘shopping’ by creating unique customer experiences. Today, shopping is no longer a monotonous task for consumers with retailers leaving no stone unturned to enhance their shopping experience. Furthermore, the retail industry’s steady migration to online e-commerce platforms has made it vital for brick and mortar retailers to give their customers a reason to come back to the store. Consequently, several retail companies have increasingly turned to modern technologies to help them revolutionize the future of retail. The retailers who thrive in the next decade will be those that re-imagine and align their stores with the digital age. Based on the retail trends and developments in retail technology, industry experts at Quantzig have curated some of the key retail industry trends that will redefine the future of retail.

Speak to an analytics expert if you’re looking to gain a leading edge by predicting and capitalizing on new market trends.

End of long-checkout queues 

Bidding adieu to long checkout queues will be one of the most prominent retail trends that will go mainstream in the next couple of years. The future of retail will look more promising than ever before by helping avoid queues and providing customers with a hassle-free shopping experience. Retailers are also looking at the feasibility of payments made via a virtual shopping cart rather than an old-fashioned checkout line. Once this is rolled out to retail stores and becomes fully operational, long queues in checkout counters will soon become history.

Embracing the Millennial Mentality

The future of retail will greatly revolve around the tastes and preferences of Millennials.  Millennials generally tend to be loyal to brands that stand for the right values, namely transparency, authenticity, and social responsibility. Transparency is one of the retail trends that is already adopted by several prominent retailers and it will soon become a non-negotiable factor in the retail industry. Modern consumers want to know everything about the products that they purchase, and brands that are genuine, down-to-earth, and honest in their communication will stay in the game.

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Stores that Recognize Customers

The brick and mortar retailers are taking inspiration from online retailers to know their customers better. This means that we can soon expect physical stores to identify customers in the aisles via biometrics or facial recognition and retrieve their browsing and purchase history instantly. This could also mean great news for the customers as the store might offer pop-up discounts on their favorite products or free samples. Customers can also gain the benefits of online shopping, like one-click purchasing, easy free shipping, and endless information like price comparisons and product history from touch screens or voice command.

More Small Format Stores

Small format stores will be a prominent trend in the future of retail. Many retailers are taking an inverse approach to surviving by becoming small and nimble rather than trying to compete with online stores’ large catalogue and endless aisles. This attempt will not only bring the needed flexibility to the organization but at the same time will attract new crowds. Small format stores also enable retailers to open downtown locations, where they are can target young, affluent city dwellers.

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