There were significant developments in the year 2018.
Acquisitions like, Flipkart by Walmart, and of Heritage Foods, Lee Cooper and UK-based Laura Ashley by Future Retail, opening of IKEA, its first furniture store in India at Hyderabad.
A new technology adoption to enable customers interact with their brands, a major paradigm shift in customer preferences and new regulations of eCommerce industry, are expected in 2009.
Trend 1: Customer-centric
Much emphasis will be on customer experience. For example, a few retailers providing a screen for customers to use where they can sign in and search their purchase history and wish list, and this is helpful for the sales executives by customer insight.
A smart mirror is been installed in the dressing rooms so they can request different sizes, alternative products or even pay without leaving the dressing room. By this way, customers can customize and order shoes, with different styles and fabrics.
Trend 2: Augmented reality
With the advent of many innovative technological advancements like Augmented Reality and Virtual Reality, many retailers are beginning to experiment with virtual commerce on supported devices, to create entirely new experience for tomorrow's consumers. it is touted that by 2020, the retail industry is slated to be the top spending industry on AR and VR.
For example, IKEA launched a new VR experience that places shoppers in the middle of a shop-able, 3D kitchen.
Trend 3: Omni-channel retail
It's no more just brick-and-mortar stores. Multi channel retailing has gained increasing popularity. Every retailer wants to be available to the consumer on all devices, like their mobile phones.
With online shopping available at the click of a button and features like product details, size guide and free shipping, it is imperative for retailers to move their businesses online.
For example, Amazon, a well-known online e-commerce company has opened a brick-and-mortar store early 2019 in US. In India, Future Retail owns brick-and-mortar stores, while they have also tied up with eCommerce websites such as Amazon and Myntra for selling its products.
Trend 4: Personalization
Availability of products per customer preferences and buying history, is the driving force for many retailers these days. The latest trend is to elevate the customer -retailer relationship by increasing personalization, transforming customers into fans and boosting Customer Lifetime Value.
For example, Lenskart is the leading eCommerce portal for eye wear in India, that offers customers access to pick a range of their choice from the extensive variety of coloured contact lenses from online store. The selected pieces are shipped to their door by the executives and customers keep what they want and send back the rest. With the option to do this automatically or on demand, customers can buy what works best for their budget.
Trend 5: Automation in the industry
Slowly but strongly creeping of automation into retail industry, making a human interaction-free experience for the customer. Many retailers have already adopted the cashier-less model- be it from vending machines to unmanned kiosks to unattended grocery stores.
For example, BigBasket has launched BB Instant, where it has placed physical kiosks containing grocery items and consumables in several apartment complexes. These are unmanned kiosks. Customers can place orders on the BigBasket app and when they pick up the order, it automatically bills the wallet.
Every retailer wants to grab a big pie of the industry by one or the other way of offering. Offering through innovative approach, integrated technology, broader strategies and many other ways, to stay ahead in the competition.
Acquisitions like, Flipkart by Walmart, and of Heritage Foods, Lee Cooper and UK-based Laura Ashley by Future Retail, opening of IKEA, its first furniture store in India at Hyderabad.
A new technology adoption to enable customers interact with their brands, a major paradigm shift in customer preferences and new regulations of eCommerce industry, are expected in 2009.
Trend 1: Customer-centric
Much emphasis will be on customer experience. For example, a few retailers providing a screen for customers to use where they can sign in and search their purchase history and wish list, and this is helpful for the sales executives by customer insight.
A smart mirror is been installed in the dressing rooms so they can request different sizes, alternative products or even pay without leaving the dressing room. By this way, customers can customize and order shoes, with different styles and fabrics.
Trend 2: Augmented reality
With the advent of many innovative technological advancements like Augmented Reality and Virtual Reality, many retailers are beginning to experiment with virtual commerce on supported devices, to create entirely new experience for tomorrow's consumers. it is touted that by 2020, the retail industry is slated to be the top spending industry on AR and VR.
For example, IKEA launched a new VR experience that places shoppers in the middle of a shop-able, 3D kitchen.
Trend 3: Omni-channel retail
It's no more just brick-and-mortar stores. Multi channel retailing has gained increasing popularity. Every retailer wants to be available to the consumer on all devices, like their mobile phones.
With online shopping available at the click of a button and features like product details, size guide and free shipping, it is imperative for retailers to move their businesses online.
For example, Amazon, a well-known online e-commerce company has opened a brick-and-mortar store early 2019 in US. In India, Future Retail owns brick-and-mortar stores, while they have also tied up with eCommerce websites such as Amazon and Myntra for selling its products.
Trend 4: Personalization
Availability of products per customer preferences and buying history, is the driving force for many retailers these days. The latest trend is to elevate the customer -retailer relationship by increasing personalization, transforming customers into fans and boosting Customer Lifetime Value.
For example, Lenskart is the leading eCommerce portal for eye wear in India, that offers customers access to pick a range of their choice from the extensive variety of coloured contact lenses from online store. The selected pieces are shipped to their door by the executives and customers keep what they want and send back the rest. With the option to do this automatically or on demand, customers can buy what works best for their budget.
Trend 5: Automation in the industry
Slowly but strongly creeping of automation into retail industry, making a human interaction-free experience for the customer. Many retailers have already adopted the cashier-less model- be it from vending machines to unmanned kiosks to unattended grocery stores.
For example, BigBasket has launched BB Instant, where it has placed physical kiosks containing grocery items and consumables in several apartment complexes. These are unmanned kiosks. Customers can place orders on the BigBasket app and when they pick up the order, it automatically bills the wallet.
Every retailer wants to grab a big pie of the industry by one or the other way of offering. Offering through innovative approach, integrated technology, broader strategies and many other ways, to stay ahead in the competition.
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