In 2022, the retail industry has completely redefined the shopping experience, it has not only changed how people shop and sell, but have also offered amazing advantages that independent retailers have now.
Consumers want connection and easy accessibility, and retailers are improving themselves to match those demands by reinventing the entire shopping experience. The future of retail is bold and imaginative, from conversational commerce to flawless online shopping experiences, and it belongs to independent retailers.
Here are some of the top retail trends that retailers are using to improve customer experience and increase sale.
Selling online has become non-negotiable — no matter what you sell
Nowadays online shopping has become critical for customers and crucial for retailers. Today, most monthly retail purchases are made online, and many businesses are addressing those demands. Independent retailers are interacting with customers locally while simultaneously expanding their reach by selling online and retaining a local presence.
Going online has boosted the prospects of success as several retailers have changed their business strategies to pursue new revenue streams. In fact, 51 percent of online revenue is now generated by retailers selling online. The COVID-19 pandemic increased the use of services like BOPIS (purchase online, pick up in store), curbside pickup, and BORIS (buy online, return in store). While several shops have long since renewed brick-and-mortar operations, demand for omnichannel has significantly increased.
Focus on Artificial Intelligence and Machine Learning
It's been mentioned as a trend for years, and readers are probably tired of seeing Artificial Intelligence and Machine Learning named as a top retail trend. But listen to us out! It takes decades to build highly successful AI applications, and organizations are still only discovering small portions of its potential benefit. According to a study conducted by Accenture, over three-quarters of organizations struggle to expand AI because they overlook the work involved in effectively training and testing AI.
But the business benefits have become obvious in the past two years. Simply shifting from a conventional contact center solution to one driven by conversational AI can instantly increase the ROI. Retailers have started applying an enterprise AI program in order to optimize potential revenue through machine learning-driven personalization campaigns.
Interactive Retail Experience
Nowadays customers have got more comfortable with purchasing items through social media and retailers can communicate with their customers through those platforms. Therefore, retailers are investing in livestream shopping and implementing virtual reality (VR) to improve virtual experience of the customers. These initiatives have resulted in better consumer experiences and helped them to make more informed purchase decisions.
Livestreaming is the practice of sharing products with customers via live video. Retailers are livestreaming by using an iPad to show the consumers what's in-store via a virtual shopping appointment, or by utilizing Instagram Stories to highlight new product that has just arrived.
Another approach used by retailers to help buyers explore things before adding them to their carts is virtual reality. Online buyers demand a better knowledge of products before adding them to their shopping carts, and VR technology is helping to enhance the overall try-before-you-buy experience.
Automated Technology to Manage Labor Shortage
This year most of the retailers were concerned about their ability to attract and retain employees. To tackle the increasing complexity caused due to the labor shortage most of the employees have started using automation to reduce manual work of the team.
The top three areas where retailers claim automated technology will help replace workforce deficits are streamlining efficiencies for operations like tracking orders, maintaining customer loyalty programs, and connecting with customers. To satisfy the changing requirements of the employment landscape, retailers are investing in automated tools or improving what they presently use.
Author's Detail:
Aparna Dutta / LinkedIn
Experience in Blog creation, Article Submission and Blog posting. I specialize in writing engaging blog posts for Market research and business insights. A person who believes in the principle of time and works towards perfection.
Author's Detail:
Aparna Dutta /
LinkedIn
Hello, I am a content writer with 3.5 years of experience. I have experience in various fields of content writing. For example, I have worked in a market research organization where I had to write content related to the reports that the company used to generate to improve their Google ranking. Other than that, I have also worked in website content as well as technical content for print and digital media magazines. Apart from this I am very flexible as a person and can adjust easily.
