Retail Trends Prediction for 2019
From online shopping expanding to social media to customer-controlled delivery and returns, 2018 saw an exciting time in retail which drove a massive shakeup in the traditional retail landscape. Besides instant gratification, today’s connected customers expect newer experiences and hyper-personalization in retail. As we enter 2019, retailers are increasingly faced with the challenge to push boundaries and meet the evergrowing expectations of their customers.
Here are 5 retail trends that will gain momentum in 2019 -
Data plays a crucial role in the growth of any business. Accurate data will serve as a vital tool to enable retailers to understand customer behavior and reward their loyalty. This data will further enable retailers to deliver personalized shopping experiences to each customer. Retailers can target product offers more effectively due to access they have to customer datasets, AI and Machine Learning. Closer customer engagement will provide insights that can be valuable for retailers who want to grow their businesses. Forming stronger connections will be beneficial for both the customers and retailers.
Cognitive Technology has led to automation across different parts of the retail sector, and this is a trend that will grow exponentially. Retailers will leverage cognitive computing to provide better customer service technology that can analyze enormous amounts of data. Retailers who integrate cognitive computing in their customer service can offer faster service. Setting computers and robots that can actually understand natural language and respond to simple questions will free up employees to attend to more complex queries. Robots can work alongside humans in many areas of retail increasing efficiency and productivity.
As of 2018, Amazon and Google have together sold about 27 million voice-activated devices in the USA. 29% of these customers are already using the devices to shop online, and this number is slowly increasing day after day. Customers also expressed confidence in the recommendations provided by these digital assistants. These devices have a large following that can’t fully embrace their shopping abilities due to the lack of visuals. Companies are combating this by adding screens to their voice assistant devices. For example, Amazon Echo Show allows its users to view the products on the screen which increases confidence in their purchase.
Shopping anytime, anywhere
Consumers today are on the move and are going to expect services that could be available in transit. Social commerce will gain momentum by providing users/customers more choices for making purchases on the go. Retailers will be able to do targeted marketing and offer new ways to make online shopping more convenient, social and instantaneous. Customers will be able to shop from their vehicles while commuting. New innovative social commerce solutions will also emerge throughout 2019.
Augmented reality is quite popular with many apps that offer users a chance to blend the digital with the real world. These interactive experiences are not just fun but also offer retailers an opportunity to use them in shops.
For example, if customers want to buy furniture, it could be quite difficult to picture the store items in their own house setting. If they pick wrong, they could end up ruining the aesthetics and ambiance of a room. Augmented reality apps can place 3D models of furniture right inside the customer’s home.
The digital furniture is also resizable and observable in any light, from any angle. Customers can even save room designs for the future. There is a huge level of customer engagement that can be achieved through these apps. They will allow customers to buy the best products and consequently come back to buy more in the future.
These trends may prove useful by providing retailers with some foresight. The landscape of the retail industry is evolving at a fast pace, and with Gen Z driving seismic shifts in shopping behavior, 2019 can be a very interesting year in retail.