Digital transformation is unstoppable and inevitable. New technological trends are hitting every industry, and the retail market is no exception.
Let’s explore some of the most expected trends that are going to have a prominent impact on the retail market in 2020.
Five Tech Trends of 2020
There is no doubt that 2020 is going to be the year when shopping experiences go beyond just seeing, feeling or testing a product. Thanks to the growing use of augmented reality, buyers can now experience things without even having to touch them. The recent launch of Toyota’s AR program is a great example—Toyota allowed users to try out ten vehicles without ever touching the keys.
Toyota is only one example; e-commerce retailers like Amazon have found augmented reality tremendously advantageous for lowering the number of returns from their online shoppers.
With the use of experiential marketing growing in the retail space augmented reality is sure to become another tool for brands and retailers. Augmented reality has helped retailers maintain and increase sales as customers now get a deeper understanding of what they are buying while shopping.
Who doesn’t want a seamless experience while shopping?
This is one of the reasons why social shopping and visual search, have already started skyrocketing. Simply put, to be able to click a photo of your favorite designer dress, or capture an image of a handbag of your favorite celebrity on her Instagram post, are a few things that will be becoming huge trends in 2020.
That’s because people can use visual search with the help of technologies like AI. Social shopping pioneers like Pinterest and Instagram, are playing a key role in making social shopping a leading trend. Many bigger retail stores, both online and brick & mortar, are using integration opportunities to make the most of these trends. For instance, companies like Stitch Fix have expanded their use of social platforms to show their dress collection to their customers before dispatching the orders. It helps the existing customers see the dress collection and include it in their future delivery.
Many savvy retailers have realized that one advantage of online-stores is their access to massive amounts of data. Companies have started to see how data has become extremely important in bringing about innovation and enhancing the customer experience. Many leading retail stores with physical locations are taking a page out of the playbook from digital storefronts to collect information in real life. Using a network of regular consumers to get insights about everything from retail locations to customer experience will help provide insights to develop the edge needed to compete in the retail industry quickly and cost-effectively.
Luckily, there are a number of crowdsourcing platforms like Premise that can help retailers and brands go beyond digital data and collect data from actual stores to understand the real-life conditions. Brands use crowdsourcing for price monitoring, retail audits, mystery shopping and beyond to gain the end-to-end data collection that helps them deploy new strategies that resonate with their consumers.
From shopping to innovative apps to mobile-friendly websites, the ability to make payments for products in retail stores through Google Wallet or Apple Pay is changing traditional payment methods. Not only are digital payment options in-store becoming more common, but companies have also been increasingly experimenting with ways to make checking-out quicker and easier.
This year Amazon Go began testing its cashless, cashier-less stores that allow customers to grab something off a shelf and get automatically charged upon leaving. With this trend making its way into all brick and mortar stores, soon enough there might not be a need to deal with the stress of carrying cash all the time.
Perhaps you are already using this lightning-fast internet for your cellular network, but in 2020 you are going to see it roll-out everywhere. Faster networks and less latency will increase everything from retail operations to in-store experience for customers and beyond. With more opportunities to deploy cutting-edge technologies expect to see everything from personalized digital signage to smart shelves. That means you will be able to receive information regarding new products in retail stores, delivery dates, recommendations and prices faster than ever.
Overall, 2020 will see some significant improvements in the retail industry due to the increasing usage of cognitive computing, AI and data. These trends are all targeted at making a customer’s experience easier and more seamless and allowing for brands and retailers to have more opportunities to connect with consumers.
Companies like Premise, in this regard, are doing a great job of empowering retailers with on-the-ground data. By using mobile technology and innovative crowdsourcing techniques we are able to collect targeted information to help companies understand consumer experience.
You can learn more about how Premise can fulfill your needs by visiting us at www.premise.com/retail-audit or email firstname.lastname@example.org. We can’t wait to help you become more data-driven.