Future Trends in Retail: What’s Next in Retail Technology
Breaking The Myths About Hyperautomation
E-commerce will have a banner year in 2023, with sales projected to rise 10 to 12% says, Forbes.
It is estimated to reach between $1.41 trillion and $1.43 trillion. This surge signals the continuous evolution of the retail space.
Technology, personalization, and seamless shopping experiences redefine the retail landscape, providing unprecedented opportunities and convenience for retailers and customers. Aicorespot recently hosted an enlightening session on June 21st, where industry experts came together to discuss the future trends in retail technology.
The panel featured renowned retail proficients such as
– Nina Sikermann, an Independent Retail Consultant
– Anshu Jain, Director of Engineering, Machine Learning at Poshmark
– Sudhakar Namasivayam, Director of Software Engineering at Overstock
– Hemanth Kumar, AVP, Digital Innovation-Retail at InfoVision.
The session was expertly moderated by Harvinder, Client Partner for Retail, Consumer, and Logistics at InfoVision, who set the context for the engaging discussion and shared his expert insights too.
Future retail trends
This article highlights the top trends in retail technology for 2023 and 2024. For an expert outlook on the emerging trends in retail, visit here: Future Trends in Retail What’s Next in Retail Technology – YouTube
Prioritizing customer experience
The focus of the discussion revolved around unmatched customer experiences across multiple platforms. Utilizing artificial intelligence, data analytics, and other cutting-edge technology-driven advancements, the retail space is now offering tailored solutions to its loyal customers. The session also explored customer 360 and personalization imbibed new-gen retail solutions to watch out.
The panelists also underlined the fact that automation continues to transform the retail landscape thereby enhancing the customer experience. Consumers are receptive to automation in various aspects of the shopping journey.
Automating tasks such as inventory management allows
• Access real-time stock information,
• Reduces the need for staff intervention,
• Frees up employees’ time to focus on personalized customer interactions,
• Enhances customer satisfaction.
Seamless Fusion: eCommerce Meets Physical Stores
Hybrid shopping experiences take the spotlight in 2023, uniting the best of online convenience and offline interactions.
Consumers are no longer confined to siloed shopping methods. Now, they can effortlessly navigate between the convenience of online shopping and the tactile engagement of physical stores. This dynamic shift blurs the digital and brick-and-mortar retail boundaries, allowing retailers to cater to evolving consumer preferences and deliver a unified shopping environment. It in turn gives retailers the opportunity to bridge the gap between online and offline, creating a compelling and immersive retail journey for all.
Retail Operations Transformation
Retailers strive to optimize their operational processes to stay competitive and enhance customer experiences in response to shifting consumer preferences, technological advancements, and market dynamics. This transformation involves reimagining supply chain management, inventory control, logistics, and customer service to achieve greater efficiency and cost-effectiveness. Embracing digital technologies, data analytics, and automation, retailers aim to streamline operations, reduce manual interventions, and harness valuable insights for data-driven decision-making. By undergoing retail operations transformation, businesses can effectively meet the demands of the modern consumer, drive growth, and position themselves for long-term success in a rapidly evolving market.
The latest trend powering retail platforms is social ecommerce. With top retail brands tapping into social ecommerce to drive sales and engage with customers, retail space is facing the revolution of all times. The “buy” button on platforms like Instagram and Facebook facilitates seamless transactions within the social media environment. According to eMarketer, social commerce sales in the U.S. are projected to reach $36.62 billion by 2023.
The retail industry is undergoing a dynamic transformation driven by technological advancements and customer-centric approaches. Stay ahead of the retail trends, watch the video now: