5 Curated Retail Trends

As we push forward 2018, the technology disruption of the retail industry highlights a mixture of speedy, convenient, automated and a highly competitive environment. E-commerce and brick-and-mortar retail stores create a strong convergence leading to a more digitized communication between retailer and consumer. Towards the end of the transition from manual to complete automation, retail stores embrace omnichannel retailing, where they provide consumers articulate shopping experience from visits in physical stores to inquiries on their online sites.

Here is a list of curated trends that will step up a retailer’s game to have full advantage of the growing e-commerce industry:

Makes chore feel like less of a chore

There is a growing percentage of consumers that choose online commodity shopping over visiting physical stores for the belief that they get better deals online and they don’t have to leave the comfort of their homes and for the fear of going through the hassle of traffic and long queue lines.  Online chore shopping is easier and faster, thanks to virtual assistants who could probably find you a cost-efficient dishwashing soap that is eco-friendly, show movie showtimes from different local cinemas and look for good deals. The list of commands that make up the system of a virtual assistant goes on but the bottom line is that customer experience is in a completely unique approach and the process is only getting better, easier, and faster. Technology did not only upgraded the online retailing game but it also indefinitely drove the retail industry towards a whole new perspective that making in-store experience remarkable to consumers is a top priority.

Things are getting more and more personal and available

Products are more curated for personal needs now more than ever. A one-to-one marketing that engages each consumer based solely on the individual consumer’s personal and unique interests, preferences and needs are factors primarily considered in the manufacturing of the product and it is taking over the retail industry. Consumer today are more inclined to purchase products and avail services that fit their lifestyle, tell a story and lets them create their own story out of its storyboard. This way, companies are more in touch and present in the lives of their consumers.

Consumer connection

Since the invention of chatbots, virtual assistants, and AI, communication with consumers is less challenging and near real time. Retail stores now utilize giant social media platforms to connect with their consumers – Facebook, Twitter, and WhatsApp are some of the popular ones. There is a strong establishment of brand fans engagement. Afterall, everyone wants to be heard.

Data availability means decision accuracy

Due to the fact that customer engagement, digital and in-store experience is becoming the top priority of the players in the industry, there has been a heightened competition within the industry and it is not showing signs to falter in the next years to come. Everybody wants to be the pioneer and have the knowledge of customers’ purchasing habits and behaviors, to have power over the demand and supply by using tech-advanced tools to collect and analyze necessary information. Walmart tested facial recognition to identify shopper’s satisfaction level.

The internet is basically an ecosystem of shared intelligence, the materialization of IoT ultimately changed the way human to human or human to computer interaction works. Forward thinking retailers thought of unique ways to leverage data collection of sales, marketing, operations and customer service.

A Cashless Economy

In Japan, people may already pay in retail stores using cryptocurrencies and a variety of mobile payment options. Nordic nation, Sweden, is the most cashless society. Having barely 1% of the value of all payments made using coins and notes in 2016, according to BBC news. Countries all over the world will have to catch up with the growing trend of paying via online or cards. Going cashless helps eliminate corruption and black money which results to increase in economic growth. Since, it is getting easier and easier to view and purchase products online, this can also be the reason why the economic growth will ultimately jack up once a country goes cashless. Also the data inferred and collected coming from cashless transactions may be used in improving CRM, sales, distribution and operations, forecast nearly accurate ratio of demand and supply,

 

About GenieTech

Over the years, the company has established itself as the leading retail management software solution provider for retail customers in the Philippines and Indonesia. It has provided impressive end-to-end Retail and Financial solutions to a growing list of highly satisfied clientele with its proven expertise across Retail, Supply Chain and Financial verticals and categories. It ensures the provision of a comprehensive, fully integrated, industry-proven business solution to maximize its clients’ business growth, proven by the successful implementation of several projects, not just in the retail industry, but in various industries as well.

GenieTech’s clients for retail solutions are CLN, Rusty Lopez, JB Music, Chris Sports, Uratex, Office Warehouse, Echostore, Motoworld, and more.

Learn more about our retail solution. https://www.gti.com.ph/specialty-retail-management-retail-pos/