Shopping is now gradually becoming less of a chore and more of an experience – all thanks to the latest retail industry trends. Customers are becoming more demanding, which makes it important for retailers to become open to change. Modern consumers are emphasizing more value on experiences over physical items or commodities. So, when shoppers purchase tangible products other than regular commodities such as groceries, they expect those products to either tell a story, be completely unique, fit into their lifestyle, or all of the above. Retailers who aim to retain their existing customers and gain new ones must keep track of the current retail industry trends so that there are in line with what customers want. This blog from SpendEdge sheds light on some of the retail industry trends that are garnering equal popularity among customers and retailers:
Visual search is one of the most advanced retail industry trends today. Imaging the convenience and ease that a consumer could gain by just snapping a photo of the desired product to generate relevant search results rather than relying on a word-based search query. Visual search technology utilizes machine learning algorithms to recommend and search products online based on the matching attributes of the photo of the product shared by the customer. The results generated are of products with a similar shape, color, pattern, or even texture. This technique is particularly suited for retailers with large inventories or search results.
Top companies in the market are leveraging innovative technologies such as predictive modeling, machine learning, and artificial intelligence to predict customer behavior and generate right-on-target messaging and product recommendations. These high-tech retail industry trends are also being used by retailers to hyper-personalize a customer’s shopping experience, especially in the case of online shopping.
Rise of digital mobile wallets
Mobile phones have now become an indispensable element of our lives. The use of mobile phones as a medium of payment is one of the most prominent retail industry trends this season. Smart players in the retail industry have already caught on to this trend. They are now providing seamless mobile payments by adopting APIs. Adopting flexible payment methods will help retailers provide their customers with ease of payment and convenience.
Customer-controlled delivery and return
Today’s customers want products that are available exactly how, when, and where they want them. Smart companies are giving in to these demands by putting control in the customers’ hands. Several top companies have also introduced the concept of purchase online and collect in the store, which allows customers to pick up their orders faster than what it would take for an e-commerce order.
Growth of social media
Social media is one of the most effective platforms for businesses and customers to connect with one another. The use of social media will continue to be one of the most effective retail industry trends in the years to come, considering the fact that majority of the customers are hooked on to this platform. Retailers will need to up their game by using social media and social apps to tell stories and engage with fans in real time rather than simply posting photos or updates.
To know more about the how companies can successfully implement the latest retail industry trends