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How do technology trends change the retail landscape – and using analytics helps you win.

The retail market has always been an evolving landscape. But as technology gets better every day, connecting consumers and retailers in ways that were unheard of 15 years ago, the retail environment is experiencing exponential change. The increase of new technologies will transform consumers shopping experiences no doubt, but it’s how retailers react to and navigate these retail trends that will determine the future business model of retail and the way we shop.

    1. An Improvement Of Online Retail
      • There continues to be dramatic improvements to the online shopping experience.
      • The online marketplace is becoming the number one shopping destination for consumers
      • The enabling of shoppers to order online and pick up in store will be a big retail trend.
    2. Personalised In-Store Shopping Experience
      • Retailers must wow the customer’s shopping experiences to prevent them from shopping online.
      • The innovation of in-store mobile technology will continue to accelerate.
    3. Localised Customer Demand
      • Retailers will be looking at ways to tailor stores product selections to meet local needs.
      • Creating the right product selection for the right stores meeting local customer demands.
      • This customer data will mainly be leveraged through advanced analytics and will be used to personalize shopping experiences for every individual.
      • Retailers and suppliers must improve their execution of analyzing customer data.
    4. Using Mobile Devices To Bring Retailers And Consumers Together
      • The internet has enabled any business to become a retailer.
      • Mobile is accelerating this change and challenging traditional retailers to re-think their strategies.
    5. Retailers Will Entice Customers With Food
      • As online retail continues to surge, retailers will look to find new ways to bring customers into the store.
      • One way they will do this is by using food to entice shoppers.
      • In-store restaurants, beverages and coffee shops will begin to pop up more often within the retail space.

 

Source: 5 Retail Trends That Are Changing The Way We Shop

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