Technology has brought significant changes in the convention methods of buying and selling commodities, at the sellers and buyers end alike. Malls, marts and shopping stores are no more confined within the four walls of bricks and mortar, nor does it require the physical presence of the buyer in store to make the purchase.
It has reached the convenience of their desktops and touchscreens and is providing a shopping experience anytime, anywhere. However, this digital transition has survived and negated all myths and predictions that had been made about the demise of brick and mortar stores in the wake of e-commerce and web shopping portals.
As per a study conducted by the Forrester Research, the customers who conduct a shopping research online and then drop in at the stores to make the purchase are more satisfied with the experience than the customers who only make online purchases. This observation validates the fact that the customers of today have become more conscious, know what they want they, and how and from where they can get it. The online research prior to making the final purchase provides the customers with multiple options and competitor products to choose from. Therefore, this has become imperative upon retail sector to create a personalized, enhanced and seamless shopping experience to their customers, online as well as off-line.
Here’s an insight into the future of retail and how technology will drive innovations and trends in the business retail industry in the coming decades.
Omni-Channel is the modern face of retail, that automates and integrates all sales, marketing and e-commerce channels, such as websites, social media channels, phone applications, online shopping portals as well as the brick and mortar stores to create a personalized, enhanced and seamless shopping experience for the customers. The Omni-Channel is a tech-driven network that assesses the customers’ needs, their shopping patterns, purchasing power, as well as the market trends and allows the retail businesses to offer a customized offer and service to the customer.
As we continue to inch towards the future, the retail sector will exceedingly incline towards profitable customer engagement through instant, seamless and personalized customer experience. For this, retailers will need to incorporate business intelligence in their operational designs to get a realistic insight into various customer demographic segments, their shopping behaviors, and the key factors that influence their purchase decision.
Strategic collaboration and co-creations will increase to expand the operational domain of retail, to a ubiquitous sphere on the global spectrum. Co-creation is a strategic approach that involves an active engagement with customers as well as the stakeholders. This engagement leads to the generation of better ideas and improvisation that eventually results in creating better provides a more enhanced, personalized and customer-oriented service and experience.
It is essential to note that the tech-driven overhaul of the retail stores will require stringent and foolproof security measures, to construct an effective security mechanism and ensure the sanctity and privacy of crucial and confidential business data. Aside from incorporating countermeasures against cyber threats, retail stores can efficiently use special security camera systems for business to secure their brick and mortar premises.