Trends & Technologies That Help Retail In Their Digital Transformation

retail
Trends, new disruptive technologies, robotization, digitization, datafication, and new consumer expectations all have massive impact on the way retailers do business, marketing and media. The speed of these changes will surprise and shock them.

And if you think “OMG, another new technology?” Yes, in the era of digital Darwinism only the species most adaptable to change will survive. To be more specific: the only constant is change!
Trends & Technologies That Help Retail In Their Digital Transformation

Here are a few trends and technologies that could ignite retail revenues:

1. Robots & drones enable Amazon to deliver digital shoppers their products faster than a pizza. How will you as a retailer react upon that trend?

2. Dedicated product search engines is why digital natives prefer Amazon above Google. Shoppers don’t want Google’s clutter when they are in the buying mode. Retailers might want to reinvent their digital shop-in-shop strategy?

3. Social commerce has failed at all major social networks for over a decade. See, Like but no Buy?! How on earth can retailers monetize their massive social fan bases this way? Now social platforms are confusing digital shoppers even more with their buy buttons: 20% of the inventory will be for sale, but the other 80% won’t.

Retailers can coin social commerce by keeping their eyes open for the next generation social shopping platforms. The ones that are one big buy button.
4. Selfie trend is being coined by some smart lingerie companies, who distract data from female selfies, so similar bras can be ordered directly online. Again a Shazam-like virtual recognition software. The software is already being used by a range of top retailers including US department store group Macy’s, designer fashion site Net-a-Porter, and European online clothing retailer Zalando. We have already seen Flipkart trying to do this within their mobile app recently.

Alibaba even accelerated the selfie into a payment system to boost their already massive eCommerce figures.

When most retailers still assumed that the selfie was just another stupid, irrelevant internet meme, Alibaba proved to the world that facial recognition is more unique and trustworthy than our fingerprint.

5. Smart algorithms are already helping several retailers to pick the right prospects (intelligent prospecting) and decide on the best price (individual dynamic pricing).

6. Showrooming retailers like Nordstrom have integrated their most popular items on Pinterest into their shopping windows to lure digital native into their stores in the main shopping streets.

7. Beacons will close the loop in omnichannel strategies, but retailers need to keep pushing to get ‘Google analytics-like software’ in place. Measuring offline store traffic, ARPU and customer ROI, is a pillar in the foundation to build upon.

8. Virtual Reality was assumed to be a gimmick for gamers. VR however is a technology that can help retailers to extend their offline showrooms. Without paying for the super expensive square meters.

9. IoT will not only connect 50 billion apparatus, it will also give CMOs in retail access to 50 billion new consumer touchpoints. And thus fuel data-driven integrated digital retail marketing.
Which other trends and technologies will change the retail landscape forever? I’d love to hear your ideas.

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~ by digivine on March 13, 2016.

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