I think we can all agree 2020 has been quite the year, especially for retail. From mandatory shutdowns to social distancing measures, retailers across Australia and the world were forced to rethink their entire strategy.
This year, Impress!ve™ was a proud sponsor for the National Retail Awards (NRA). This virtual experience explored not only retail’s greatest successes of the year, but also what the future has in store for us. As eCommerce continues to grow, trends in the retail space are beginning to emerge.
So what can we expect next?
5 Trends in retail to keep your eye on
The thought provoking Steve Sammartino is one of Australia’s most respected futurist and media commentators. He dished the latest on emerging technology and unveils up-and-coming trends that could completely change the future of retail.
COVID-19 may have forced the digital and physical overlap of retail a little sooner than we all expected, but it’s time to adjust because this is just the beginning. We’ve been talking about “the last mile” in retail for years — but what about the last 10 steps? Innovation, speed and convenience go far beyond next-day delivery. It’s time to take a page out of Amazon’s book and turn the norm on its head. Bring on drone delivery and let’s see some modern mailboxes that fit our oversized mail.
As the line between work and home continues to blur, post-pandemic we’ll see offices utilised as more of a collaborative space while our home office transforms into a VR meeting room. The 9-5 days are behind us and the once well-known and beloved cubicle farms are on their way out too. Offices will shrink and cities will revolutionise, becoming playgrounds for entertainment and socialisation instead of business and industry.
Our economy will go hybrid, and retail will follow suit. Shopfronts will become all inclusive spaces for interacting, creating and warehouse storage. It’s vital to start thinking about modular buildings that change the way they are used as the day goes on.
The digital twin
The digital twin is exactly what it sounds like — building a digital version of something that exists physically. Take the Amazon Go store for example. The technology used creates the customer’s digital twin and the twin of the customer interacts with a digital twin of their store. This automation set-up will become more prevalent, especially as retail continues to overtake the digital space.
Revenue recurring bundles
Algorithmic commerce is becoming increasingly more popular across all fronts, quickly leading to consumers buried in online shopping packages and subscription services. Take a step back and consider our own algorithms. Stop thinking about the big tech companies and make an effort to understand how we can use our own data to create a service that works. As information and knowledge becomes democratised how can it be used? By finding ways to implement data, you can reduce friction for your organisation and your customers.
The final frontier is a battle in the house. Companies like Amazon and Google are competing for the top spot in smart speaker technology. Serving as the eyes and the ears into people’s homes, AI-based voice assistants have completely changed the game.
The final frontier
The Facebook portal during COVID-19 has gone into double digits, giving retailers the opportunity to further push campaigns on social media. It’s time for retailers to start thinking about in-home commerce and how to leverage the knowledge big tech is providing us to create a more comfortable shopping experience from the couch.
The 2020 People’s Choice Award
Customer service and satisfaction has always been a priority for our team, so it only made sense for us to sponsor the NRA People’s Choice Award for 2020. This award is reserved for retailers who go that extra mile for their customers, from going above and beyond when answering customer queries to ensuring timely postage, as a retailer, it’s important to always put the customer first. Well deserved Bezerk — you smashed it!
Let’s discuss the new retail space together
Black Friday is right around the corner and Christmas isn’t far behind. While 2020 hasn’t been the best year for a lot of businesses, finding innovative ways to deal with these new circumstances could be the difference between sinking or swimming during the holiday season — let us help you!
Register for our webinar series and discover the possibilities. Kicking off November 4th, you won’t want to miss this one, so mark your calendars!