Top 5 Digital Trends Impacting the Retail Industry
The retail industry has to keep up with tech trends that are changing how consumers shop. Retailers must create an improved customer experience both online and in stores. As technology advances, the retail industry needs to embrace these top five digital trends to engage shoppers.
- Mobile Commerce – Mobile commerce, or m-commerce, is growing as consumers shift to using the internet on mobile devices more than desktop computers. Mobile wallets are replacing credit cards for online transactions. Retailers can use mobile wallets to improve rewards programs and offer personalized promotions. The apps supporting mobile wallets allow retailers to send time-sensitive and location-based vouchers and deals that build customer loyalty. Other benefits of mobile commerce include reduced fraud, decreased payment time, and lower processing fees.
- Digital Store Experience – IoT has the power to change the shopping experience. Retailers can send special offers to shoppers outside their stores. IoT can build customer loyalty with targeted promotions based on past purchases and personal preferences. With IoT solutions, retailers can better serve customers by enabling in-store navigation, on-demand sales support, and contactless in-app payments.
- Video Material – Video allows shoppers a virtual way to examine products before making a purchase. It’s a key part of digital ad spending and gives consumers a more three-dimensional feel for products than traditional print ads.
- Cognitive – Bots provide retailers another tool in the battle for consumers’ money and loyalty. They help buyers browse and buy products based on their preferences and shopping history. When shoppers chat with a bot, they become more engaged in the shopping experience. In the retail industry, this is known as “conversational commerce,” and it adds to the convenience of online shopping.
- Virtual Reality – Virtual reality (VR) is changing retail by immersing shoppers in a simulated world for a new shopping adventure. VR improves customer service and creates an exciting way for consumers to try products before they buy. As VR becomes more mainstream, consumers will expect this level of sophistication when shopping online.
Accepting these trends that are driving the retail experience is key for retailers who want to thrive both online and offline.