123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> General >> View Article

Retail Trends To Watch In 2020

Profile Picture
By Author: Brian Burell
Total Articles: 38
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Retail is a notoriously unpredictable industry—even the greatest advancements in technology and social trends are no match for fickle consumer behavior. That doesn’t mean retailers should avoid looking ahead and creating plans for moving forward. Katalyst spoke with experts to get their insights on what might be in store for retailers in 2020—whether that store is physical or digital.

Meet Your New Employee: AI

When Jeopardy! legends Ken Jennings and Brad Rutter competed against IBM’s Watson computer in 2011; they lost decisively. For Jennings’s final wager, he followed up his correct response with a bold message of concession: “I for one welcome our new computer overlords.” (Jennings got the last laugh when he triumphed in this year’s Greatest of All Time tournament.)

Trivia is not the only area where AI is outpacing humans. “To put it bluntly, the machines are taking over,” says a representative for German software company aifora. “AI applications can more accurately and more efficiently forecast consumer demand than any human can.”
That explains a 270% increase ...
... in companies utilizing AI technology between 2015 and 2019. Retailers are turning to AI to predict trends, manage inventory, provide customer service, and improve supply chain functionality. A recent study estimates that the market for AI in retail will reach over $23 billion by 2026, a tenfold increase over 2018 figures.

As always, the human component is still essential. “No matter what you are selling, we are all in the relationship business,” says Paige Arnof-Fenn, founder and CEO of global marketing and branding firm Mavens & Moguls. “People ultimately buy [from] brands they know, like, and trust. Machine learning, AI, and robots may be more efficient, but they can never replace human connection and relationships.”

Create an Experience

There are no signs that digital commerce growth is slowing down, but traditional brick and mortar retailers are still a major player—especially if they’re open to becoming less conventional.

“Retailers have realized that the store is their greatest asset and, as a result, has started to rethink what a shopping experience might look like in the future,” says Carlos Castelán, Managing Director of retail consulting firm The Navio Group. This has led to the rise of experiential retail, where companies promote their physical locations as a destination, rather than merely an inventory source. Take the new American Dream Mall in East Rutherford, NJ, which prioritizes entertainment over retail, offering roller coasters, ice skating, and even indoor skiing.

“By refreshing stores and viewing shopping through the lens of retail and services or entertainment, companies can unlock new possibilities to deepen their relationships with customers,” says Castelán.
Go Public with Private Label

Private label products—items manufactured exclusively for one brand or chain—are nothing new. But retailers in all industries and levels of luxury are increasingly turning to them to build loyalty and boost profits.

“Private label has become a way for successful retailers to offer unique products that cannot be found elsewhere and stand out,” says Castelán. Private label items range from comparable “store brand” versions that cost consumers less—but earn stores more—to unique apparel options. Customers still demand high quality from private label goods.

“For retailers to be successful in pursuing this strategy, the product quality for the category must be on par or superior to what’s on the shelf versus just a way to increase company margins,” says Castelán.

Good Influencers

Modern consumers have made it clear: they don’t want advertisements to sell to them, but to serve them. With ad-blocking software and DVRs, it’s easier than ever for people to ignore advertising. Because of this, retailers are now eschewing traditional commercials and focusing on less intrusive, more content-driven strategies. One method that has gained traction in recent years is enlisting social media influencers to promote products to their followers.
“Recommendations from friends and trusted influencers carry more weight today than paid ads and generic content,” says Arnof-Fenn. There are several factors to consider in selecting appropriate influencers, such as their reputation, follower demographics, and whether they can convincingly connect with the brand. “Authenticity is by far the top trait for an influencer’s success,” she says. “Brands [should] match campaign posts with the influencer’s usual look and feel. It should not feel like a paid opportunity, slapping on the #ad to a post. You want to give them the freedom to create their own content, but ensure it’s still getting the message across.”

Katalyst Can Help

While the actual retail trends for 2020 remain to be seen, one thing is sure; there’s no reason for your organization to navigate this year’s journey alone. Contact our experts to learn about software solutions and approaches that will guide you to success.

Source Link - https://katalysttech.com/blog/retail-trends-to-watch-in-2020/

More About the Author

Brian Burell has completed his education in Computer Science and then he has started working in Digital & eCommerce, Enterprise Application and SCM segment for Katalyst Technologies Inc. After getting more than 7 years of experience in software solution, he found best interaction model of success. He really enjoys his success in software industry for start-up business and also in extending current model with highly reflective ROI.

Total Views: 292Word Count: 781See All articles From Author

Add Comment

General Articles

1. International School In Malaysia | Top International School In Malaysia
Author: elisha

2. Sonofit™ | Uk Official | #1 New Hearing Formula
Author: rajesh

3. Essential Benefits Of Digital Marketing Efforts
Author: Anthea Johnson

4. Dissatisfaction Of Even Old-time Customers With Amazon India
Author: Yash Kumar

5. Vidmate App Download For Android
Author: vidmate app

6. Finding The Best Seo Company In Mumbai
Author: Siddhi Dheniya

7. Melasma Laser Treatment For Smooth And Even Skin Tone
Author: pavitra

8. Winter Beauty Package At La Femme Hair, Skin & Bridal Salon At La Femme In Satellite, Ahmedabad
Author: lafemmeindia

9. How To Get Your Clients To Make Faster Payments?
Author: Invoice Temple

10. Discover Why We Are The Best Multispeciality Hospital In Jaipur
Author: YATIKA

11. Gutters, Roofing, Windows, And Sidings | What Comes First?
Author: Gutter Empire LLC

12. The Role Of Technology In Outstation Taxi Bookings
Author: RIDEXPRESS

13. Crystalline Designers
Author: Crystalline

14. Wpc Outdoor Wall Panels
Author: karthik

15. The Importance Of Pharma Hcp Engagement In Modern Healthcare
Author: Jesvira

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: