IDC is a consultancy firm with over 1,100 analysts in over 110 countries, which has predicted the latest industry trends over the last 50 years. It has just released its forecasts on how retail companies will transform in the coming years. Their analysis indicates the future will rapidly bring deep, cross-cutting changes. Can you imagine how we will buy in 2021? Want to know the latest digital retail trends in 2018? We’ve put the key findings together for you!
1. Omnichannel retailing will drive profits
By 2019, half of all retailers will have adopted an omnichannel retail platform. Research by IDC suggests this will increase profits by 30%. Their report argues that omnichannel marketing is essential for reducing promotional pressure and minimizing inventory and operations costs. IDC recommends selecting “a vendor that can design and implement the retail omni-channel commerce platform with an embedded artificial intelligence capability.”
2. Consumers will seek transparent, user-friendly experiences
New consumers want companies to be socially and digitally relevant. This appeals to consumers and potential employees. “More than half of consumers will expect perfect fulfillment execution as a top reason for loyalty,” IDC argues. To meet this demand, “retailers will increase their budgets for these technologies by up to 20%.”
Creating a transparent and user-friendly store experience will be another important retail trend in 2018. Beabloo solutions are designed to offer product information so customers no longer need to ask the staff. The Interactive RFID Reader and Interactive Barcode Reader allow retailers to create dynamic marketing campaigns for a defined target, showing the most suitable product for the viewer’s age and gender (Dynamic Digital Signage), and offering numerous other possibilities.
3. Artificial intelligence will create agile and satisfactory shopping experiences
Artificial intelligence increases customer satisfaction at points of sale. Halo (virtual assistant/chatbot) and Minerva (digital signage based on artificial intelligence) encourage fast and accurate purchases. What you want, when you want it. Predictive and automated decision making is already a reality in the retail sector. Did you know that Minerva makes purchases easier and more intuitive?
IDC detected that artificial intelligence increases customer satisfaction by 20%. Chatbots will be increasingly common. By 2021, at least 10% of all retail chains will have digital assistants. These will be seen first in supermarkets and superstores selling everyday products.
4. The retail sector will move to break down barriers between the physical and digital worlds
In 2019, almost half of all retailers (40%) will have started transforming their businesses to provide a completely omnichannel experience bringing the physical and the digital together.
IDC’s predictions show we are about to experience one of the most important digital transformations in retail technology, and Beabloo is ready to help! Want to get in touch?