What is the future of the Retail Industry?

What does the current market analysis show up?

How will the retail landscape look like adopting digital in the mainstream?

Is digital technology going to have an upper hand in the overall retail transformation that we will get to see?

Unlimited questions but we have prepared an articulate answer for you.

Today I am going to share with you some striking statistics that will enlighten you with the global market share of the retail industry in the coming years. AI-ML, IoT-powered retailing like social commerce, voice commerce, foot traffic monitoring all are going to shape the future of the retail industry.

 Know more about which trends are driving the retail industry and the challenges that most of the companies are going through.

If you are a retail entrepreneur, you must be knowing very well the significance of trends in your sector, and how it shapes the business eco-space. New trends come with every new year that hugely impact retail businesses across the globe. In 2020 as well as 2021, the trends saw a massive shift in consumer behavior, their fondness for online shopping, immense growth in e-commerce, social commerce, AR shopping experiences, influencer marketing, etc. The pandemic has only accelerated some trends like a surge in grocery platforms, retail media outlets overall enhancing online shoppers worldwide. Continuing the trend of writing about the trends, let’s discuss top innovative retail industry trends that will dominate in 2022 and beyond as well!

Important Stats

• By 2040, over 95% of total purchases are expected to be done on e-commerce platforms (NASDAQ)
• There exist over 2 B digital shoppers/buyers around the world (Statista)
• In 2023,  22% of the total retail sales globally are expected to be carried online mode  (Statista)
• Almost 51% of online shoppers do purchases using their smartphones (Finances Online)
• By 2025, half of B2B revenue is expected to be generated by e-commerce (Episerver)

Stats Main Source –  Influencer Marketing Hub

1. Online Stores in Offline Spaces

The trend has picked momentum over the past few years. Digital brands sell their products online while delivering tangibility to the whole customer experience. This means, online buyers can choose products online and can go to pick them in the brand’s physical retail store or in-store. Shoppers greatly benefit from this real-time interaction with the product they want to purchase. Several D2C brands, digital natives such as Casper, Glossier started their online retail but later on expanded to physical availability, too. As per sources, the digitally native retail companies/brands might open 850 physical/in-stores in the coming five years.

2. Rising Social Commerce

Social media platforms have become a big rage amongst people of all ages across geographies. Different social channels are offering shoppers to shop online in a seamless manner. No need to click a third-party website for shopping, but as a user, you can directly purchase from social channels via their apps or sites. Shops are present on social media channels like Facebook, Instagram apps, or sites, and while you can browse your accounts you can see your favorite products displayed by varied shopping brands, e-commerce shops.  E-Sellers can create their labels decorated with attractive banners, colors, buttons,  images, that can be accessed from specific social channels. They have a big scope to reach a larger global audience, too. In 2020, just as the trend picked up like how TikTok and Shopify collaborated, how Facebook allowed shops to sell their products, similarly 2022 is going to see again. Social Commerce sales in the US are estimated to rise by 35% with the current year-end.

3. Enhanced Influencer Marketing

Earlier, Influencer marketing meant just eye-catching captions, creative selfies, and product shots that used to be heavily edited. This year onward (2021), we are seeing how brands are collaborating with influencers and influencer content with the raw and real aesthetic appeal are tending now and will last beyond 2022 as well. Audiences love the original appeal of the brands and not an artificial coating and edited stuff. They want the real, authentic voice that brands project for their products. Influencer content that works as edutainment(education+entertainment) for the ultimate user experience, is allowing brands to fetch greater user engagement and ROI. Video happens to be the next big thing when brick-and-mortar retail stores are still to restart massively like the earlier phase. Consumers, shoppers love to see the product digitally and feel the experience. Videos on IGTV, Reels, Live Streaming, etc. are the ways influencer marketing is becoming the retail trend for 2022 also.

4. Value-Added Supply Chain

Supply- Chain forms a significant part of the retail chain. Digital technology and tools like AI-ML, IoT, Robotics are already helping the wing with added value. For example, automated warehouses with varied robots handling goods, doing the routine work there, autonomous robots, and drones for last-mile delivery are yet to become popular but may pick up during 2022 and beyond in full swing. Besides,  retailers can make smart decisions using process automation that will lead to greater value- service. Adopting IoT(Internet-of-Things), RFID devices, help to track, trace product, and this allows retailers to access authentic real-time data. Digital tools like AI-ML Predictive Analytics help to understand KPIs thoroughly. Automating documentation at all the stages of the supply chain helps to lower costs and increase efficiency and productivity. This is going to be the major trend in the coming years.

5. Voice Commerce and Digital Chatbots

Shoppers, users, b2b or b2c customers, all are benefitting from digital chatbots and smart speakers. Amazon Echo, Google Home, and other voice-technology-enabled smart speakers have entered the homes of online shoppers. As of now, 20 percent of owners of smart speakers use voice technology/voice commerce for searching, researching products they buy, shopping activities and tracking deliveries, etc. This trend is expected to grow to 52 percent in the coming 4 years. It is estimated that the global market of smart speakers could reach beyond 35.5 billion USD by 2025. Furthermore, retailers are focusing on meeting customers where they are. This is leading to the increased use of AI-ML-enabled digital chatbots and virtual assistants. The trend is going to stay in 2022, too.

Technology Will be the Key Driver

Trends become the trends when technology intervenes. Ideally speaking, in the era of digital transformation across industries, the retail industry is way ahead in terms of technology adoption and adapting to the changing demands, and ever-changing consumer behavior. While e-commerce is increasing its foothold, the essence of brick-and-mortar retail stores will always charm the audience. It is about amalgamating the two, the omnichannel strategy as well, that will enhance the core of retailing and trends ensuing in the year 2022, and beyond!

The COVID-19 pandemic has severed the economy worldwide, and the retail industry, not an exception as well! Despite all, retailers are preparing for the industry’s recovery, and are reopening stores. In the ‘New Normal’ retail leaders are focusing on adopting technology as a  revival tool to attract consumers to their in-stores. Artificial- Intelligence-powered Video Surveillance is becoming their apt choice because this will help them monitor in-store occupancy, traffic patterns, foot traffic, high occupancy zones, social distancing, and mask-wearing. As per the Statista forecasts, the Video Surveillance Camera market size will reach 44 billion US Dollars by 2025. Let’s delve deep to see how  AI-Video Surveillance and analytics can ensure a seamless in-store retailing in the ‘New Normal’.

But before that

First, a little retrospection

If you are a retailer, you must be busy exploring newer ideas and avenues to revive, thrive your retail business, and increase sales.  Retrospection may have become an inevitable regimen for, comparisons are but natural and involuntary disposition in itself. Exactly, when had you last experienced an uninterrupted,  smooth, and unobtrusive selling in a real-time environment? Think of this day, last year! People, or, consumers, were moving around, busy strolling down your shopping lanes, window shopping until they entered your store and went for unlimited purchases! The buzzing life, the busyness of the businesses across streets, shops, and shopping malls are what you are longing for!

So, what’s now?

Going back to the delving scenario–  AI-powered video surveillance technology gearing up to restart and picking up  your business from the point you had left last (when the COVID struck and suddenly you had to pull down the shutters)

Remote based Real-Time  Monitoring

IP surveillance systems such as IP Dome cameras ( popular in departmental stores and shopping malls) use AI-powered people’s tracking technology to monitor people’s behavior and activities inside the store. Tracking consumers’ behavior, tracking staff behavior, in short, tracking people’s behavior in your in-store premises helps build behavior analytics and give actionable insights into the decision-making process to drive sales, increase conversion rates and generate profits.

It works like this –  Cameras constantly record data using an IP surveillance system, operate on a network, do stream footage, which can be viewed rather remotely, from an authorized PC with an internet connection.IP Domes or cameras have remote-controlled functions like pan, title, and zoom ones. This helps enhance recognizing images and visuals more clearly.

Measurement of foot traffics

Foot traffics are the number of people who have been inside your store, or in the vicinity having a peek inside, window shopping,  at a given time. More traffic means more business. Sprucing up the windows, exterior, doing up visual merchandising are few tips for that curb-appeal to attract consumers, increase foot traffic.

Customer engagement and garnering interest and converting it to purchasing decision is a step-by-step process. How to find if your store has a sufficient level of foot traffic? The answer is Video Surveillance. Installing the right AI-based cameras inside and outside your store is what is required! Motion-detection, people counting are possible via a high resolution, 24*7, people counting CCTV at the entrance and exit points can see the footfalls and help to know the business trend.

Monitoring staff-behavior towards customers

Customer service is very important in your retail business, especially in-store, where the way your staff behaves with customers directly impacts your brand image. For instance, you have decorated your store in the prettiest way, implementing some trendiest gimmicks and running some great offers, but if your staff members are not giving a good customer service, your all marketing measures become a damp-squib. Making a first impression on customers starts with your staff’s behavior towards them. So, how AI video surveillance solutions can help you in this situation and you can take adequate steps to sort out things on time? You can think of investing in your staff training, too! So, it is indeed a wise step to install one camera that can help you meet business goals?

Monitoring, Preventing theft

AI-based Video Surveillance tools can help you keep a check on your employees’ and consumers’ behavior. Any suspicious activity on their part can be duly recorded and transmitted for timely action. For instance, a retail security camera mounted above the point-of-sales area can help you monitor cash registers, POS machines, and transactions made from time to time. Also, installing a camera where high –value items are stored can help to maintain the security aspect in-store.

Heatmap Analytics

Heat mapping analytics is the video surveillance technology combining with AI-based analytics software to find the following things-

• To see where your customers are spending more time inside the store
• To keep track  where they are not at all giving attention,i.e. ignoring certain sections in the store
• To keep track of the products on which customers spend more time
• To locate sections, products, that they have touched, picked, and kept back, and so on.

Thus,   a CCTV camera and a central computer loaded with Inbuilt Analytics- Software in the shoptogether coordinate to track shoppers and build data-based information for you.

COVID-19 Safety Measures Compliance

CCTV capture images and reports are prepared by AI analytics, that’s how you can utilize the immense capabilities of the very ubiquitous video surveillance solutions. You have to be vigilant towards CORONA precautionary measures. Maintaining social distancing is now possible by using AI-powered solutions. Heat mapping solutions highlight crowded areas in red while the spot with zero occupancies will be shown green on the CCTV screen. The  3D Geometry measures social distancing and alarm messages can be shown on the screen. Also, infrared cameras can measure the body temperature of the shoppers. This is how you can think of reviving your retail in-store business using Video Surveillance tools.

Time to take the call

Thus, you see how AI-bassed video surveillance technology helps determine customer buying behavior. Your business and goals depend a lot on the data gathered out of categorizing your in-store premises into –

• the most trafficked areas
• dead areas
• and bottlenecks

This way, you can devise your business plans using analytics enhancing areas most trafficked, giving priorities to them, Also, you can find the remedial solutions why dead areas had no traffic. The bottlenecks need to be resolved to your favor meeting business goals. Consulting an expert can help you find out the most suitable AI-Video Surveillance Solution Software for your retail in-store.

Need an expert consultation for your retail in-store? We have a ready to use AI-Video Surveillance Solution for your business to get started

Read Also – Top Mobile App Development Companies in India

How Blockchain Technology Can Change the Face of the Retail Industry

Today’s retail consumers are deeply worried about decent business practices, and the fact regarding the claims that retailers perform about their stock. Nowadays customers moved to more on social media platforms and looking for more knowledge, education and demanding true and reliability about goods and services, on what they are looking for. This transmits made retailers to improve the visibility of the brand providing with knowledge about goods their serving. Moreover, retailers ready to advance the operating benefits with these superior visibility edges.

Blockchain technology, which has occupied the financial system by blizzard, holds incredible perspective to renovate retail multi- supply chains. By continuing and handling supply chain records, chain-of- care data, and supporting independent dealings, Blockchain can benefit retailers confirm customer belief over different retail supply chain associates. This broadsheet highlights key thoughts retailers should aspect at before boarding on the Blockchain trip.

How does Blockchain work?

The Blockchain is a digital set of record and transactions connected in shared networks. By decentralized ledger technology, all statistics are accessible to vision in real time, so that any updates or alterations can see through the peer-to-peer network and delivers it probably to view the complete history of manufactured goods and its parts. These blocks of records cannot edit or delete in anyhow, making the technology hard to hack and then a secure alternative to the present alphanumeric data.

Blockchain can record any kind of data containing endeavors, logical property, art, and agreements whilst reducing paperwork and moving up dealings, in turn, dropping costs.

Challenges of Blockchain Technology

Recognizing the value of emerging technology alike, all technology has some challenges in it. One issue is that Blockchain requires an association of partners to approve on mutual values – not the smallest one which “block” they will use. Over time, vendors are likely to merge around decided approvals, but this will not occur overnight, mainly as huge retailers, as well as professional Blockchain Development companies employed on solutions in the cycle.

Similarly, Blockchain developers in the technology should have a minimum background about IT Functions, with customers a facing the functions of the business. The Blockchain technology not only it has to work for the better but has to accept available to consumers.

Benefits of Blockchain technology Transformation

However, Blockchain also offers customer-facing opportunities to improve the payments journey. If we set indirect the challenges definite above for a minute, then there are several potential use cases:

• Precision– the Blockchain provides the products historical data, where users have access to view the data and share from the entire network in the supply chain. Therefore, Blockchain helps to provide data from where and when the good manufactured and reveal the data what are the material used to make a track. This means the vendor can confirm the manufactured company, using raw materials and that these components have been decently located, and that the goods are renewed.
• Realistic – The truth of richness brands has always been a problem for well-known custom shops, with realistic prices possible at far cheaper prices, reducing the uniqueness of the details. Data traced from the sourcing of provisions to customer gaining will be funding customers that what they are buying is genuine and confirm validity. Blockchain will also improve check fraud of choice items and resale of stolen assets through tracing the purchase of the things.
• Logistics– The transportation and logistics business is combing for new technologies in order to enhance the existing processes, cut expenses and improve the transparency of the supply chain. The Blockchain technology offers a solution to the most current issues for successful utilization. Blockchain offers many solutions for those who want to increase security and make progress with digital data simpler.
• Secure and Payments -Until this point Blockchain has lived most extensively known for its excellence in tracking activities and control of crypto-currencies like Bitcoin and has been strong in building a secure and advanced system. It helps to maintain digital records generated will help streamline the accounts and returns manner. Big purchases like vehicles, houses and other big-ticket things can also have their control tracked and documented to decrease the resale of looted goods.

Conclusion-

The retail industry is always seeking innovative technologies in order to enhance the existing methods, decrease expenses and enhance the transparency of the supply chain. The Blockchain technology advances a solution to contemporary issues. There are several challenges connected with the adoption of the Blockchain, but the more companies start performing this technology, the more cases of successful performance see. There are many companies are approaching practical implementation happened test immediately, and the industry is going to grow ever as more companies get included.

The advantages that Blockchain proposals are engaging quite to innovative a wide spectrum of stakeholders to work mutually. The advantage is vast and multi- facilitate and enlarged clarity, decreased fraud, excellent safety, heightened productivity and, overall, improved customer support.

For retailers, this kind of security could do hugely helpful in reducing problems over control and possibly even blocking copyright claims.

If you are looking to implement advanced technology, boost sales and customer experience. Hire our Blockchain developers in India to make your project secure and reliable