Today, the retail industry and landscape are changing at a rapid pace. A major part of this evolutionary process is innovative and game-changing retail technology. Some might argue that the increased digitization of the retail sector is a bad thing since it has led to the closure of so many brick-and-mortar stores.
However, the fact remains that no retail business today, big or small, can survive for too long without embracing and adopting the latest innovations and trends in the retail and e-commerce industry. The reason for this is simple—more than half of the American population today prefers to shop online and they want the best experience possible.
With this is mind, it would only be sensible of you to find out about the latest innovations and trends in retail and ecommerce. So, what is the latest wave of innovation in retail and ecommerce? Following are 3 innovative retail and ecommerce trends to watch out for in 2019 and beyond.
1. Increased E-Shopping with the Evolution of Brick-and-Mortars
Ecommerce is huge today and no one can deny that. After Amazon was launched and it started to make a mark on the retail sector, brick-and-mortar stores had to find a way to stay competitive—and fast. The situation is no different today as Amazon accounts for 5% of all retail spending which includes both online and ‘offline’ spending by retail customers.
The good news for brick-and-stores is that consumers still prefer to make some purchases in-person. Also, there is a percentage of retail customers, albeit a small one, that enjoys the in-store shopping experience even today. For this reason, the in-store shopping experience will never go away. Instead, it will get better and more innovative.
The prediction for the next two years is that online buying will increase by 5%. However, this does not mean that an additional 5% of the population will stop buying from brick-and-mortar stores. Instead, it means that more people will buy the necessities from online stores in the future while brick-and-mortar stores will evolve to provide more of a luxury or personal experience. This will give rise to multichannel and omnichannel retail strategies.
2. Mobile Location-Based Selling
To trigger a push notification when a customer walks by their store, many retailers today use geotargeting. Since it combines both online and offline shopping, the use of geotargeting to sell to customers via their mobile phones is a massive step forward for the retail industry.
So, where does this leave online retailers when it comes to mobile selling? While geolocation tools and responsive websites are handy artillery to have in the arsenal for retailers with both ecommerce sites and brick-and-mortar stores, they can target their online customers better by targeting them solely based on their locations. The reason for this is that many people buy on-the-go. Therefore, it becomes crucial to not only target people when they are out and about, but also understand how they make purchases while they’re at work, dinning out, or on the train or bus.
Mobile check-ins are an upcoming wave of innovation in this area. This innovation allows customers to check-in when they visit certain landmarks, places, and events. The customers receive benefits and rewards for checking-in. These benefits and rewards typically include discounts or promotions.
The reason why a retailer would want their customers to check-in is to allows themselves to automatically send out a notification to a customer who may be at a competitor or similar shop that you offer similar products that are of better quality and have more affordable pricing. For example, if someone heads to a fitness facility and checks-in, they may be offered supplements at a discounted price by a retailer.
3. Omnichannel Retail Strategies
In the past few years, omnichannel has been a buzzword in both the marketing and retail world. If we talk about omnichannel retail, then its ultimate objective is to get customers that shop using different channels to interact with and purchase from a brand. By providing them with a myriad of options to buy from a brand or retailer, omnichannel retail makes life extremely convenient for consumers.
The biggest benefit of omnichannel retail is that it makes the crossover between online and offline shopping easy. For example, you may buy a product online but pick it up in-store. What this does is create not one but two opportunities for a retailer to interact with a customer. Not only does this help to increase customer engagement, but it also makes customers more likely to stay loyal to a brand.
With Omnichannel retail, you can create a direct connection between two ends of your conversion funnel, such as from social media to sales. Provided you have the right tools and processes in place, the possibilities with omnichannel retail are virtually endless. This is not empty claim but a fact.
According to a recent study by Invesp, compared to just 39% of customers that companies without an omnichannel strategy retain, companies with an omnichannel strategy are able to retain 89% of customers.
The omnichannel retail prediction for 2019 is that by the end of the year, 20% of retailers with brick-and-mortar stores will start to implement omnichannel strategies. The first step that these retailers will take is link their physical stores with their online pages. However, their success will depend on how easy they make it for customers across the different channels to get in touch with them and find all the information they need.
The retail and ecommerce industries are evolving rapidly, and you can expect the above-mentioned innovative trends to play a role in shaping the future of both the retail and the ecommerce industry.
by Bobby J Davidson
We love our company and we love what we do. Check out the ‘Why Percento‘ page to learn more: Love of Technology and Business! As the President of Percento Technologies International, I provide day-to-day leadership to the company’s senior management and I am personally involved in the strategy, business development and sales activities of the firm.
The company was founded in 1999 with the purpose of providing a one call source for organizations in need of Enterprise IT Consulting and Management. We also provide a line of products in the boutique Cloud Server space with a touch of high-end website strategy consulting and design services. We personalizes the IT Service experience with a team approach, working with clients from diverse sectors of industry, including energy services, financial, legal, entertainment, healthcare, hospitality, retail and general and/or corporate business. percentotech.com/