4 Emerging Retail Trends: Shaping the Future of Business

Mankind has engraved the most painful memories in recent times. As of this writing, the health crisis remains unresolved and is a big challenge for every industry to survive in 2021. People have witnessed tragic deaths, threats to their physical and mental well-being, as well as immense economic damage.

For retail companies, the impact of this pandemic is not uniform like other industrial sectors. Amidst Covid-19, the retail industry is redefining the shopping experience by striving effectively toward digital trends. Global retail sales are projected to reach around 26.7 trillion U.S. dollars by 2022. Of course, the retail sector has laid off employees, and seen some hard times with the declined sales. But, in the lockdown, retail giants like Amazon, have faced an unprecedented spike in their sales i.e. $108.5 billion in the first quarter, and also had to increase their workforces.

The changes which would have otherwise taken a decade happened in days. Digitization, online ordering and delivery, and remote working became extensively practical overnight.

The Future of Retail Trends for 2021

Retailing in the future is on rapid growth and many marketing gurus have predicted some exponential eCommerce retail trends for 2021. Have a look at these statistics.

• In 2021, online eCommerce sales are expected to grow by 18.1% of retail sales worldwide.
• 2020’s statistics show that the main reason people shop online is to avail of the free delivery facility. 53% of people are satisfied with this online shopping experience.
• Worldwide consumers spent nearly $4.29 trillion online in the pandemic of 2020.

Such hype in retail trends has made it very clear that consumer behavior is changing around the world which is giving a rise to digital features and functionalities.

The bricks and mortar stores are also now vouching for the new technological trends. They are encouraging personalized online experiences. Trying to make their goodwill with a digital presence. Let’s have a look at the 4 Emerging Retail Trends for 2020-2021.

4 Emerging Retail Marketing Trends to Consider in 2021

#1 Omnichannel Retail Trends

There are several trends like AI, robotics, IoT, AR, and VR. Retailers are vouching for these technologies to create a seamless environment for online shopping. Such a digital setup also helps them in establishing offline long-term relationships and consumer loyalty. The most prominent shift seen in 2020 was, that online retail businesses established their brick-and-mortar presence.

Amazon, the retail giant, is the most popular example of brick-and-mortar. They have launched a cashier-less store in the USA that promotes “just walk out” through deep learning ML technology. It enables check-out free shopping via varied cameras and sensor software systems.

The extended reality (XR) environment is opening up new technological trends. VR is extensively used in the form of “virtual tryouts.” AR is used to enhance the offline experience of customers by providing them access to information about the respective products they find on the shelves. AI technology is majorly used to solve customer queries with the help of chatbots and virtual assistants. We also might be able to witness robotics taking to the shop floor instead of inventory management.

#2 Autonomous Devices For Deliveries

This one’s the most promising retail trend in 2021 amid the Covid-19 outbreak. People still fear the contamination of the virus and so are encouraging contactless deliveries. Autonomous technology is all about executing tasks without human interference. It consists of self-driving delivery vehicles, and drone deliveries.

The online retail sector is likely to be focused on last-mile solutions. Autonomous technology can efficiently be amalgamated with blockchain and AI to manage logistics, routing, and data security. 

Retailers are also focusing on cutting down the middleman cost

There are other retail trends like influencer marketing that help manufacturers to make an appeal to the targeted audience and purchase the product directly from them. Through affiliate marketing, retailers can cut the cost of middlemen and sell directly to the customer with these influential heads. Another technology that makes this possible is shoppable TV, a tech-savvy idea launched by NBC. This allows app users to be notified and purchase the desired product appearing on their screens. 

#3 Personalized Shopping at its best

Every retailer has a set of special customers who keep on buying a good amount of stuff from their digital platforms. Retail companies are now ready to go that extra mile and pamper those loyal customers. Mass personalization is driven by the exponential use of technologies. The trends in online shopping are now turning their heads toward recommendation engines.

The retail owners will now consider the reviews and comments by building a special recommendation app. Beauty companies are taking into preference online customers’ needs and wants. They are stacking their online and offline stores with the most sellable stuff. Sephora has reduced its marketing cost by around 20% by creating such a recommendation application.

#4 Voice-Enabled Shopping

To generate high ROI, the retail trends have to shake hands with voice-enabled technology. One of the statistical analyses shows that smart speakers are likely to augment $35.5 US dollars in 2025. Now, you are aware of the effectiveness of this shopping reality. The voice assistants allow users to enhance the hands-free experience of customers and unlock new opportunities. Amazon Echo and Google Assistant are the best examples of voice-enabled shopping.

Conclusion

Digital transformation has disrupted the retail industry. From IoT to AI to ML, online retail trends are opening new doors keeping consumer behavior at the center. The pandemic not only sparked businesses but also fast-tracked the retail industry’s evolution. Retailers are deepening their connections with technology and are planning to take over the digital arena.

Being a mobile app development company, we are proficient enough to deploy technological systems. If you are a retail owner, you must incorporate these trends and consider developing an eCommerce web and mobile-based application. Today digitization is all that one needs to succeed and gain profits. Innovate and experiment with these online business tactics.