The retailers who flourish in the upcoming years will be those that re-imagine and align their stores with the digital age.
That prediction comes from a report by global analytics solutions provider Quantzig in which the company’s experts detail some of the key retail industry trends that will redefine the future of retail.
Here are their predictions on how the industry will evolve:
• End of long-checkout queues: Saying goodbye to long checkout lines will be one of the most well-known retail trends that will go mainstream in the next few years. The future of retail will look more hopeful than ever before by helping consumers dodge queues and offering customers with a hassle-free shopping experience.
Retail industry players are also looking at the viability of payments made through virtual shopping carts rather than an old-fashioned checkout line.
• Embracing the Millennial mentality: The future of the retail industry will significantly revolve around the preferences and tastes of Millennials. Millennials usually tend to be more loyal to brands that stand for the right values, like authenticity, transparency, and social responsibility. Transparency is one of the retail trends that will soon become a fixed factor in the retail industry.
• Stores that recognize customers: The brick-and- mortar retailers are inspired by online retailers to know their customers better. This means that we can soon expect physical stores to find customers in the aisles via facial recognition or biometrics and save their browsing and purchase history immediately. This could also mean great news for the customers as the store might propose pop-up discounts on their beloved products or free samples.
Customers can also get the benefits of online shopping, like easy free shipping, one-click purchasing, and endless information like price comparisons and product history from touch-screens or voice command.
• More small format stores: Small format stores will be a prominent trend in the future of retail. Many retailers are taking an inverse approach to surviving by becoming small and nimble rather than trying to compete with online stores’ large catalog and endless aisles. This attempt will not only bring the needed flexibility to the organization but at the same time will attract new crowds. Small format stores also enable retailers to open downtown locations, where they are can target young, affluent city dwellers.
To view a comprehensive list of the factors affecting the future of the retail industry, click here.