Ten years ago at the face of a recession we would have never guessed that the retail industry would last. Amazon began to surface and “smart phones” were becoming smarter and more of use than simple text and talk. Fast forward to 2020 and the retail industry is more competitive than ever in this digital age. Agnes Teh Stubbs shared an article on Softwareadvice.com of the importance for retailers to stay relevant to the eyes of consumers and to competitors. Strategies today include not just store front but online sales as well. Here are Agnes Teh Stubbs’ three immersive technological trends that will impact the retail landscape by the end of the year.
Trend #1: Retailers will harness AI to optimize delivery services
“Whether it’s by same-day delivery, curbside pickup, or in-store pickup, never has there been more urgency to get a product to customers as quickly as possible, whatever the method. Faced with such pressure, it should come as no surprise that retailers are making efforts and investments to use artificial intelligence based tools to improve the efficiency of their supply chain work processes.”
Trend #2: Retailers will invest in AR and VR to create more compelling in-store experiences
“A growing number of retailers across various industries are already using augmented reality (AR) and virtual reality (VR) to make the in-store experience a more interactive one. According to Gartner, more than 100 million consumers will be using AR technologies to shop in-store and online by 2020.”
Trend #3: Retailers will adopt flexible payment methods to match customer spending habits
“The concept of a monthly payment plan for a furniture purchase isn’t new. What’s new is that now almost every major retailer is offering flexible payment plans or “buy now, pay later” options on their checkout pages for a wide variety of items. The increasing appetite for “buy now, pay later” services is especially prevalent among younger customers, such as Gen Z and millennials, who want more options for how they pay for things.”