Top Digital Retail Trends Shaping the Future of Shopping
Major Digital Trends in Retail
Here are some major digital trends that are forecast for the next few years:
- Hub and Spoke Points of Sale: More points of sale with a hub and spoke model will be opened, acting as centers where all the products will be in a much more accessible way.
- Customer-Centric Customization: Customer-centric customization will be the essential differentiator for retailers and will be much more specific as retailers will leverage internal information, known preferences, as well as social media data to better understand and delight their customers.
- Dynamic Pricing: Differentiation by price will be much more dynamic, based on real-time pricing to replicate in real time the experience that customers have with online portals.
- Omnichannel Process Control: The complexity of the omnichannel processes and how they interact with multiple systems will require greater control; A kind of “mission control” where retailers can see and control all activities on all channels.
- Predictive Analytics: Predictive analytics in retailing will allow stores to know, with a great deal of certainty, what customers will want and when.
- Internet of Things (IoT): The Internet of Things (IoT) will revolutionize the store of the future, with its sensor devices oriented to allow the most detailed and specific customer-centric experiences.
- Futuristic Technology: Futuristic technology, such as augmented reality, beacons, and anonymous analytical face detectors, will immerse customers in an incredible shopping experience.
- Real-Time Monitoring: Real-time monitoring capability will be critical to the store of the future, in order to detect, correlate, and automate staffing processes for the inventory.
- Real-Time Inventory Visibility: Real-time inventory visibility will dominate as retailers strive to keep customers informed of inventories at all times. Retailers control inventories by applying technology that shows inventory levels across all channels.
Retail Examples: Inditex and Mango
Inditex makes intensive use of cloud computing and big data to detect and understand the changes and fashions that arise among its potential clients. In this way, they can react quickly to the tastes and preferences that arise and design garments that respond to their analysis. The ability to manage all these trends and changes in the opinions of its customers is supported by the large data center that Inditex set up in La Coruña. From there, it manages everything related to the electronic commerce of the group, as well as the logistic system and the communication between the different stores of the group.
Augmented reality is one of those terms that came out strongly associated with the capabilities of smart mobile phones, but it was something that not many companies dared to explore. Mango is one of the greatest exponents, starting its adventure with augmented reality in 2014, which it has continued to this day. The functionality within their mobile application allows you to identify garments by recognizing images. When pointing with the mobile to a Mango garment, the application will identify it and offer different ways to acquire it: with the application itself or through the website.