Infiniti Research: Four hot retail trends
As advanced technology continues to disrupt and revolutionize the retail industry, global market intelligence company Infinti Research has released a list of four top trends that retailers need to be aware of as they move through 2018.
• Experiential retailing - Revamping in-store experience: The invention of online shopping has declined the demand for brick and mortar stores, but hesitant attitude among customers to trust online shopping might save the retail stores from dying. Top retailers need to understand how to attract more customers, and one of the top trends is to make a memorable shopping experience for customers. For example, Glossier’s retail store in New York City is pure Instagram candy — customers will want to shop and capture every moment on Instagram as every detail serves as social content.
• Expect more of AI and AR: Companies have been using advanced technologies like AI and AR in the retail industry to boost their performance. This trend is expected to continue in 2018, resulting in the growing popularity of experience customization. For example, Starbucks reserve roastery in Shanghai has a digital web app that acts as a virtual tour guide for customers, by pointing their smartphone at a piece of equipment, the app will explain how coffee is processed in that machine.
• Personalization: the key to creating a connect: The growing demand of customers to own and experience things that are unique has fueled this trend of customization, which is one of the trends that has been on the rise from 2017 in the retail industry. Customers of today are giving more importance to experiences over physical items. When they buy a product, they want those items to tell a story. It becomes more exciting for shoppers when they are given the opportunity to build and customize their products. For example, Dresden, an eyewear retailer allows shoppers create their own pairs of sunglasses by interchanging the lenses and frame parts as per their desire.
• Data will drive retail decisions: Data’s role in retail decision-making will rise, especially as technologies like Big data and machine learning continue to mature. Using useful customer data for sales, marketing, and after-sales services will be among the widely seen retail industry trends in 2018.
An example of retailers success using big data is Target. The company correlated its baby shower registry with its Guest ID program and was able to identify other products that pregnant women were most likely to purchase. As a result, Target was able to showcase their unique offers for pregnant women.
• Experiential retailing - Revamping in-store experience: The invention of online shopping has declined the demand for brick and mortar stores, but hesitant attitude among customers to trust online shopping might save the retail stores from dying. Top retailers need to understand how to attract more customers, and one of the top trends is to make a memorable shopping experience for customers. For example, Glossier’s retail store in New York City is pure Instagram candy — customers will want to shop and capture every moment on Instagram as every detail serves as social content.
• Expect more of AI and AR: Companies have been using advanced technologies like AI and AR in the retail industry to boost their performance. This trend is expected to continue in 2018, resulting in the growing popularity of experience customization. For example, Starbucks reserve roastery in Shanghai has a digital web app that acts as a virtual tour guide for customers, by pointing their smartphone at a piece of equipment, the app will explain how coffee is processed in that machine.
• Personalization: the key to creating a connect: The growing demand of customers to own and experience things that are unique has fueled this trend of customization, which is one of the trends that has been on the rise from 2017 in the retail industry. Customers of today are giving more importance to experiences over physical items. When they buy a product, they want those items to tell a story. It becomes more exciting for shoppers when they are given the opportunity to build and customize their products. For example, Dresden, an eyewear retailer allows shoppers create their own pairs of sunglasses by interchanging the lenses and frame parts as per their desire.
• Data will drive retail decisions: Data’s role in retail decision-making will rise, especially as technologies like Big data and machine learning continue to mature. Using useful customer data for sales, marketing, and after-sales services will be among the widely seen retail industry trends in 2018.
An example of retailers success using big data is Target. The company correlated its baby shower registry with its Guest ID program and was able to identify other products that pregnant women were most likely to purchase. As a result, Target was able to showcase their unique offers for pregnant women.