Innovation in retail trade, 2020

Liz Alton published an article at smartercx.com, titled A Preview of Retail Innovation in 2020. Below we provide an overview of this.

Experience-based selling is in the centre of retailers’ attention. New technologies such as artificial intelligence or events supporting the launch of luxury products can help retailers to join the ranks of brands in offering experiences to consumers. Technological development is turning the world of retail upside down. One of the most important questions in connection with the digital transformation is: What to invest in and how to lay the groundwork for the future? Retailers want to know which those technologies are that will be able to survive and influence the shopping experience and retail operations.

Another hot topic is that of the ‘last mile’. Fulfilment is getting increasingly important with the expansion of online retail: delivery, product return and communicating with consumers have a great impact on the customer experience. Many new technologies and services make it easier to perform these tasks well. A good example of this is teaming up with Narval and similar platforms, which makes possible the automatic tracking of parcels, together with providing real-time data on order processing and delivery.

The retail services offered to customers are transforming at breakneck speed and everyone – from large stores to iconic luxury brands – is looking for their own, unique way. Only time will tell whether the new models will be able to replace the good old shops, and whether they will be able to improve online and offline shopping in the long run. We will also see which those unexploited market potentials are that can help a retailer to get noticed in the ‘commercial noise’. //