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Retail Forecast 2023: Market and Technology Trends

Like any sector, retail is going through transformations in response to the world’s circumstances. And to remain competitive, you must answer to these transformations and emerging retail industry trends. In 2021, retail eCommerce sales amounted to approximately 4.9 trillion U.S. dollars worldwide. This figure is forecast to grow by 50 percent over the next four years, reaching about 7.4 trillion dollars by 2025. Thus, eCommerce sales will increase despite any retail technology trends, and you need to adapt to market and tech changes to join the above statistics. 

Supply Chain Fluctuations

Even though the pandemic has de-escalated, the world doesn’t stop ‘impressing’ us. Therefore, we will see the same disruptive logistics trends and delays in the upcoming year. It becomes imperative for companies to look for alternative ways to shift manufacturing to manage the supply chain. Speaking about development trends in the retail industry, Odoo ERP system development is a great means to integrate all manufacturing processes into one modern solution. 

Follow the link to discover 4 more ways you can benefit from Odoo at your manufacture.  

Consumer Engagement

The next retail industry trend to overview is how consumers are attracted and engaged with your brand. After COVID-19, people shop more in person, and you should benefit from this back in real-life shopping events.  

We advise increasing digital budgets and inventing new strategies to reach the client: 

  • Strong DTC platforms; 
  • Pop-up shops; 
  • Marketplaces and craft fairs. 

Additionally, build local community engagement and your name for better in-person engagement. What are your customers locally saying to you? How are you gaining momentum? What are you doing in terms of pop-ups? 

Digital Marketing

Except for the digital advertising and marketing being retail industry trends, you should also focus on the role in which you’re looking at ‘digital skins’ for your products: 

  • How are you integrating Web 3.0? 
  • How are you relating to things like NFTs? 
  • How are you benefiting from AI capabilities? 

The future of how we look at eCommerce and the web is emergent upon us. It is a unique and rare opportunity for business owners to find a way to engage in Web 3.0 and activate and entice their customers. 

Sustainable Market

Awareness comes first now because of climate change and focuses on sustainable manufacturing. Moreover, the retail industry is shifting to pay more for a sustainable production approach. People are ready to pay more for their water and food if they know the bottle and packaging will be 100% recycled and will not hurt any animal or human. Both customers and investors are looking at building sustainable markets, so you should keep up with this trend to be an attractive sustainably-driven brand. 

Immersive Experience

We now live in an experience economy, and retailers have to consider the added value their products or services are providing. They can easily get potential customers into physical stores or onto their websites just by following retail industry technology trends. AR/VR devices are tools to engage people, connect their emotions to your brand, and involve more human senses.  

More retailers offer touch-free shopping and virtual try-ons to get people out of their apartments and fill the gap between online and physical stores. If the person sees a nice IKEA table in their room or put on virtual Nike sneakers, it is more likely they buy it.   

A high-quality XR solution can transport people to a different world, so this initiative is worth implementing.  

Autonomous Delivery

We’ve already mentioned supply chain fluctuations, but how do we resist them as a retail technology trend? Robots and autonomous trucks is the answer. To automate the supply chain and delivery methods, you need software, an automation system, and an effective ERP to control every department involved.   

For example, some manufacturers use robots to create shopping baskets based on online orders and deliver them afterward. Retailers should definitely expect more automation in the future, and the first step you should eventually make is integrating and automating all processes into ERP. No lost bills, forgotten orders, or unanswered queries! 

Mobile eCommerce

There are two categories of people: first, devote an evening to online shopping with a glass of wine, and second, order while having a job launch or waiting in the queue. If your target audience consists of the second type, the mobile app is your priority for smooth customer mobile shopping. A web page is no longer technology trend in retail as the least reliable platform for your products. Developing a responsive, mobile-friendly, and feature-rich application is your option to boost sales. 

Benefits of the mobile application for your store: 

  • Ensure faster operation. 
  • Run customer loyalty programs. 
  • Provide support during sales. 
  • Create a personalized experience. 
  • Make your goods more accessible. 
  • Connect to social media channels. 
  • Send instant updates and notifications. 

People express low tolerance for eCommerce websites year by year. Make sure you provide them with alternatives before they switch to your competitor.  

AI-Enabled Smart Services

Access to different data is what retailers should rely on to create a more personalized customer experience. Examples of AI use in eCommerce:  

  • Amazon Go uses machine vision to scan products the person puts into baskets and charge them automatically without needing to stand in line.  
  • Wine app Vivino scans the bottle of wine and either approves it or rejects it based on the app’s recommendation engine.  
  • eBay offers Find It On eBay, Image Search, and eBay Shop Bot functions to find the necessary item quicker.  

Customers expect increased proficiency in personalization because they have what to compare to. Therefore, you should invest in creating more intelligent and AI-enabled services to prosper. 

Conclusion

The retail industry is increasingly digital and Internet-driven. Therefore, it develops in a tight connection with technological achievements. eCommerce is a competitive field, and you must always keep up with the latest retail industry trends and watch competitors to remain attractive, convenient, and fast. A few people are attached to stories and easily switch to a more friendly app or faster delivery.  

Our company specializes in supply chain improvements by creating an Odoo ERP system that connects all departments and automates business processes. Contact us for a free consultation and discover ways to improve your manufacturing with retail technology trends.

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