6 Digital Transformation Trends in Retail (according to Modern Retail)

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We all know things have changed in the past 18 months or so. Technology has transformed how we all shop and retail have had to make huge investments to keep up with customer demand.

Modern Retail have shared 6 Digital Transformation Trends in Retail - read original article here

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1. Omnichannel Retail Experiences

• utilising multiple channels to reach customers to make the "task of shopping less stressful and more straightforward."
• combination of online and bricks & mortar retail experiences.
• meeting customers needs "regardless of how they shop."

2. Cybersecurity 

• retailers must take preventative measures to counter the "potential risks associated with retailers digitizing their operations".

"In 2020, Trustwave found that 24% of cyberattacks targeted companies in the retail sector. This surpassed other industries, so retailers must implement some form of security into their online management systems."

3. Custom Mobile Applications

• retail apps allow direct engagement with customers and improve brand loyalty and recognition.
• generally those customers "who take the time to download apps typically have a strong interest in that retailer."

"In a 2018 Synchrony study, 67% of consumers downloaded retail apps onto their devices. Whether it’s for browsing or purchasing from a retailer, this is a staggering number."

4. Artificial Intelligence

• AI will aid the creation of more efficient processes, inventory management, data collection and transactional management. 
• retailers can improve forecasting and decision making based on AI information.
• adoption of AI will be ahead of the competition.

5. Voice Recognition

• effortless shopping leading to increased loyalty.
• complementary feature to improve CX.

By 2024, it’s estimated that 8.4 billion voice assistants will be in households worldwide. Retailers should take this seriously — many users will ask their Amazon Alexa or Google Home to add to their shopping lists while performing other household chores.

6. Touchless Interactions

• think Amazon Fresh Stores and their Just Walk Out method for checkout.
• payment methods are becoming more sophisticated with phone's acting as someone's wallet.

 

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Modern Retail - 6 DIGITAL TRANSFORMATION TRENDS IN RETAIL