What will the future of retail look like? Retailers need to keep this question in mind as they assess ways to attract new customers, keep existing ones, grow their businesses, and remain competitive. Here are five trends that provide insight into the future of the industry in 2017 and beyond to help you keep your business heading in the right direction.
1. Smart retailers deliver “timeliness”— a combination of speed and accuracy.
More than ever, customer loyalty depends on the service retailers provide. Great service includes quick and easy transactions and prompt order fulfillment. Retailers with an eye on the future of retail are introducing same-day delivery or the option to buy merchandise online and pick it up in the store. There is less consumer tolerance for errors and the inconvenience of returning the wrong item. Retailers are leveraging technology to ensure customers always receive the correct items.
2. Personalization prevails.
The future of retail includes a strong focus on personalization. For example, store associates will use mobile devices to access information about shoppers’ previous purchases and preferences and use this data to engage customers and make the appropriate personalized recommendations.
The future of retail will bring the intersection of data from multiple sources, including mobile data and information from Internet of Things (IoT) devices, to make the shopping experience unique to each customer.
3. Omnichannel transforms into unique in-store experiences.
The future of retail will see retailers bridging the gap between the online and brick-and-mortar store experiences by using digital tools in-store to make shopping interactive, creating a unique experience for every customer.
4. Payments become effortless.
The prevalence of contactless payments that let customers pay by waving their cards or mobile devices in front of a reader at the point of sale (POS) will become the rule, rather than the exception. Retailers will also continue to expand the capabilities of their POS systems to accept mobile wallet payments and to accept payments anywhere in the store, thanks to mobile POS. The future of retail will also include biometric payment solutions based on fingerprint verification — and iris scanning and facial recognition may follow.
5. Feature-rich, ergonomic technology gains ground.
POS terminals with a small, ergonomic footprint and a multitude of features are appearing in more and more stores as retailers strive to give their operations a contemporary look, to conserve space, and to earn a return of maximum functionality and flexibility on their technology investment. These features range from integrated peripherals and the ability to accept chip card and contactless payments to the flexibility to operate in stationary or mobile (tablet-based) mode.
The future of retail appears to be heading in the direction of making shopping even more customer-centric. Retailers will need to craft experiences that are personalized and that focus on the customer’s convenience. They also must enable their customers to shop how they want, on any channel they want, whenever they want, and to use the payment type they prefer. Technology integration will be key as you set the course for your business over the next few years, to provide your business with the data and functionality it needs to meet the demands of the industry.
