Technology has taken over the retail space for quite some time now. From influencing the consumers’ choices to giving them a more convenient shopping experience, we can see the dominance of technology. Consumers are more likely to shop by sitting at home using their Smartphones.
Statistics showed that 41% of the retail revenues have been generated through mobiles in the UK and 31% in the USA during 2016 holiday seasons.
According to PWC, mobile commerce or purchasing through Smartphones has increased from 7% to 17% in the past six years.
In 2019, the retail space will be completely dominated by technology and e-commerce. Let’s have a look at the top trends that will be seen in the retail industry in 2019:
1.There will be more purchases through voice technology
With the popularity of Amazon’s Alexa, the world has been introduced to new technology. As the world is literally obsessing over the voice technology, it is likely that consumers will also be using it more to make purchases. It is estimated that voice search will be used by 50% of the total people who use search engines in 2020.
In the coming years, there will be a huge development in the voice technology which will let us search, choose, and buy things by talking to a device. Thus, embracing this technology will be beneficial for retail businesses.
2. Increased use of Augmented reality and Virtual reality
Sephora is the one which has invested largely in technologies like augmented reality (AR), radio frequency identification, and artificial intelligence. This company was acknowledged by Fast Company as one of the most innovative companies in the world in 2018.
Sephora has given its customers the opportunity to virtually try on makeup before buying them. They have made it possible by incorporating AR in the form of their Virtual Artist. It gives a ‘3D live experience’ to the shoppers. Along with this, they also us AI technology which allows them to scan the faces of the shoppers to suggest them “scientifically accurate” shades of concealer, foundation etc. These technologies have already shown their capability in the last year and are possibly going to grow even more in the coming years.
3. The use of mobile will be much larger than before
It is impossible to find someone on today’s date who does not own a Smartphone. To understand the importance of the mobile, we can look at some facts and stats.
- Smartphones are now owned by 77% Americans.
- More than 230 million consumers in America have a Smartphone.
- Among the Smartphone users, 79% have bought something in the past six months through their mobile.
Mobile phone gives consumers the convenience to buy anything even when they are out on the road. This is much better and preferable than sitting in front of the desktop and browse. Hence, mobile shopping is likely to grow bigger in 2019. Thus, business owners must focus on making their e-commerce sites responsive and mobile-friendly. This can be perceived as one of the most prominent 2019 retail trends.
4. Personalized shopping experience
Another technology that will be on the rise in 2019 is machine learning. This technology is mainly used forgiving suggestions to consumers based on their buying and browsing habits. It is being estimated that in 2019, from small to big companies including online assignment help services, will be using tools that are based on AI or machine learning.
It will help them to give their customers a personalized experience. Stats show that companies which provide a personalized experience are preferred by 43% of the consumers. Other than this, 48% of consumers are likely to spend more if they get a personalized experience. Hence, this technology is now used by every big company from Amazon to Samsung to IKEA.
5. Social media will also be used to sell products directly
Social media, for example, Facebook is already being used to exchange business messages between consumers and businesses. Social networking sites have also been considered as the highest source of inspiration for making any purchase. Not just this, these sites are also likely to be giving better shopping experience to consumers. With almost every social media sites adding some e-commerce features, consumers will be able to buy products directly from there.
Facebook has introduced a shop feature where products can be added for the consumers to buy. Apart from this, Instagram and Snapchat have also added e-commerce features through which businesses can sell their products. It is more preferable to approach the customers when they are in a relaxing phase on their personal social networking mediums. However, it needs to be carried out very carefully so that, the consumers do not get annoyed.
One thing that everybody can be sure of is that the future of the retail industry will be ruled by newer technology. Any business that wishes to stay on top or competitive in 2019 must up their game technology wise.
Author’s Bio
Suhana Williams is an academic writer who also provides assignment help through Assignmenthelp.us. She has contributed to several journals with her insight on placement opportunities in the modern era. Suhana loves to cook when she is not working.