7 Amazing Trends to watch in Retail Industry - Yourstory - PowerPoint PPT Presentation

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7 Amazing Trends to watch in Retail Industry - Yourstory

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Retail & eCommerce industry is transforming with the advancement in the technology. The technologies like blockchain, artificial intelligence, augmented reality are going to reshape the retail & eCommerce experience. – PowerPoint PPT presentation

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Date added: 23 July 2020
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Title: 7 Amazing Trends to watch in Retail Industry - Yourstory


1
7 Amazing Trends to Watch In Retail Industry
2020
  • In 2017, the retail market generated a revenue of
    23,460 billion and is now predicted to reach
  • 31,880.8 billion by 2023, with a CAGR of 5.3.
    Specifically talking about the Indian retail
    industry, it is witnessed as one of the
    fast-growing markets in the world.
  • The Indian retail market was valued at 26.67
    billion in 2019 and it is predicted to reach
  • 1.1 trillion by 2020. Various innovative
    retailers are bolstering the marketplace from
    complexity, fragmentation, and confusion to a
    surging integrated future.
  • The agile and smart businesses are collaborating
    with each other and integrating highly advanced
    technologies and deploying supply chain
    optimization tools to streamline processes. To
    taste such advantages, retailers are heavily
    investing in modern business strategies and in
    trending technologies.
  • Some Interesting facts about Retail Industry In
    India
  • The retail market is rapidly growing at 12.0 per
    year.
  • 6.0 of the population is a target market for big
    retailers seeking to enter in Indian retail
    industry.
  • Small stores and street stands owned 90.0-93.0
    of the retail market.
  • Food Grocery holds 60.0 of the retail market
    in India.
  • Consumer electronics is at 10.0 Appadel is at
    8.0 and it is predicted to grow by 11.0 by
    2021.

2
  • Retail e-commerce is boosting at a steady pace of
    20.0 year-over-year.
  • E-commerce sales are predicted to reach
    220.billion with 530.0 million shoppers by 2025.
  • Furthermore, the growing digital penetration is
    speeding up the growth of the retail market. In
    2017, India witnessed an internet penetration of
    nearly 37.0 and it is predicted to boost at a
    CAGR of 31.0. Thus, today in this blog we will
    discuss the most trending technologies that will
    affect the growth of the retail industry in 2020.
  • Lets find out!
  • 7 Trends That Will Impact the Retail Industry in
    2020
  • Indias retail market is among the massively
    growing markets in the world. Urbanization,
    improving infrastructure, and technology
    embracing population indicates that India is
    poised for global influence and growth.
    Following is the list of the top 7 trends that
    will impact the retail industry in 2020.
  • Blockchain transforming retail eCommerce
    development

Image Source The verified transaction,
decentralized transaction, and an immutable
application are some of the advantages that come
with the integration of blockchain technology in
the retail market. The blockchain technology
will simplify and enable omnichannel retailing
without affecting any functionality of the
existing system.
3
  • According to marketsandmarkets, the blockchain in
    the retail market generated 44.2 million in
    2017 and it is expected to reach 2,339.5 million
    by 2023, at a CAGR of 96.4 during 2018-2023
    period.
  • Benefits of Blockchain technology in retail
    eCommerce development
  • Cheaper transaction
  • Data security
  • Faster transaction
  • Supply chain tracking
  • Purchase history
  • Channel expansion
  • New payment methods
  • After-sale services
  • OpenBazaar, Shopin, Walmart, Amazon, and Paytomat
    are some of the companies using blockchain
    technology.
  • 2. Virtual and Augmented Reality bolstering the
    retail market

Image Source Augmented and Virtual reality
heavily contribute to the growth of retail
eCommerce development. It helps retailers in
various ways to improve and enhance the customer
experience. From searching for products offline
to virtually trying them, these technologies are
already integrated by various retailers today.
4
  • For instance- the IKEA place, it lets people
    decide whether the chosen furniture will fit and
    look perfect in their home or not. In the coming
    years, the extended reality will empower
    consumers to share with others their virtual
    reality shopping experience.
  • Benefits of Augmented and Virtual reality in
    retail eCommerce development-
  • Reduce product returns
  • Increase product Brand exposure
  • Enhances and Improves user experience
  • Valuable Visuals to audience
  • Easily customized and tailored promotions
  • Report missing items ad shelf Identification
  • L O real Makeup, U.S. Army, IKEA, Disney
    Coloring, and Google Pixels Star Wars Stickers
  • are some of the brands using augmented and
    virtual reality technology.
  • 3. Google Shopping supporting the retail market

Image source Google shopping is a type of
shopping service that helps consumers to browse,
purchase and compare physical products across
various retailers without physically visiting
them or visiting each brands website. Google
shopping makes up 80.0 of retailers' budgets
between the two channels and it plays an
important role in transforming bottom-funnel
buyers. With this, retailers are growing more
efficiently in paid search, saving nearly 8.0 of
the cost year-over-year. Retailers are able to
tick up Google shopping revenue by 7.0.
5
  • Benefits of Google Shopping in retail eCommerce
    development
  • More qualified traffic
  • Better user experience
  • More conversion rates
  • Clear customer intent
  • Objectives tailored product
  • Amazing visibility to mobile users
  • Customized Multiple and qualified leads
  • Retail-centric reporting tools

4. Robotic Store Assistants helping the retail
market
Image Source Robotic store assistants have been
fueling in retail eCommerce development. Robots
are with us for quite a long time but for a while
in the retail market, the technology-powered via
machine learning and AI is incorporating the
voice of users to transform how products and
pricing should be done. For Instance- Many
retailers, including Amazon are operating robots
to help in inventory management. Apart from
this, Walmart is developing its robot army as
well and according to the ABI Research release,
the organization integrated 350 systems for its
inventory management.
6
  • In 2018, the retail robotics market was valued at
    19.4 billion and it is predicted to reach
  • 144.93 billion by 2026, surging at a CAGR of
    28.96 during 2019-2026 period.
  • Benefits of Robotic Store Assistant in retail
    eCommerce development
  • Real-time product movement tracking
  • Details of stock levels and product replacement
  • Correct and accurate stocking information
  • Pricing and Tagging of products
  • Space management
  • Drives innovation to fuel sustainable growth
  • Boost logistics and supply chain productivity
  • Brings intelligence to store and merchandising
    operation
  • 5. Artificial Intelligence backing the retail
    market

Image Source Artificial intelligence is
something that will completely transform the
retail eCommerce market. It is defined as
smart machines that will integrate human
capabilities by comprehending, sensing,
learning, and acting in them. Artificial
intelligence understands the desires and needs of
thousands of consumers, tailors the services,
and drives the demand for retail businesses. It
also enables new collaborations between CG
manufacturer and retailer smoothly.
7
  • According to the Cision pr newswire, artificial
    intelligence in the retail market generated a
    revenue of 2306.8 million in 2018 and it is
    predicted to value at 23,426.3 million by 2026,
    surging at CAGR of 33.7.
  • Benefits of Artificial Intelligence in Retail and
    e-commerce development
  • Effective supply chain planning
  • Accurate and correct demand forecasting
  • Real-time customer experience and intelligence
  • Data creation and labelling
  • Data transformation and structuring
  • Product discovery, visualization and
    merchandising
  • Data insights to offer better decisions
  • Cart abandonment emails and personalized curation
  • 6. Internet of things Smart Equipment

Image Source Smart equipment and the Internet of
things will completely transform the experience
of shopping and improve customer satisfaction.
The Internet of things supports stores to deliver
improved experiences to their customers. Smart
equipment, including sensor-embedded shelves that
inspect inventory, also transforms the retail
market. According to the grandviewresearch, the
internet of things in the retail market is
predicted to value at 94.44 billion by 2025,
with a CAGR of 21.5.
8
  • The increasing demand for better flexibility,
    improved services, multiple distribution
    channels, and enhanced experience is boosting
    the retail market with the help of the internet
    of things.
  • Benefits of Internet of things in retail
    eCommerce development
  • Automated management of inventory
  • Better logistics and tracking
  • IoT-oriented e-commerce websites
  • Customized actions and pieces of information
  • Improved relationship between customers and
    manufactures
  • Automated shopping processes
  • Better cyber-security personalize data
  • Improved supply chain management
  • 7. Data-Science Transforming the Retail Market

ImageSource Machine learning and Data Science
technologies have helped in retail eCommerce
development and made great progress in the
currents personalization tools. Data Science and
machine learning empowered engines that can
offer personal recommendations to users before
they want for themselves.
9
  • According to Amazon, 35.0 of their generated
    sales are driven by its recommended engines
    technology. Besides, eBay is also investing ample
    amounts into Data-Science and tailoring shopbots
    for better user experience.
  • For instance- Alibaba group, a Fashion AI,
    generates personalized mix-and-match clothes
    recommendations for customers as they walk around
    stores. They can easily find items that
    completely suit their tastes.
  • Benefits of Data-Science in reality eCommerce
    development
  • Targeted communication with users
  • Predicts demand and manages inventory
  • Price optimization
  • Better user experience and customer retention
  • Forecasts trends
  • Search opportunities with better ROI
  • Find innovative methods for increasing engagement
  • Search location for new outlets
  • Helps in strategic decisions
  • Conclusion
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