Next Hot Segment Trend for 2022: Retail
In today’s blog, we explore the Retail industry and its Top Trends. Read below to see if you were aware of all these trends and features that are expected to drive accelerated growth in 2022:
E-commerce – E-commerce exploded due to COVID-19. the next generation of E-commerce software brings AI, analytics and a seamless Omnichannel experience with features that enable local businesses to compete with any big player Selling products online must have at the very least the same level of efficiency, system integration, and customer satisfaction as physical stores.
Omnichannel experience – The buying journey is no longer linear – it usually includes multiple channels, including social media, web-shop, physical stores, curbside pickup, Buy online – pay in person. Retail businesses deliver value to customers across all touchpoints – online and offline.
Augmented & virtual reality - Mixed reality technologies significantly increase customer’s engagement and conversion rates. Some of the most popular uses of AR/VR tech in retail are virtual try-ons and show rooms.
Data is essential – Retail is becoming completely data-driven, needing data based business decision software that enable a better understanding of purchase dynamics and inventory reporting, consumer behavior & analytics on preferences.
Alternative & contactless payments - simple, flexible, and secure ways enabling the customer’s payment preference – more convenience, higher speed (e.g., digital wallets, blockchain-based online payments, loyalty points, mobile payments). Cash is now < 12% of POS transactions.
AI – AI software in retail is here to stay: It’s used a.o. for forecasting trends, supporting e-commerce and improving customers’ experience, inventory management, personalization
IoT – IoT can streamline operations and cut down on manual labor by improving in-store management, automating checkouts, enabling smart shelves and automating supply chains.
In the ISVWorld platform, you can find all software companies enabling retail optimization across different application types in the Retail industry. Let us know your thoughts and questions!