Mainstreams in the retail industry: Insights from Retail Trends 2023
Updated: Jun 6
Despite supply chain and on-site trade challenges, the retail industry continues to evolve rapidly. All the market players and software vendors should follow the emerging mainstreams to help businesses achieve a competitive edge and desired performance.
Recently, our CEO, Anna Tyschenko, visited an insightful Retail Trends 2023 conference to explore what merchants have on their plate and how the JEVERA dedicated team can support their development. As a business leader, Anna expressed excitement over the variety of innovations enterprises prefer to use and the opportunity to exchange experiences with top companies.
Read on to explore what retail trends you should consider and how to get the most out of new changes.
The retail future belongs to digitization: top 5 tech trends to explore
Trend 1: Artificial Intelligence to enhance customer experience
Artificial Intelligence is a new game-changer in retail, offering personalized and supercharged customer experiences. It offers plenty of scenarios for businesses to retain the audience and expand it, using:
chatbots
virtual shopping assistants
personalized recommendations
With AI-powered algorithms analyzing customer data, retailers can gain valuable insights and deliver tailor-made experiences that resonate with individual preferences and needs. Consequently, customer loyalty helps drive sales and increase revenue, making AI a handy technology in 2023.
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Trend 2: AR/VR to transform the shopping experience
AR and VR technologies are revolutionizing the way customers engage with products. Do you remember the recent news about a magnificent AR shop, Serendipity, on the beach? It created a buzz, and other retailers strive to achieve the same.
At Retail Trends 2023, AR/VR took center stage as they offered interactive and realistic shopping experiences. From virtual try-on for fashion and cosmetics to augmented reality product visualization, retailers are leveraging these technologies to bridge the gap between the physical and digital worlds, allowing customers to make informed decisions and explore products innovatively.
Trend 3: “IoT” means “smart retail”
The Internet of Things has a handy feature to make the components around work as a single unit. It connects devices, objects, and people in the retail landscape, leading to the rise of smart retail.
The Internet of Things was also a hot topic for discussion because of the real values it brings to merchants, such as:
collecting real-time data
optimization of inventory management
customer behavior monitoring
better operational efficiency
Even though the technology was already actively adopted and allowed retail to launch cashier-less stores, smart carts, self-service kiosks, and check-outs, it can suggest many new scenarios to streamline processes and improve customer satisfaction.
Trend 4. Mobile Commerce and Payment Innovations
With the widespread adoption of smartphones, mobile commerce has gained significant traction. At Retail Trends 2023, mobile commerce and payment innovations were highlighted as key trends shaping the future of retail.
Mobile apps, digital wallets, and contactless payment solutions enable customers to purchase anytime, anywhere, providing convenience and flexibility. Retailers are also exploring technologies like near-field communication (NFC) and biometric authentication to enhance the security and ease of mobile payments.
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Trend 5. Marketplaces are rule-changers
Aggregators and marketplaces can become a specific threat to merchants. They suggest a different way full of dependencies. It isn't considered when building an eCommerce business using its own software assets. In the case of building an online retail company based on a marketplace, merchants should enter into collaborations with other merchants that have complimentary offerings. This type of synergy supports business and helps it stay afloat regardless of the software platform used for trade.
Conclusion
The ever-evolving retail industry is continuously influenced by emerging tech solutions and vice versa. Retail Trends 2023 conference sheds light on the cutting-edge technologies and trends reshaping how businesses engage with customers and operate.
From AI-powered personalization to immersive AR/VR experiences, the future of retail lies in embracing these transformative mainstreams. By staying ahead of the curve and adopting innovations, retailers can use new opportunities, drive growth, and deliver exceptional customer experiences.
