By creating exclusive customer experiences, the latest retail trends and new technological developments have redefined the meaning of ‘shopping’. In the current scenario, shopping is no longer a monotonous task for consumers with retailers leaving no stone unturned to improve their shopping experience. Also, the retail industry’s stable migration to online e-commerce platforms has made it important for brick and mortar retailers to give their customers a reason to come back to the store.
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The retailers who flourish in the upcoming years will be those that re-imagine and adjust their stores according to the digital age. Depending on the retail trends and advances in retail technology, industry experts at Quantzig have listed some of the expected future predictions for the retail industry:
According to the analytics experts at Quantzig, “Many retail companies have increasingly turned to modern technologies to help them revolutionize the future of retail.”
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Evolution of the retail industry
- End of long-checkout queues: Saying goodbye to long checkout lines will be one of the most well-known retail trends that will go mainstream in the next few years. The future of retail will look more hopeful than ever before by helping consumers dodge queues and offering customers with a hassle-free shopping experience. Retail industry players are also looking at the viability of payments made through virtual shopping carts rather than an old-fashioned checkout line. Once this is made available to retail stores and becomes fully functional, long queues in checkout counters will soon become history.
- Embracing the millennial mentality: The future of the retail industry will significantly revolve around the preferences and tastes of Millennials. Millennials usually tend to be more loyal to brands that stand for the right values, like authenticity, transparency, and social responsibility. Transparency is one of the retail trends that will soon become a fixed factor in the retail industry. Modern consumers are curious to know everything about the products that they purchase, and brands that are honest, down-to-earth, and genuine in their communication will stay in the game.
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- Stores that recognize customers: The brick and mortar retailers are mostly inspired by online retailers to know their customers better. This means that we can soon expect physical stores to find customers in the aisles via facial recognition or biometrics and save their browsing and purchase history immediately. This could also mean great news for the customers as the store might propose pop-up discounts on their beloved products or free samples. Customers can also get the benefits of online shopping, like easy free shipping, one-click purchasing, and endless information like price comparisons and product history from touch screens or voice command.
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Quantzig is a pure-play analytics advisory firm concentrated on leveraging analytics for prudent decision making and offering solutions to clients across several industrial sectors.
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Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on all of Quantzig’s services and the solutions they have provided to Fortune 500 clients across all industries, please contact us.