At the start of a new year, we naturally look ahead at the trends that the next twelve months will bring. In retail, 2023 is set to still be a time of challenge and flux as the world recovers from the disruption of the pandemic. Shoppers have limited disposable income, and are selective about where they spend it, meaning retailers have to compete hard to win wallet share. But we’re also seeing exciting technology trends* in the retail industry. There has never been so much tech in retail, with retail technology solutions having the power to help attract and retain customers, for sustained growth and profit.
So as we look ahead to the technology trends in the retail industry, we see an increasing dependence on the Metaverse, AI and automated retail technologies. This level of innovation in the retail industry makes it a very exciting sector place to be in 2023.
Why should retail stores invest in retail technology?
Retail has always been competitive, and now the economic crisis has limited consumers’ spending power, meaning that there is even greater competition for the shopping dollar. In challenging times, it is those businesses who invest to stay ahead of the curve and position themselves for the future who survive and thrive. Shoppers know what they want, and the only way that it can be enabled, at scale, is through retail technology. Those who invest now will be the survivors of the future.
How are omnichannel solutions are shaping the customer’s shopping journey?
Customers are ‘channel blind’ – that is, they don’t think about when and whether they are going to use the store vs online. They want to be able to use either or both for any transaction, with the same experience whichever channel they use. We see this with the rise of omnichannel shopping journeys such as Buy Online, Pickup in Store (BORIS), or purchasing in store for home delivery. Retailers must offer omnichannel solutions if they are to keep up with the way that consumers want to shop.