Is your new business ready for the new technology? However, to seize this opportunity, every retailer-- whether a company of five employees or 500 -- must keep a pulse on the retail trends emerging this year. Mobile purchases will dominate sales. In 2019, the shift to mobile shopping will only continue to accelerate year-round, as more retailers establish their own applications for mobile-friendly shopping experiences. As the number of shopping channels continues to proliferate, the most forward-thinking retailers will identify and implement technology that satisfies the 24/7 shopper -- whether that occurs through customized in-app messaging, automated responses to FAQs or predictive analytics that provide recommendations via voice technology. From marketing to sales, big data will continue to drive greater customization. There's good reason: From anticipating customer purchases, to understanding how and when customers are most apt to spend, data is providing retailers with greater insights into customers’ preferences and shopping habits. Some stores are even moving away from large inventories completely and instead opening smaller spaces for shoppers to try on select items, then get them shipped directly to their doorstep. Small retailers must act fast and adapt the technologies that will allow them to take advantage of industry trends and change customer behavior. Is your new business ready for the new technology?
Next year, 2019, is right around the corner. Is your new business ready for the new technology?
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Did this year’s now-past Black Friday mark the last “traditional holiday rush” as we know it? The reason: Retailers of all sizes can see the writing on the wall, as technologies like artificial intelligence (AI) and the internet of things (IoT) fundamentally change customers’ approach to the traditional shopping experience.
In the age of Amazon and Alibaba, it can seem nearly impossible for small businesses to keep pace with the ecommerce giants setting the agenda in in today’s digital world. From innovative payment solutions, to those entirely new shopping holidays, these titans are reimaging retail, creating a frictionless shopping experience from any device for their customers, anywhere and any time – not just during the holidays.
Even so, there’s no need for smaller retailers to fear the changes spurred by digitization, AI or other emerging technologies. As business of all sizes invest in these technologies, young brands will have a chance to compete on the same playing field as multi-billion-dollar companies. However, to seize this opportunity, every retailer– whether a company of five employees or 500 — must keep a pulse on the retail trends emerging this year.
Here are several predictions for what to expect:
1. Local business will steal the show.
In recent years, we’ve seen retailers steer away from “appealing to the masses” and instead focus on hyper-specialization for niche markets. In fact, during the so-called “Retail Apocalypse,” the number of independent bookstores grew by 35 percent, due largely to the unique experiences they offered their customers. Today, small businesses again have the opportunity to leapfrog their larger competitors by quickly implementing technology to enable further personalization, without having to undergo the lengthy, complicated transformation processes that are often the Achilles’ heel of large retailers.
2. Mobile purchases will dominate sales.
Consumers…
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