Mega guide to understanding retail based on Covid 19:10 predictions

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Mega guide to understanding retail based on Covid 19:10 predictions
Mega guide to understanding retail based on Covid 19:10 predictions

* Text written together with Andrés Silva Arancibia

While most retailers are passionate about reopening, few really look beyond COVID-19. This new normality according to COVID-19 poses new and major challenges for the digital transformation of the retail sector.

The new context has forced retailers to question customer relationships and how they are built. By reopening stores, retailers have the ability to win back their customers, and depending on the intensity of their creative strategies, they also have the opportunity to attract new customers. The Retailers They will be obliged to understand their customers beyond the mere transaction relationship and to take care of their concerns, fears and needs far beyond their products.

As a result, retailers who really care about their customers’ well-being and work hard to build trust and a new relationship are more likely to succeed than those who don’t change the way they work and monetize their business.

Every day, people feel more comfortable and leave the role of the company to facilitate the buying process. This phenomenon has been exacerbated by the direct impact of the pandemic. New consumers (consumers) are looking for quality at a cheaper price and with immediate availability at home.

Among other things, we are experiencing changes in people’s lifestyles, in urban environments, in business operations, in logistics and in sales.

For example, digitization, automation, personalization, artificial intelligence, the Internet of Things, big data and the pandemic are some of the main components that will quickly change retail and the way consumers change quickly in the not too distant future . Here are ten predictions for the future of retail:

1.Digital channel: The new consumer will buy what he sees anytime, anywhere. The immediacy of the purchase will be common among consumers. As a result, digital will no longer be the channel dedicated to liquidating stocks through promotions and discounts THE Relationship channel for many companies with their customers. The pandemic accelerated consumer habits will cause many customers to permanently change their approach to certain retailers.

Digitization, automation, personalization, artificial intelligence, the Internet of Things, big data and the pandemic are some of the key components that are rapidly changing the retail industry / Image:

2nd Physically:: Physical-digital convergence is becoming much more relevant! We’re not talking about omnichannel, we’re talking about a symbiotic relationship that understands the benefits of each channel to optimize the interaction between customers and retailers. Retailers need to create experiences that combine the two worlds precisely and design them in a relevant and different way for each channel.

3. New role of physical storage: In many cases, physical business becomes a center of experience, creating an affinity for the brand / company, establishing a brand and / or pick up of the products of the retailer or its partners.

Four. Competent consulting:: The role that retailers’ employees play in the sales process will continue to evolve. Regardless of the sales channel, commission sellers are replaced by specialist advisors whose remuneration is based on the satisfaction of their customers. As a result, investment in automation and robotics will increase significantly, which will significantly change the way people work in retail. Operational and routine work is usually counted.

5. Consumer prediction systems: Personalization will be a key aspect in differentiating a retail brand. Knowing the consumer’s habits, interests, lifestyle and preferences is a key success factor in the industry.

6. Actual adjustment: As the Internet of Things evolves, the trillions of data generated by the trillions of sensors will enable retailers to predict consumer buying patterns much more accurately, allowing retailers to anticipate and adapt to consumer demand and trends can. This applies to products and services and enables real personalization of the experiences that retailers have.

7. Increased competition for disposable income for consumers: Retail brands will try to maximize the experience to make it more educational and attractive. The successful brands of the future will be those who are able to make real and profitable connections to their consumers and thus to access their income sustainably over time.

8. Intelligent pantries in households: Consumers don’t have to worry about running out of coffee, tea, pet foods, snacks, fruits, vegetables, drinks, etc., because their pantry recognizes inventory and automatically replenishes it without having to lift a finger.

The successful brands of the future will be those who can make real connections / Image:

9. Purchase with guaranteed existence in the shop: In the future, people will surely know before buying that the product is commercially available, which ends the era: it is not in stock.

10. Virtualization of the changing rooms: Able to minimize customer effort. Why bother taking off your clothes when you use an accurate 3D version of yourself to test articles and receive personalized suggestions on fit, style, color, design, and more?

Retail, as we know it, has no bigger place in this new decade. Anyone who continues with the old practices of the 90s will see how others permanently push them out of the market. Personalization, experience and alternatives for customers will be the three competitive pillars of retailing 2020-2030.

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