Professionals use trends to help make decisions about their business, but they need to know what is happening in other businesses so that they can make informed decisions that ensure that they aren’t left behind by competitors.
A retail trend can be defined as any change occurring within the retail industry. These include new product launches, changes in consumer behavior, the introduction of new technology into stores, a shift from physical to online shopping and an increased focus on customer service. Retail trends have been identified for many years now and there has always been some sort of change taking place. One of the biggest influences on today’s retail landscape comes from technological advances. Technology allows us to shop anywhere, anytime and buy almost everything without leaving our homes.
There will be a lot of micro trends impacting the retail in 2022 because there are so many aspects of the customer experience journey. We will continue to see the fusion of virtual reality and augmented reality in the shopping experience.
VR headsets allow you to immerse yourself in another world while AR allows you to see things around you without actually being present. Both technologies will revolutionize the way we interact with our environment.
Artificial intelligence, machine learning and big data analytics are some of the biggest trends that will also impact retail. AI enables computers to learn how to do tasks better than humans. Machine learning uses algorithms to teach machines to make decisions based on past events. Big Data Analytics helps retailers understand consumers expectations, needs and wants. This information can help consumer brands and retailers create personalized marketing campaigns, online experience, price promotions and customer loyalty programs.
In terms of new technologies, blockchain is set to become an important part of the future of retail. Blockchain is essentially a distributed ledger system which records transactions between two parties securely and transparently. The technology was first developed for Bitcoin but its potential applications go far beyond cryptocurrency. For example, it can track products from farm to fork and ensure transparency throughout the supply chain.
To get a truly progressive sense of where things might go with retail over the next few years, consider getting access to the PSFK’s Future of Retail 2042 report as a PDF which explores topics including metaverse malls, omniconsumers and on-demand brands.
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