Retailing In Future

Assalamualaikum peeps! In my previous posts, I have wrote much on how businessmen do business and market their products in past and current. So, I think now is the right for me to write about the future. Aren’t you excited to explore the future with me? Let’s go guys!

            Indeed, e-commerce’s share of the shopping pie is growing. From 2000 to 2015, e-commerce jumped from 2 percent to 10 percent of all US retail sales. In the luxury sector, e-commerce is the only channel currently growing double digits and is expected to climb from 7 percent to 20 percent of global luxury consumption by 2025, according to Bain & Company. But unlike music, films or food, fashion is a product many shoppers want to touch and try on before they buy. The physical fashion store isn’t going away — but it is changing, as retailers come under pressure to provide consumers with personalised, data-driven service and experiences not just products but across all platforms.

Looking at what is happening right now, experts suggested that  the pillar of the store of the future will be data. While people willingly turn over personal data to Facebook and Google, or share credit card details with e-commerce stores, developing enough trust for consumers to share their data in physical stores remains a challenge. Traditionally, consumers have been wary of sharing information with retailers because it’s often led to nothing but spam and irrelevant offers.

Privacy is a currency and consumers are wiling to spend that currency where they perceive relevant value. For example, if a shopper is logged in to her account with a retailer, when she enters the store, beacon technology can provide sales associates with her purchasing history and preferred brands, or send personalised discounts and promotions to her smartphone. Beacons can also track where shoppers move quickly and where they linger, enabling retailers to make informed decisions about store layout  and potentially turn this data into a revenue stream. B8TA, a tech store in Palo Alto, measures consumer interactions with products in real time and shares this data with brands for a fee.

            It is amazing just to imagine right? I’m really looking forward to enjoy the future. Is there anybody else who are excited just like me? Don’t forget to leave your comments. Enjoy your bright day today! Assalamualaikum.