They want to go to your website and be able to compare prices, styles, delivery dates, see your recommendations of things they may like even more--preferably all on one screen. Map/Texture sources: https://visibleearth.nasa.gov/view.php?id=73909 ... [+] https://eoimages.gsfc.nasa.gov/images/imagerecords/73000/73909/world.topo.bathy.200412.3x21600x10800.jpg https://visibleearth.nasa.gov/view.php?id=79765 https://eoimages.gsfc.nasa.gov/images/imagerecords/79000/79765/dnb_land_ocean_ice.2012.13500x6750.jpg https://visibleearth.nasa.gov/view.php?id=74518 https://eoimages.gsfc.nasa.gov/images/imagerecords/74000/74518/world.topo.200412.3x21600x10800.jpg. We’re in the midst of a pandemic on one side and the retail apocalypse on the other. Crew and Brooks Brothers, filed for bankruptcy this past year, and we’re likely to see more in 2021. A month later, retail sales had almost fully recovered due to the fastest gain in history, a remarkable V-Shaped recovery. Technology in this area is also catching up as companies like Microsoft launch second generation augmented reality headsets, which is one of many newer, lighter headsets and wearables that will make AR more immersive for retail customers and employees. 2021 holds a great deal of uncertainty, but what is certain is that it won’t look or feel like any year before. But we continue to see a bright future for the retail experience, as retailers and retail space owners partner to create exciting offerings for an increasingly discerning customer base. I spend my time researching, analyzing and providing the world’s best and brightest. Bringing together the technology layer with the human layer, I seek to solve the biggest challenges that companies have today; how to grow, scale, change and adapt to a world where technology and media shift at breakneck speed. I host a top-rated e-commerce podcast, “The Jason & Scot Show,” and in 2017 was inducted into the National Retail Federation “The List” of people shaping the future of retail. I am a fourth-generation retailer, who has been helping brands and retailers respond to digital disruption for 30 years. Retail saw its largest decline and fastest recovery in 2020. In total, 2020 saw $5.6T in retail sales, an increase of 3.2% over 2019. Digital analytics firm Adobe reported that over the course of the holiday season, BOPIS (Buy Online Pick-Up in Store) orders were 25% of all online orders, an increase of 40% over 2019 holiday levels. So if you are still relying on a brick-and-mortar strategy with a single-channel online presence, you need to strongly consider digital transformation in retail for your business. © 2021 Forbes Media LLC. Amazon may have given a glimpse into the future of the apparel industry this month, when they launched a new service, “Made For You,” which uses a mobile phone camera to take 3D measurements of the customer and then makes a custom-sized T-Shirt, which ships in three to five days. Perhaps existing members can see the outfits on real customers and click on an entire or portion of an outfit to have it included in a future delivery. The rapid shift in consumer habits has widened the gap between businesses with an online presence and businesses who are still relying entirely on brick-and-mortar locations. Retail Dive provides news and analysis for retail executives. Jan 18, 2021 (Market Insight Reports) -- The global Digital Transformation market focuses on … A new decade is dawning and the pace of change continues to accelerate as we race head on into 2020. Companies like Target, Lowe’s and Amazon have found that augmented reality may be especially helpful in decreasing the number of returns they see from online shoppers. There was never a year like 2020 in retail banking. Omnichannel Challenges & Solutions: Retail Digital Transformation. I’ve seen examples like, In digital transformation, consumers love a seamless experience. Retail Digital Transformation and Innovation Primer for 2020 Transform from multichannel to unified retail commerce Analyst (s): Robert Hetu Every retail transaction is a one-to-one customer interaction, but enabling customer-centric engagement across all shopping touchpoints requires more than just transaction capability. The era of inventory-led retail is ending, and the shift toward brands and the customer experience is emerging. Yet the shape of the retail industry has fundamentally changed, with a huge shift to … Retail Transformation Summit 2020 L’evento sull’innovazione digitale e tecnologica nel mondo del Retail. Want to learn more? We can see from the rise of apps like Instacart and Shipt that people are drawn not just to the convenience of grocery delivery, but the ability to get what we need in two hours or less. “Already very present in food,” this trend “will spread across all sectors, and brands must be ready for this new expectation of customers.” The "new retail" or hybrid business between physical and digital experience. Studies show that, This is an important trend that will continue to come to the top of the list for at least the next few years. Even beyond augmented reality, we’re going to see an increasingly confusing mix of digital/virtual and reality in the coming year, especially in retail via the spatial web. Modern-day retail sales are propelled by multiple marketing channels, especially social media. While we did see major and necessary improvements in omni-channel retail and AI/cognitive computing, I’d say we still have some work to do with cardless checkout and smart beacons. While customers are buying more online, they are visiting stores less, picking fewer retailers and buying more in each trip. Driven by Amazon’s annual Prime Day moving from Summer to October, and consumers fears that shipping carriers would have slower delivery times due to the increased e-commerce spending, a so called “Shipageddon.”. The two categories most hurt by Covid-19 were already struggling coming into 2020. The holiday shopping period changed as well, starting earlier and looking more digital. We recently saw Toyota launch a new AR program that allows users to try out 10 of their cars without ever picking up the keys. Retail Digital Transformation and Innovation Primer for 2020 The digital battle has moved back into the physical retail realm, and differentiation depends on digital transformation of … Perhaps most challenging of all, the apparel industry lost its ability to create trends and drive demand for new products. I spend my time researching, analyzing and providing the world’s best and brightest companies with insights as to how digital transformation, disruption, innovation and the experience economy are changing how business is done. Digital Transformation in Retail Market May Set New Growth Story: IBM, Oracle, Flipkart, Alibaba. But Amazon’s recent shift to free one-day shipping shows that they’re getting even less patient. Where you don’t need to physically experience a product before you have finally purchased it. And I’m not just talking about virtual changing rooms. This is an important trend that will continue to come to the top of the list for at least the next few years. I am the chairman of the board of directors of shop.org (the digital retail arm of the National Retail Federation). Again, AI is taking the lead in these technologies, making things like visual search possible. In its sixth year, the Retail Innovation Conference provides virtual access to: Unquestionably, the biggest change to retail this year is the accelerated shift to digital commerce. The team has envisaged new ways in which telcos could use retail stores, including events, technical demonstrations, product development workshops, educational sessions and more. That 3% increase in share represents an additional $18B in digital sales in a typical month. Photo of a man having his inside leg measured by a tailor during a bespoke suit fitting. Paris, June 11, 2020 – Retail banks are facing pressure to transform as new entrants focused on customer experience gain significant market traction, according to the World Retail Banking Report 2020 (WRBR) published today by Capgemini and Efma. When the influence of Covid-19 abates, restaurant sales will bounce back, but like the dinosaurs of the Cretaceous period, department stores and apparel sales are not likely to ever return to pre-pandemic levels. Today’s consumers are far more likely to be informed by their favorite micro-influencer on YouTube, Instagram, or TikTok. While a few companies reach front-runner status, most seem to lag. Toyota is not the only company using this feature--far from it. Augmented reality could mean retailers keep more of their sales because consumers more fully understand what they’re buying at point of purchase. Studies show that 88% of consumers are willing to pay for same-day (or faster) shipping. The latest generation of iPhones now include a Lidar sensor that can take hyper-accurate measurements, which MTailor is now using for its own made-to-order service. As the pandemic environment is moving consumers to interact more digitally with their banks, platform models offer agility and scalability … A Mix of Reality and Virtual on the Spatial Web. For CMO’s and business leaders, investments in advanced analytics platforms that can leverage the power of machine learning and AI is critical to retail success. Amazon Prime taught us that shoppers are no longer willing to wait more than two days to receive their products. Thanks to the AR technology, product discovery is … Meteor impact on planet Earth. To stay ahead, retailers need to know the hot trends before they emerge. For instance, I can imagine Stitch Fix expanding social platform usage as a way to better tailor the wardrobes it sends to customers using machine learning. 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