COVID-19 has certainly hastened some retail transformation, including accelerating the curve of e-commerce adoption. Modern-day retail sales are propelled by multiple marketing channels, especially social media. This trend will only be further zeroed in on by the best retailers in the future. Today’s consumers don’t just want their products fast, they want to be able to get information about them quickly. In total, 2020 saw $5.6T in retail sales, an increase of 3.2% over 2019. Retail digital transformation bring in new concept and tools for the development and ease functioning of the industry and it is about to know trends in retail 2020. And they are spending significantly more during each visit, as the average ticket size during the quarter increased 27%.” When shoppers do visit a store, they are far more likely to use omni-channel amenities such as curb-side pickup. 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. Indeed, while e-tail will hit $5 billion in value by 2021, it is estimated that 25% of purchased items are sent back. Sales were solid until the COVID-19 began impacting markets. If Amazon can deliver on its service promise, it will actually be delivering made-to-order apparel faster than many traditional brands can deliver off the rack. As the pandemic environment is moving consumers to interact more digitally with their banks, platform models offer agility and scalability … I’ve seen examples like Chico’s utilization of SAS for advanced retail analytics that allowed the company to consolidate omni-channel customer data in 2 hours rather than 17 hours enabling more rapid delivery of timely offers and less stress on infrastructure. I am a shopper marketer focused on the digital disruption of commerce, 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, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Macy’s Opens Second Market By Macy’s In Texas, A Matchmaker For Main Street Boutiques: SwapRetail Offers Stores A Lifeline, J.C. Penney Is Searching For Its Next CEO. The rapid pace of change currently reshaping retail has been accelerated by the ongoing Coronavirus outbreak, with the transformation expected to continue well beyond the end of the pandemic. 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. Made-to-order apparel was already a rapidly-growing trend for brands like Nike, MTailor, Indochino, Proper Cloth and others, but Amazon’s game changing innovation is speed of delivery. I can see the drive of small and large Amazon competitors leading to a stream of third party logistics companies expanding their immediate delivery services to help those smaller companies compete. From keynoting on the world’s largest stages to weekly insights on Forbes, Entrepreneur and our Blog, my goal is to provide our clients with what they need to know to out innovate and turn disruption from threat, into a business model for success. 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. Just as importantly, in my opinion, consumers didn’t have to download an app to try the experience--something that can be a huge deterrent for those of us burned out on downloading apps just to see if they’re worth downloading. See the complete list of speakers and sessions on the NRF 2020 Vision: Retail… Retail is growing. Before getting into this year's trends, I want to go over some of the hits and misses we chose for 2019. Marketers, Is There Ad Fraud In Your Future? HR/Jobs: +91 90420-55701/02/06 | Get a Quote: +91-9884838138 +1 213 550 1957 info@colaninfotech.com Of the top 50 online retailers, nearly all operate stores. 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. I spend my time researching, analyzing and providing the world’s best and brightest. Retail saw its largest decline and fastest recovery in 2020. There was never a year like 2020 in retail banking. 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. Again, AI is taking the lead in these technologies, making things like visual search possible. Opinions expressed by Forbes Contributors are their own. We recently saw, Amazon Prime taught us that shoppers are no longer willing to wait more than two days to receive their products. Industry-wide, online sales make up 10 percent of all retail sales. Perhaps most challenging of all, the apparel industry lost its ability to create trends and drive demand for new products. A month later, retail sales had almost fully recovered due to the fastest gain in history, a remarkable V-Shaped recovery. GrubHub and UberEats have made eating out and eating in both fast and ubiquitous while Amazon Prime Air even promises delivery in 30 minutes or less! Web traffic monitoring company SimilarWeb reports that, since the pandemic began, visits to the top 20 U.S. e-commerce sites has been up 31% versus last year. You may opt-out by. The retail industry is undergoing a major transformation in ecommerce and brick-and-mortar. You don’t want to miss industry insider Justin Honaman’s annual look at the top retail tech trends to watch in the New Year. Augmented Reality. I’m talking about users being able to place themselves in their favorite brands’ advertisements, being able to model their favorite brands’ clothing, and an increasing coordination of virtual experiences that will intertwine on the spatial web. 2020 US shopping location statistics. Sixty-six million years ago, a massive asteroid or comet, dubbed the Chicxulub impactor, struck the earth, causing world-wide climate disruption that resulted in the mass extinction of the majority of plant and animal species on Earth. That’s why AI is so important in digital retail. 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. “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. Each year, I take a look at the major digital transformation trends hitting every industry. 2020 will be the year where it is virtually unnecessary to see, feel, or test a … 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. I’ve seen examples like, In digital transformation, consumers love a seamless experience. There won’t be “a barrier for the customer”, “who chooses at any time … But Amazon’s recent shift to free one-day shipping shows that they’re getting even less patient. We cover topics like retail tech, marketing, e-commerce, logistics, in-store operations, corporate retail news, and more. Jan 18, 2021 (Market Insight Reports) -- The global Digital Transformation market focuses on … To stay ahead, retailers need to know the hot trends before they emerge. The retail industry was in the midst of a transformation before 2020. Yet the shape of the retail industry has fundamentally changed, with a huge shift to digital spending and dramatically less spending on apparel. 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. Mom and pop shops: take heart. The question now is whether smaller retailers will be able to keep up with the expense. But for 2020, I see some more significant trends moving the industry forward. The voices of the decision-makers tell us that: Store traffic monitoring firm ShopperTrack reported that in December store traffic was still down over 30% from the previous year. 2021 holds a great deal of uncertainty, but what is certain is that it won’t look or feel like any year before. Overview: Digital transformation is reshaping entire segments and industries: communications, retail, and, increasingly, health care, medicine, agriculture, and manufacturing. Of course, we’ll continue to buy and wear clothes, but we’re unlikely to see brands and merchants dictate new worldwide trends like before. 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. The MarketWatch News Department was not involved in the creation of this content. The era of inventory-led retail is ending, and the shift toward brands and the customer experience is emerging. Here’s What The Board Should Be Shopping For, If You’re Tired Of Your Decor, Consider The Bold Style Of Balenciaga Collaborator Crosby Studios, ‘Sex And The City’ Returns: Can The Show Known For Fashion Help Boost Retail, Marc Lore, Who Engineered Walmart’s Digital Transformation, To Step Down, Holiday Sales Hit $876 Billion: By The Numbers. There are over 1 million retail establishments across the United States, and retail sales have grown almost 4 percent annually since 2010. Omnichannel Challenges & Solutions: Retail Digital Transformation. That’s why technologies like visual search and social shopping are going to skyrocket. But the retail market is starting to face serious disruption. 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. The Retail Indicators Branch of the U.S. Census Bureau reports that April 2020 saw the sharpest one-month drop in retail sales on record. A Mix of Reality and Virtual on the Spatial Web. From a platform standpoint, Instagram and Pinterest have helped pioneer social shopping, but I also see more and more integration opportunities for bigger retail platforms both brick and mortar and virtual. More than three dozen apparel retailers, including Neiman Marcus, J.C. Penney, Ascena Retail Group, Tailored Brands, J. 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’m the Chief Commerce Strategy Officer at. I explore all things Digital Transformation. Hidden in the top-line averages was how different retail sales looked after April. Gone are the days when consumers choose their styles from glossy magazines reporting on the latest trends from the Paris fashion shows, and when merchant princes could win fame and fortune through their unique edits of merchandise assortments. Will New Hire From Chanel Enhance L’Occitane’s Asian Prospects? It’s all retail. The digital trend can also be seen in traffic to retailers’ websites. These were the words that misconduct the usefulness of the AR technology that clearly seems to rule in digital transformation in retail 2020. A new decade is dawning and the pace of change continues to accelerate as we race head on into 2020. 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