The massive upswing in online sales due to Covid, literally fast forwarded this transition by years. Does this spell the end of traditional stores? Well, no, but it will spell the end for retailers who don’t adapt. Here are some of the innovations that are already happening:
1. Augmented reality so customers can actually ‘try on’ clothes and other amazing customer experiences.
2. Drone deliveries are becoming quite common and will only increase.
3. Artificial intelligence to boost customer loyalty and improve logistics.
4. 3D printing, so customers can purchase products on demand.
5. Facial recognition, allowing team members to immediately identify customers and offer even more personalised service.
And these are only the tip of the iceberg, many more disruptive innovations will follow. Retail is going to be one of the most disrupted industries over the next few years and only those that adapt will remain.
In this interview with the ABC’s Paul Turton, we discuss how retailers can embrace the rapidly changing world of retail.