Three Key Technology Trends Retailers Must Embrace

I have been talking about the need for retailers to embrace technology for some time now and every year this becomes even more essential. With the rapid advances in technology, every retailer has to be across these innovations just to stay competitive.

Three trends that have been around a little while, are now becoming even more in demand as shoppers look at ways to make their various shopping experiences easier. With all of us being even more time poor, shoppers are looking to retailers who make the experience seamless and easy.

Here are three trends that will become even more of a focus this year:

1) There is no such thing as omnichannel anymore, shoppers want to be able to view products and purchase, whatever channel they are on. Retailers have to make this absolutely seamless or run the high risk of losing that customer to a competitor who does it better. Recent research from Forbes, found that retailers using three or more channels are seeing a nearly 500% higher order rate compared to those using a single channel.

2) There is a massive growing trend for shoppers to get involved in livestream shopping events. Profits from livestream shopping in the US is predicted to reach $26 billion in 2023, a massive $9 billion increase on 2022. Livestream shopping requires retailers to leverage their existing presence on social media platforms as this is where the majority of live shopping takes place.

3) Personalisation needs to move to the next level, far beyond just displaying customers’ names in emails and text messages. Personalisation is about profiling shoppers using search history and based on their preferences, which could include age, location, likes, dislikes, etc. A survey way back in 2017 by Epsilon, found that 80% of consumers are more likely to buy from a company that provides a personalised experience.

The stakes are much higher now as retailers adopt technology at different rates. It is a given though, that consumers are demanding more and more to ease their shopping experience.

Roger Simpson – CEO, The Retail Solution and Author of “The Ultimate Retail Sales Experience” With over 35 years’ industry experience, Roger Simpson is recognized as Australia’s #1 Authority on customer ROI in the retail industry and as a global expert on staff coaching, customer service, and selling skills.