Future of retail
In the near term brick and mortar retail will suffer
Retail
In the near term brick and mortar retail will suffer
Pandemic has revived omnichannel retail, as 43% of the people shifted to buying online. Last year experts predicted the death of omnichannel.
Shopify published six long term trends for the retail.
Social selling via video will increase as customers spend 1/3rd of their time online watching videos. Also, 85% of the customers are likely to buy a product, if they have washed the video about the product.
Online to offline will become bigger as technology can verify the consumer journey leading to offline sales. They key is to influence customers, where they are.
Community building will help brands, as social distancing and online shopping will not allow customers to interact with the brands as often.
Online data is good for offline selling, as customers prefers using various channels before purchasing products. Brands will use this approach to develop products and increase conversions.
Shoppable videos will catch on as more brands will list down the products in the videos. Brands such as Outdoor Voices are already using shoppable videos.
Touchless and contactless transaction will multiply as brands and technologies emerge for delivery and logistics, point of purchase, pickup options and social distancing protocols.