The digital age has impacted every industry, but the retail industry has experienced more challenges than most. There are more and more stories of bankruptcy, store closures and job losses, not just on the high street but across the Atlantic as well.
Does this mean the end of retail businesses as we know them? Industry experts say ‘no’. Rather, businesses ability to embrace new trends will determine their success. The following 5 themes reveal the challenges the retail sector faces this year and in years to come:
- Emerging Technologies – Augmented reality is expected to become more and more sophisticated. Consider IKEA’s Place app, which allows consumers to see how different IKEA products look in their home. Voice-driven shopping is also expected to go mainstream this year. More and more retailers will be exploring new ways to keep better tabs on inventory, improve customer experiences and connect with shoppers.