3. Virtual shopping
Product’s contextualisation is a key driver for customer purchasing decision “You have a chance to be first,” said Joel Mitch president of global digital agency “There’s definitely a first-mover advantage here.” Augmented and virtual reality move a lever with customer experience like never before and also allow for experimentation.
Customers know that retail is about touching, feeling, seeing and customizing a product before thinking of trying it or buying it. To meet ever more demanding customers’ requirements, retailers are integrating disruptive technology to provide immediate, intuitive, and individual solutions even if customers are online. This is what Threekit showed off in the NRF2019 Innovation Lab: a 3D visualization platform allowing to visualize instantaneously a product, a coffee machine in the environment of our choice. They claim conversion rate of their customers increased from 2.4% to 4% with one client of ThreeKit.
In the same direction, Perfitly, a AR/VR solution based in New York allows customers to see themselves dressed in the clothes of their choices to decide their purchases.
4. Artificial Intelligence & Automation
AI is everywhere, in every business dimension “We’re seeing that our AI product recommendations are driving 26 percent of revenue on our brands and retailers’ storefronts” Michele Davolos, Salesforce’s director of product marketing for Commerce Cloud.
It is a sure thing that AI is overwhelming the retail industry landscape in many of its dimension. According to a joint survey of 1900 retail executives by NRF and IBM released at the show, 51% of retailers are using AI to strengthen customer intelligence, 48% are using it for demand forecasting, and 38% are using it for product pricing and promotion. in multiple facets of their operations. From IoT to voice, robotics or virtual/augmented reality, AI and intelligent automation are key elements to make the customer relationship seamless and augment human capabilities. As Zulily, an online retailer using automation and machine learning daily to drive personalization and pricing, numbers of stores are using it every day to drive sales success and customer experience.
Seamless experience is more than ever a necessity
“Omnichannel is no longer an option, it is an imperative for today’s retailers.” Brendan Witcher, VP principal analyst Forrester research.
“Even with things like buy online, pick up in store or endless aisle, there are very few retailers that have fully implemented them yet,”. “As consumers continue to expect these solutions, retailers need to continue to invest in them.” Sucharita Kodali, VP of Forrester Research at NRF:
According to a recent study conducted by Applause, specialized in digital solution, and revealed during the show, 78% of retailers admit they don’t provide a single brand experience across all channels.Whether it is on their phones, online, onsite or in their living room with voice assistant, consumer needs to feel free about the way they interact with a brand. As a consequence, retailers need to be accessible whatever the communication channel. With Amazon pop-ups, Amazon Echo or Amazon.com Amazon strategy to provide seamless omnichannel experience to its customer is strengthening days after day.