2020 is regarded to be the year when retail fights back to deliver the visions and plans of this year.
FREMONT, CA: It is essential for the management of a store to be able to estimate the number of products that a retail store is going to sell in the future, which will enable the owners of these stores to prepare the inventory that they will require.
The consumer demand and expectation does not fall short to intrigue, and there is no other area as acute as delivery. The times of 48 hours and next day delivery will be gone soon, as we move forward in the era of one-hour fulfillment. Demand management, inventory management, and RFID are the indicators of this era and will turn out to be the key areas of investments, all driven by AI and machine learning.
The retail industry does a poor job of attracting new talent; most of the school-leavers and graduates see it as a fill-in job while they decide on a 'proper' career. The reality is that retailers need to take the lead. The check-out skills can be less in demand, but if the candidate is a data nerd or an analytics expert, retail could be a perfect place to exercise the skills.
Smartphones have engulfed over 50 percent of the e-commerce market and will continue to increase as 5G comes on stream. There might be those who counsel that everyone should start wearing tinfoil hats to ward off the harmful free radicals for the scanner ones 5G will transform the shopping experience.
Getting irritated by emails and feeling ambushed by the ads is very common. As retailers are getting aware of the power of AI, a rise in personal personalization will be seen.
The role of the stores is changing and will continue to happen, but instead of delivering better experiences, the other trend that might gain popularity will be 'stores as media'. Some of which are doing this very effectively by doing brand immersion via various types of events, utilizing the store as the focal point for the engagement.