The retail industry has undergone a significant transformation over the past decade, and it continues to evolve quickly. Retailers must watch these 3 trends that can change the face of the retail industry in the coming years.
FREMONT, CA: Technology is changing the way every industry does business by helping to create efficiencies, save money, and offer better products and services. As the ecommerce platform evolves, the customer expectations of getting what they want, when they want, to how they want will continue to increase and further challenge the brands in 2020 and the coming years.
E-commerce ecosystems are complicated and, with heightened consumer expectations around delivery options and experience, the interchange of data and the required connectivity is increasing exponentially between the different players involved, such as marketplaces, payments, logistics providers, and carriers. This has and will only continue to require more real-time data than ever before, including the analytics that can help companies make meaningful sense of the data and inform decision making to drive ongoing success.
While some may fear that automation and robotics will replace humans altogether, the opposite is actually exact, at least for the near future. Instead, the application of these types of technologies in the supply chain will frequently help companies improve productivity. While the up-front cost of some types of these technologies might deter early adoption, the potential cost savings can benefit the bottom line. This can also be treated as an incremental journey, starting with automating single processes like packing machines and conveyor belts, and gradually moving up to more automated picking processes with robotics systems.
Enhancing the marketplace
The growth in e-commerce marketplace platforms has given way to new opportunities for both domestic and international sales. More brands are looking to join in, with the overall market predicted to reach $40.1 billion in revenue by 2022. Also, more and more merchants are taking the opportunity to sell on these channels.
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