From smart mirrors to one-day delivery, top retail trends that will rule in 2020
Experts share their predictions for the year and why change is the only constant in the retail industry
The retail ecosystem, offering buyers the comfort of having products delivered to their doorsteps and frequent online season sales, has turned the tables for the e-commerce sector quite significantly. Furthermore, with the increasing affordability of smartphones and cheaper data prices in the country, the mobile is the most obvious channel for eCommerce companies when it comes to consumer outreach. With mobile phones becoming ‘the medium’ and the availability of different payment methods, from online to cash-on-delivery, shopping has become a virtual experience for the millennial population.
While consumers seem confident about their choices, they have also become quite picky with the huge variety and the new trends in the retail industry. It is believed that retail businesses are going to be big in 2020!
Exchange4media spoke to experts for their take on the emerging trends of the retail industry in 2020 and what retailers can do to make the best out of them.
Already the world's sixth-largest economy, we are also set to have the youngest population by 2020. In tandem with the population growth, consumer spending is on the rise in India, which is expected to grow to $3.6 trillion by next year – four times what it was a decade earlier, according to the India Brand Equity Foundation.
“With the fundamentals of the stores already changing, emerging technology is affecting the overall shopping experience,” asserted Prasad Shejale, Founder and CEO, Logicserve Digital.
He believes that Personalization; Ultra-convenience; Social Commerce-Marketing products via inspirational blogs, celebrity engagement posts, etc.; and Smart Mirrors equipped with AI and VR are going to be the four leading trends that will rule the industry in 2020.
“We will also start observing massive changes in the traditional retail industry in the coming years. Shopping stores will be like websites and websites will be more like stores,” he added.
Mr Vishnu Gullipalli, CEO and Solution Advisor, Retail Insights, thinks that Unified Commerce, API-Driven Commerce Architecture, Direct-to-Consumer and Visual Search will be the leading trends in the retail industry.
“When it comes to online shopping, it seems like customer expectations for shipping times are only growing. First came the two-day delivery with the rise of Amazon Prime, then next-day. But in the age of instant gratification, shoppers want their orders ASAP. So we can expect same-day delivery soon,” he added.
Mr Deva Jyotula, Head of Retail at Kalpataru Limited said, "The Indian retail sector is undergoing a transformation and the emerging pattern is witnessing a drastic change."
When asked about dealing with changing dynamics of the retail industry, Jyotula said that at Kalpataru, they ensure studying the changing trends in-depth and strategise accordingly.
“While the retail industry witnesses new trends, marketers need to make sure that they go hand in hand with the technology and are not left behind. While doing so, it becomes crucial to work on improvising loyalty and best customer experience,” added Jyotula.
Sameer Makani, Co-founder and Managing Director of Makani Creatives, believes that the retail sector will witness a seismic shift in 2020. “Traditional retailers would have to find newer ways to reach modern consumers,” he adds.
Makani thinks that retailers need to create disruptive strategies that will help them stay relevant in this e-commerce driven age.
“The recent news of Big Bazaar getting listed on Amazon India will open new avenues for retail marketers, and shoppers can expect more agility and efficiency from the retailers,” he stated.
This partnership, said Makani, will provide new horizons to flagship retail stores across the country and enhance the overall buying experience for the shoppers.
Moreover, experts believe that change is the only constant, and retailers who can adapt, innovate and challenge are likely to thrive in this competitive environment.For more updates, be socially connected with us on
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