Like every area of business, retail is changing fast online and offline. 2014 is going to see new technologies and approaches that will change the way we shop – here are my thoughts on what’s going to be big in the next 12 months.
1) Data – Data has revolutionised retail, from store cards in the real world to data-rich targeted marketing online. New data sources will come commonplace in 2014 which will enable retailers to serve you offers based on less tangible data than just your demographics. Analysis of your behaviour could tell a retailer if you’re on a diet or feeling unwell and so enable them to make product recommendations based on this information.
2) Content will remain king – Content has changed the way retailers interact with their customers online and when it’s used as part of the purchasing process it helps drive conversions. What will change in 2014 is the sort of content we’ll get – 3D animations and Augmented Reality tools will let you see products in your home or on your body.
3) Social shopping – Social shopping has been a buzzword for a long time, but better mobile devices will let you bring your friends to the shop without them being there physically. This virtual co-shopping will open up a range of creative marketing approaches.
4) Digital dominance – All retail transactions will be touched by at least one digital device during the buying process, allowing a new depth of cross-channel targeting by retailers.
5) Same day delivery – eBay’s acquisition of Shutl is an indicator of the move towards same day delivery by online retailers. Amazon’s next-day Prime service has already seen massive pickup and other retailers will move to exceed this model in 2014.
6) Data ownership – Increasing consumer awareness of the value of their own data and more transparency from retailers will result in more targeted and relevant offers being delivered.
7) Real time web – Websites will become truly dynamic, serving retail experiences in real time to shoppers based on their current behaviour, their location and even the weather. This personalised web will mean shoppers will each experience a truly individual shopping experience.
8) Decline in pure algorithms – For all of the technological advances we’ve seen in the retail space, humans will be the driving force of retail merchandising in 2014. When people start having access to the right, structured information they can make faster changes to their website in real time.
9) 3D printing – Its been talked about for years, but 2014 will be the year that domestic 3D printing really hits. Price points for simple 3D printers are already reaching pro-sumer levels and will only fall further. It will be some time before this starts to impact significantly on retail but, when it does, its going to be another retail revolution.
10) Online/offline convergence – Shopping missions are no longer single-channel, with customers researching, comparing and purchasing across stores and sites. Retailers are recognising this and building solutions at every stage of the value chain, from click and collect delivery models to cross-channel marketing initiatives.
By Graham Cooke, CEO of Qubit.
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