Retail Industry Trends and Technology to Look Out For – American Express
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Published: February 01, 2024
Find out how technological trends and factors can affect the retail industry market. Start learning the advantages of technology in retail now.
Over the last several years, technology has impacted every aspect of the retail industry. As more brick-and-mortar stores and e-commerce sites evolve into omnichannel operations, it’s become critical to use technology to engage customers at every touchpoint, from awareness to purchase. New trends, such as contactless palm-print payment systems based on biometrics and AI-driven customer engagement tools like chatbots, are no longer relegated to the far-off future; for many retailers, they’ve become integral to staying competitive in 21st-century retail.
Technology also factors into “behind-the-scenes” business operations. For instance, inventory and order management software both use big data analytics to gain real-time visibility into stock levels and potential supply chain disruptions, allowing retailers to react instantly. Digital technology in retail can also facilitate marketing campaigns, aid in staff productivity, and automate tasks including customer service, purchasing, payment processing, and billing.
Retail businesses that stay abreast of modern technology, as well as customers’ changing shopping patterns, may strategically outpace competitors. Here’s a look at current retail industry trends and the tech shaping them.
There’s no question that e-commerce has increasingly become ingrained in everyday shopping habits. According to a Pew Research analysis, which surveyed 6,034 adults in the U.S. in the summer of 2022, roughly half (49%) of Americans ages 30 to 49 report making purchases online, at least weekly, using a smartphone, with 38% of those aged 18-29 doing the same.
But online commerce isn’t necessarily pitted against in-store shopping. In its annual 2023 forecast, the National Retail Federation (NRF) acknowledged that while shoppers continue to embrace the convenience of e-retail, the physical store figures prominently in the fulfillment process. Notably, the NRF found that brick-and-mortar is still the go-to point of purchase for 70% of sales.
And the urge to buy isn’t going anywhere: As per Statista data from September 2023, total retail sales (including e-commerce sales) are projected to reach 7.9 trillion U.S. dollars in 2026 – an increase from about 6.6 trillion dollars in 2021.
While sales remain robust, small- and medium-sized stores are facing the following challenges.
By incorporating digital technology across all channels, businesses can provide a friction-free shopping experience – and better position themselves to meet the future head-on. Here are some tech trends to look out for:
Innovations in retail technology can enable dynamic decision-making and a smooth purchasing journey. Whether implementing digital innovations in-store, or using e-commerce tools to contact customers through online sites, flash sales, social platforms, and mobile devices, companies may see the following benefits:
As retail continues to evolve, businesses are connecting with customers across all channels, including online, brick-and-mortar, social platforms, apps, and mobile devices. Early adopters that create a seamless experience, engaging customers through technology trends like livestream shopping events, virtual product sampling, and curated product recommendations may be better positioned to win brand loyalty. Using automated tools, they can efficiently manage inventory and supply chain snafus, mitigate labor shortages, and update product offerings based on consumer trends.
Photo: Getty Images
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© 2024 American Express. All rights reserved
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
View All Business Cards
Compare Cards
For Startups
For Large Companies
International Payments
Employee Spending
Vendor Payments
Automated Payments
View All Payment Solutions
Insights and Inspiration to Help Grow Your Business
Cash Flow
Financing
Marketing & Sales
Customer Relations
Digital Tools
Social Media Strategy
Hiring & HR
Company Culture
Leadership
Productivity
Strategy
Growth Opportunities
Research
Operations
Industry Insights
Advertisement
Published: February 01, 2024
Find out how technological trends and factors can affect the retail industry market. Start learning the advantages of technology in retail now.
Over the last several years, technology has impacted every aspect of the retail industry. As more brick-and-mortar stores and e-commerce sites evolve into omnichannel operations, it’s become critical to use technology to engage customers at every touchpoint, from awareness to purchase. New trends, such as contactless palm-print payment systems based on biometrics and AI-driven customer engagement tools like chatbots, are no longer relegated to the far-off future; for many retailers, they’ve become integral to staying competitive in 21st-century retail.
Technology also factors into “behind-the-scenes” business operations. For instance, inventory and order management software both use big data analytics to gain real-time visibility into stock levels and potential supply chain disruptions, allowing retailers to react instantly. Digital technology in retail can also facilitate marketing campaigns, aid in staff productivity, and automate tasks including customer service, purchasing, payment processing, and billing.
Retail businesses that stay abreast of modern technology, as well as customers’ changing shopping patterns, may strategically outpace competitors. Here’s a look at current retail industry trends and the tech shaping them.
There’s no question that e-commerce has increasingly become ingrained in everyday shopping habits. According to a Pew Research analysis, which surveyed 6,034 adults in the U.S. in the summer of 2022, roughly half (49%) of Americans ages 30 to 49 report making purchases online, at least weekly, using a smartphone, with 38% of those aged 18-29 doing the same.
But online commerce isn’t necessarily pitted against in-store shopping. In its annual 2023 forecast, the National Retail Federation (NRF) acknowledged that while shoppers continue to embrace the convenience of e-retail, the physical store figures prominently in the fulfillment process. Notably, the NRF found that brick-and-mortar is still the go-to point of purchase for 70% of sales.
And the urge to buy isn’t going anywhere: As per Statista data from September 2023, total retail sales (including e-commerce sales) are projected to reach 7.9 trillion U.S. dollars in 2026 – an increase from about 6.6 trillion dollars in 2021.
While sales remain robust, small- and medium-sized stores are facing the following challenges.
By incorporating digital technology across all channels, businesses can provide a friction-free shopping experience – and better position themselves to meet the future head-on. Here are some tech trends to look out for:
Innovations in retail technology can enable dynamic decision-making and a smooth purchasing journey. Whether implementing digital innovations in-store, or using e-commerce tools to contact customers through online sites, flash sales, social platforms, and mobile devices, companies may see the following benefits:
As retail continues to evolve, businesses are connecting with customers across all channels, including online, brick-and-mortar, social platforms, apps, and mobile devices. Early adopters that create a seamless experience, engaging customers through technology trends like livestream shopping events, virtual product sampling, and curated product recommendations may be better positioned to win brand loyalty. Using automated tools, they can efficiently manage inventory and supply chain snafus, mitigate labor shortages, and update product offerings based on consumer trends.
Photo: Getty Images
All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. Please review.
© 2024 American Express. All rights reserved
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
