Innovation in Retail - what's going to lead?
There's no question that technology is moving at an incredible speed, and with it, we're witnessing changes in most sectors of our everyday life. From healthcare to banking and from transportation to shopping, consumers are experiencing how technology is disrupting their daily tasks.
Let's zoom in on retail for example. Certainly, it's an area that has been completely transformed. If smart advancements continue to develop at this speed, in a few years time we'll be experiencing unimaginable innovation. Do you ever stop to think about your shopping experiences or how they will look like in 10 years?
If you remember your last purchase, you probably have an idea of where this transformation is headed. Let's explore some examples of retail innovation and what's going to lead.
Retail: Same-day Delivery
It seems as though online shopping will be highly affected by the delivery time. According to an infographic by Invesp, 56% of online consumers aged 18-34 expect same day delivery and as many as 61% of consumers are willing to pay more for same day delivery.
Amazon Prime seems to be stepping up to this game, and with time, we've seen some ecommerce giants like Target and others, following suit. There are rumors of delivery after two hours from some retailers.
It's getting clear that immediacy is a highly valued characteristic for consumers who shop online. Moving into the future, it will be nice to see how innovative these practices get.
Easier Check Out
With the increasing amount of purchases made using a mobile device, some retailers are cashing out on making it simpler for customers to make their payments. The technology of Face ID, made widely known by Apple's iPhone X, has taken retailers to a new level.
Amazon also pitches in with their no-check out stores, Amazon Go. The customer experience is focusing on convenience and time-saving, and it is being achieved thanks to applications of Artificial Intelligence and Machine Learning.
Robots in Retail
Recently, the chain of US hypermarkets, Walmart, announced the incorporation of robots to help fulfill grocery pickup-up orders within it stores. This move towards automation is expected to make it for a more efficient retail experience.
But that's not the only use of robots in retail. Robots can also help find and sell items and even pack them for shipping. And a super innovative use of the technology, is helping to track inventory from the shelves.
Undoubtedly, change is already happening and we may not have to wait 10 years to see it. The is indeed a "New Retail" as Alibaba explains on the following video.
Technology is unstoppable and we certainly look forward to even more applications of it within ecommerce and retail.