Retail Industry and Business Trends in 2018

From the more refined use of manpower to technology taking center stage – retail is poised to witness bolder changes in the second quarter of 2018 and beyond. As far as retail is concerned, the recent years have been all about successfully battling skepticism to continue their (i.e. the retailers’) quest for memorable shopping experiences. Thus, we have more retail centers re-organizing themselves as consumer hubs for education, entertainment, and fitness. Traditional shopping continues to enjoy equal prominence as well. Documented below are the top trends shaping the future of the retail industry.

The Rise of Retail Software
Here is where the influence of technology manifests itself most strongly. Gone are the days when retailers relied on traditional cash registers to find that their tallies were not matching their inventories. The integration of the point of sale retail software programs implies zero unrecorded sales, more efficient customer transactions and streamlined business operations. It has been predicted that by the end of 2019, 71% of businesses will make a shift towards a unified commerce platform. The rise of mobile POS is an indisputable truth with more than 84% of the businesses set to use it within three years.

Artificial Intelligence
It’s between 2018 and 2020 that around 45% of the retailers are eventually going to rely on AI technology to analyze factors affecting purchasing decisions. Video feeds, for example, will be one of those tools that will help them assess store performance by showing them the number of bags carried by shoppers.

Personalization
Personalization will actually go beyond just putting someone’s name in a business e-mail. Beyond 2018, it will be all about customizing products to the last detail. For instance, when shoppers are not investing in regular products (like groceries), they might want to access items that comply with their lifestyle or are completely unique – or be backed by both the qualities.