The effects of the pandemic will likely be felt for much of the coming year, resulting in an acceleration of the retail trends listed in this article.
Without further ado, let’s discover the 5 retail trend predictions that will mark 2021.
Growing automation in retail
Artificial intelligence and machine learning are no longer the stuff of science fiction. According to a study conducted by IDC, the retail sector has generated more than €5.9 billion in investments for artificial intelligence systems , with an estimated spending of $15.3 billion by 2025.
By analyzing sales data to better inform demand forecasting and inventory management, AI could revolutionize retailer workflows in 2021 and beyond.
Leading retailers like H&M are already using artificial intelligence to more accurately predict demand for their products, enabling a more efficient supply chain with less waste – a particularly pressing problem in the apparel industry.
Whether they are mid-sized or not, retailers with the advantage of having a mass of data at their disposal will be able to benefit from this investment in artificial intelligence. Retailers migrating to more germany whatsapp number advanced customer analysis and profiling tools in order to collect the data necessary for the proper functioning of artificial intelligence will be the big winners in this industry.
Inventory control and supply chain management aren't the only areas where artificial intelligence can help.
Retailers with an online store can use artificial intelligence through:
Chatbots : The use of chatbots allows for further personalization of online customer relations. These automated assistants use machine learning to answer frequently asked questions, collect customer data, and act as an intermediary between users and customer service.
Personalized product recommendations : Chatbots can help drive online sales with personalized product recommendations based on users' purchase history, and reduce cart abandonment with automated reminders.
Apps like Webotit and Heyday already provide online retailers with powerful chatbot integrations through conversational artificial intelligence.
Many retailers that have recently joined the eCommerce space are expected to increasingly turn to artificial intelligence and machine learning in 2021 to boost sales and improve customer satisfaction.
The rise of omnichannel
2020 was the year of omnichannel retail , but it’s nothing new. A 2017 Harvard Business Review study found that 73% of consumers use multiple channels to make purchases .
With the global pandemic and store closures or restrictions, retailers have had to pivot to online commerce . In 2021, this trend is likely to continue as retailers work to reconcile their online and physical presence.