AI holds the key: New emerging technologies such as Artificial Intelligence (AI), Machine Learning (ML), Augmented Reality (AR) and Virtual Reality (VR) will be crucial to shape new retail models across functions. Virtual trial rooms, touchless in-store shopping, and personalized digital communication are the new areas to explore. Interactive live streaming will deliver required experiences for high fashion and automobile commerce. Similarly, content led commerce will be the new way, influencers and stores associates will create content and use AR to deliver commerce.
New Era of Partnership: Retailers and technology providers need to work as partners now. Technology is helping retailers in maturing their shared service models allowing them to broaden their customer and geographic reach and provide greater value and insight to internal customers.
All retailers across the globe are trying to know their customers better, thereby coming out with specific personalised marketing campaigns and promotions. Targeted campaigns on social platforms and on apps are now trending, spends on media ads are slowly being curtailed and the marketing rule books are being re-written.