Everyone wants to be able to predict the future. The benefits of informed foresight would be incomprehensible, especially when it comes to structuring decisions based on personal and professional perspectives. By way of perspective, imagine if retail businesses had been able to prepare for what has happened over the past couple of years…
To try and get a glimpse of the future, we asked some of the speakers at the next Online Retailer Conference & Expo on the trends we will see emerge and continue to grow in the retail space. The event taking place July 20-21 at Sydney’s ICC brings together the country’s top retailers and top retail experts covering all critical topics affecting retail, including what the future of retail.
The recent Deloitte 2022 Retail Industry Outlook identified three key trend areas for the future of retail, namely workforce reinvention (voice commerce, unstaffed cashiers, selling digital goods), resilience supply chain and an ongoing digital revolution, merging digital and physical experiences.
And the ability to predict the future and adapt your business strategy to that future is critical to business survival. Futurist Rocky Scopelitti says “What we now know is that the success of organizations no longer depends on access to scarce resources, markets or innovations, but rather on their ability to adapt. In a context of “seismic” technological innovations induced by the 4th industrial revolution, the survival of companies will depend on their ability to adapt to a rapidly changing world.
From the metaverse to increased automation and 3D digital environments to a continued rise in the conscious consumer and greater digital personalization, these are some of the things we will see emerge and evolve in this brave new world of consumer commerce. detail.
Starting with Rocky who identified some major predictions for the future:
“Australia 2030 research sought to understand what Australian professionals think about predictions for the coming decade. These relate to a range of technological and scientific developments that will have the greatest impact on innovating and/or disrupting Australia, our personal, professional and family lives and the world over the next 10 years. These predictions were based on the speed, scale and impact of developments associated with the 4th Industrial Revolution centered on the augmentation of our digital, physical, biological and environmental worlds. The two relevant predictions for the retail sector are:
- Our digital world is becoming decentralized and more widely distributed as our computing capacity, automation, connectivity and speed increase through technologies such as quantum computing; blockchain; Internet of things and 5G mobile networks.
- Our physical world is becoming intelligent and interactive, as cities are becoming smarter, vehicles are becoming autonomous and independently coordinated, factories are becoming automated and robotic through technologies such as artificial intelligence, robotics, autonomous vehicles, 3D printing and additive manufacturing, augmented reality, robotics and advanced materials. Science.”
Priscilla Koukoui, co-founder of Power Women NFT reveals that the Metaverse is happening and retailers are already embracing it. According to Koukoui, “One of the key trends impacting retail is the future of online experiences, as more and more customer experiences will begin to take place in virtual 3D environments that mimic those in the world. real.
“Our ability to challenge normality was developed during COVID. I think retailers have shown resilience and creativity to keep selling, and understand the need to adapt to customer expectations of having a virtual online presence and thinking about “phygital” (physical and digital) experiences ). Gucci has a garden on Roblox. Nikeland is a Nike Metaverse space, where fans can mingle and have totally different brand experiences,” she continued.
Emma Lewisham of Lewisham Skincare says of another key trend, the conscious consumer: “I believe that to exist as a business in the 21st century you will be held ethically and environmentally responsible, both by consumers and by law. Sustainability, including circular economy principles, will no longer be a “nice to have”, but a required responsibility of all businesses to operate. We will continue to see the rise of the conscious consumer who I believe will be an even bigger driver of change than legislation.
Mark Staton, Kmart talked about omnichannel retail and consistent CX – “Customer expectations will continue to evolve and continue to expand. Formats will change and truly integrated omnichannel experiences will be much more reflective of customer wants and needs. It’s our big nut to crack.
Aje’s Samantha Law summarized the key trends saying, “We’ll see continued personalization and meaningful preference-based automation. We will continue to see a trend towards social media commerce and AI and the metaverse will again come into play with online retail. Creating a category brand and aligning offline and online retail pieces will also be key. »
To give you a glimpse of the future and learn how to prepare your business for this new 3.0 world, take tickets for the online retailer, where you can hear these speakers and more.
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