The new year is here, bringing trends and challenges that motivate us to rethink our goals, strategies, and actions. 2020 trends are already giving us a preview of what’s to come and what markets are likely to do.
In this article, we’d like to give you a preview of the predicted trends in two markets that definitively represent the greatest demand in all fields: retail and e-commerce.
Both markets have more in common than you would think; in fact, technological innovations are rapidly revolutionizing the sector at the same rate as the e-commerce and electronic marketplace.
Innovations are being implemented constantly which both sectors are using to find new strategies and resources like big data, virtual reality, and more.
Here are a few of the trends in each sector and market that will help you prepare to corner your market in 2020.
2020 retail sector trends: innovation at its finest
Innovations in this sector will continue from process automation to integrating AI into services.
During this year, we’ve seen great advances in retail supply chains that have been incorporating technology to improve different aspects like logistics, service, and a better shopping experience at retail outlets and online channels.
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If you want your retail business to achieve even better positioning and recognition, which will allow you to increase your sales, keep these trends in mind:
#1: Include more than one sales channel
Some retailers have made the mistake of having an online presence but treated it as if it were a different retailer. Streamline and standardize your brand concept. This unity is fundamental to attracting millennial consumers.
Both in online and offline channels, your business should look and feel the same, and the service that you offer should be similar both online and offline. This way, you’ll increase your brand recognition with your customers.
We’re starting to see how consumers are demanding standardized brand aesthetic and concepts across retail channels, and with this information, businesses can take action to make this standardization possible and increase sales.
#2: Improve the customer shopping experience
Although online shopping continues to grow, experts estimate that brick and mortar stores will continue being key for retailers. So, it’s imperative to improve your business’ consumer shopping experience both online and off by introducing new technology to allow the customer to shop at your store. The idea is to provide the client with an added value which allows them to remember their experience at your store.
Although without a doubt you’ll have to ensure good service, it’s no longer enough to train staff to provide excellent service. That’s where freelance consultants come in and provide necessary extra training so your staff can go above and beyond.
#3: New Technology
Just as you’ll need consultants or coaches to train your staff in the newest sales techniques, you’ll also want to count on IT freelancers who will help you seamlessly incorporate new technology into your business.
Here are some of the technologies that are predicted to a big impact in the retail sector in 2020:
- Big Data, to collect and process your customers’ information, allowing you to create loyalty campaigns and attract new clients
- Artificial Intelligence to automate processes allowing you to give suggestions and implement cross-sales techniques
- Virtual Reality and Augmented Reality software to give your clients the ability to experience products on a different level and make it easier for customers to decide to buy a product
According to Statista, the market value in the retail sector used for AR and VR is predicted to possibly reach $500 million.
This means you’ll need to implement strategies incorporating these 2020 technology trends, so your company is in your potential customers’ mind and is one of their options.
Get some extra support with freelancers who are specialized in working with this technology so you can set your company apart and give your customers the best experience in the retail market.
2020 Trends in the e-commerce sector
According to Gartner reports, 60% of electronic businesses will focus on implementing Artificial Intelligence and Marketing Automation with the goal of improving the user shopping experience.
A third of profits in the electronic market are predicted to be generated by Artificial Intelligence technology.
#1: Augmented Reality and Virtual Reality
Just like in retail, e-commerce uses technology allowing AR and VR implementation. In fact, according to the latest Gartner study, 100 million consumers are predicted to go shopping if assisted by this type of technology.
100,000,000 of these projected customers include online customers and customers making purchases and brick and mortar shops. This is because Augmented Reality in conjunction with Virtual Reality facilitates integrating products into the customers’ sphere.
This is how these technologies allow customers to almost physically touch products they want to buy and visualize using them in their lives.
Some companies using these Augmented Reality technologies are Sephora, IKEA, and Amazon.
#2: Machine Learning and Artificial Intelligence
Machine Learning and Artificial Intelligence are two of the most important 2020 trends in e-commerce.
Integrating these technologies will allow for a better user experience because it enables companies to identify and analyze user shopping habits and translate that information into strategy.
Now is the time to considering hiring a freelancer who’s an expert in these technologies to manage a controlled system based on obtained data or sensor data. Through machine learning, you can Access information that will generate more customers.
#3: Big data and personalized recommendations
According to studies conducted by various technology consultants working in the e-commerce sectors, 45% of customers prefer buying on a website or online store that makes personalized recommendations.
And of that 45% of clients, 56% would buy from the same online store with personalized recommendations.
Given these studies, we suggest you start off 2020 by incorporating features like a Wishlist, Your Collection, and other personalized touches that will allow your users to have a customized shopping experience. Hire an IT freelancer so you can implement this strategy for your ecommerce.
Now that you’ve gotten a sneak peek at the 2020 trends, you can answer the question “How do you prepare for the new year?” with confidence.
Now you have the information you need to improve business whether it’s in retail or e-commerce.
At Workana, we can help you by providing access to the best freelancers who can help you take action that will allow you to keep your business booming and keep up with the trends that we just described.
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