What will Retail Look Like in 2025
What will Retail Look Like in 2025
As technology continues its unrelenting encroachment into our lives, the retail industry is not left out in the revolutionizing effects of advancing tech. The retail of the future is already taking shape and will be driven mainly by unparalleled customer insights, AI, and the Internet of Things.
Even now, the retail experience is already changing from what it was 20 years ago. Nowadays, an increasing number of retail transactions take place over the internet. Retailers are continuously fine-tuning their operations to be as easy and stress-free to the customer as possible. All this is made possible by the advancements in big data and powerful customer preference gathering tools. The retail of 2025 will rely heavily on customer profiling for loss prevention, increased awareness and higher profitability. In the future, shops will be able to know beforehand what customers need, and digital screens will display the specific items relevant to the customers once they enter the shop. In the retail of the future, customers won’t need to search endlessly for items as retail sites will have so much information about their interests to display items of their desire.
The retail of the future will likely see payments go fully automatic. Rather than checking out your items, customers would be able to pay with non-physical methods such as an iris scan payment system. Customers will also be able to try out things before buying through Virtual Reality and Augmented Reality.
Who Will Be the Winners and Losers
The retail of the future belongs to retailers who are already moving from physical shopping to virtual shopping. Everything will depend mainly on the ability of retailers to gather information about customer preferences and tailor a personalized shopping experience for every customer. Virtual reality will enable customers to check and try out different items without leaving the comfort of their bedrooms. So you want to buy a car? Step into it using Augmented Reality or Virtual Reality. Retailers that are still stuck in the old paradigm of physical shopping where customers have to search endlessly for the right items will likely lose big time in the future. Many people hate to shop, and the ability of retailers to make the experience enjoyable and fun may be the difference between the winners and losers. However, the role of technology in these changes is constant. The retail of the future belongs to the tech-savvy retailer.
How Will These Changes Impact the Customer?
The changes that will happen in retail going forward will most likely have a positive impact on customers. There will be less time spent searching for items that match your interests as retailers will have access to customer profiles for an enhanced shopping experience. Because virtual reality will feature heavily on the retail of the future, customers won’t have to waste time physically trying out items they want to buy as they will be able to do that virtually. Payment will also be more secure, and the overall shopping experience will be less stressful and more fun for the customer. However, we hope retailers won’t use customer profiling to induce impulsive buying behavior in customers.
The future of retail belongs to the innovative and forward-looking retailers, and the time for action is now. Loss Prevention Academy is a leading provider of online retail training for retail loss prevention and retail profit protection. They provide world-class online training to position your retail business for success in the future.
August 20, 2018
April 19, 2018