November 9, 2020
As the digital dimension keeps driving the industry forward into the new normality of an emerging customer, many players are using the twist to gain advantage through digital products and gamification of retail.
Our Digital Retail Trends examines how technology can help keep customers happy.
We bring to you the emerging business and technology trends, top innovators, and some of the world's best retail disruption products and stories in a weekly digest.
What’s new in the digital retail world
We barely survived 2020, now what? It has never been harder to predict the year ahead. It’s no surprise that the pandemic has transformed the way we shop—but the change has happened fast. Adobe Analytics predicts that 2020 will be a breaking year for e-commerce, with $189 billion being spent online during the holiday season (up 33% year over year). As it seems, 2021 will continue the digital trend. Read the 5 Digital Commerce 360’s predictions that we agree with 100% »
But, let’s not bury the physical shopping just yet. PYMNTS’ new report How We Shop: Winning The Digital-First Shopper, done in collaboration with PayPal, shows that consumers will be ready to come back to physical stores on the condition that retailers enable online payments, saved credit cards and other touchless options, orders and curbside pickups.
Fashion and apparel brands (finally) brought to rethink their supply chains. Still recovering from the biggest crisis in decades, fashion is looking into the future with new hope. What are the ways for the fashion industry to become more resilient, more agile and more sustainable in the years to come? RIS explores the 3 key trends that will shape the course of the industry in the years to come. According to Bain & Company’s research, more than 90% of US retailers and consumer goods companies plan investing in their supply chain networks to improve speed and agility.
In the midst of a vehement digital race, what do companies need to consider when making the rapid shift to digital? How to abandon old business models and transform into a technology and data-driven innovation leader? Retailers need to meet their customers on their digital playground, offering the unprecedented personalization as we as convenient payment and delivery options. “Companies committed to a future in retail are prepared to leverage data, machine learning, and AI technologies to keep up with changing business practices.” — read more on Business Reporter.
Three digital retail giants join forces to create the global luxury retail. Farfetch, Alibaba Group and Richemont will launch luxury shopping channels on Alibaba’s marketplaces, looking to bring “Luxury New Retail” to meet the rapidly growing demand for luxury products in China, via seamless integration of digital and physical experiences. Two platforms Farfetch and Alibaba will merge via a single integration thus allowing Farfetch to extend its reach to Alibaba’s 757 million consumers. — Read more on Alizila.
Need to build digital capabilities within your organization and immersive digital experiences that convert your customers? Follow Retail Reloaded. We'll help you understand which technology strategy works best for your organization.