04.11.18 -- 4 Trends Shaping The Transformation Of Retail

Retail is rapidly being redefined. With the swift pace of disruption occurring right now, winning retailers are looking to outpace the competition and adopt strategies that position them for success as customer expectations and technology continue to evolve. The following key trends are shaping future strategies and tactics to survive, adapt, and win.

Funding continues to flow into upstart brands and new retail concepts driven by Amazon and other innovators, creating both a lot of noise and opportunity. To stand out and succeed, retail merchandisers need to move fast, use their data, and think like a disruptor.

While emerging technologies such as augmented and virtual reality, chatbots, and drones get a lot of media attention for how they're going to disrupt the retail industry, it's more basic solutions like marketing automation software, video, and mobile websites that currently have retailers' attention. The theory that you have to learn to walk before you can run certainly applies to the retail executives that participated in Total Retail's survey on technology trends and buying behaviors.

In the apparel industry, distribution to multiple destinations has to be precise and fast. The customers of a famous clothing manufacturer in Japan asked their department stores and wholesalers to examine their logistics management to try and improve accuracy and the speed of deliveries.

Retailers face daunting and complex challenges with regard to their omni-channel supply chains. There are countless reasons why retailers can't go it alone. Compliance Networks' Greg Holder spoke with Retail Supply Chain Insights about how to overcome the challenges facing omni-channel supply chains and vendor compliance optimization programs.

At a time when more consumers are carrying less cash, and plastic payment has taken a step back in convenience with the launch of chip-and-pin transactions, mobile payment offerings are a smart way for retailers to provide a better way to allow customers to pay, and to increase the customer experience at the same time.

Mobile POS platforms are bringing new levels of convenience and flexibility to retail. Now, a sales associate at a small boutique doesn't have to be stuck at the checkout for the duration of a shift. Thanks to wireless connections, that associate can help a customer complete a transaction anywhere in the store with a tablet or smartphone.