Thank you for Subscribing to Apac CIO Outlook Weekly Brief
Innovative Retail Trends to Watch In 2019
The evolution of e-commerce and digital landscape made consumers intelligent, having ideas on what they expect from online shopping, retailers, suppliers, and all other trading partners. It is a prominent question that who is setting the standard for consumer expectations. It is retailers, suppliers, distributors and logistics firms, the biggest factors impacting consumers' buying decisions. The e-commerce obsessed retail predictions include
Paid Retail Membership Programs
They are initiatives sponsored by retailers that provide benefits to identified customers. The customer membership programs involve registering consumers and optionally charging them to receive free rewards. Additional revenue is the compelling reason for retailers to consider paid membership. A small percentage of members opt to pay could add a significant amount of money to program's operating budget. This allows retailers to provide more benefit to their best customers ensuring members engagement with the program and brand. It also helps retailers to stay high in the consumers' consideration. This kind of a loyalty program makes customers committee to a particular brand and engage more regularly.
The Rise of Community-oriented Experience
Building a relationship is essential for retailers. A community based retailing can be the right vision, which can provide tangible value that keeps customers in stores longer, bring them back, and propagating brand story through word of mouth referrals. Majority of global consumers trust recommendations and it amplifies the sale. Building a community also takes a physical space, the right cause and dedication of the entire team. Retailers are moving forward with creating a community around their brand by being authentic, extending beyond storefront, hosting community events, and using social media platforms.
Smart Convenient Stores
Convenience stores can automatically identify the type and quantity of products at the self-service checkout. Vending machines through cameras, computer vision, and autonomous technology can offer an efficient, frictionless experience for consumers at a lower cost.