Top Retail Trends of 2017 Extended

We are in 2017 reaching a breaking point in the evolution of retail technology, where IoT is maturing at a faster gradient and beginning to impact the consumer journey in new ways both online and for brick-and-mortar stores.

This article was first published on Star Cloud Services, read the long version here.

Retail technology is featuring high on the list of what independent and local retailers can now do do to improve their in-store offers.

We provide mobile coupons, digital receipts and in the future customizable receipt promos with our unique cloud-connected printers.

As such, we're on the leading edge of the intersection of retail and the Internet of Things, with a unique ability to turn the paper and digital receipt into loyalty-marketing and monetizable advertising at the POS that produces ROI.

Retail is evolving now at an exponential rate following in the footsteps of machine intelligence, connected devices and new software integrations, that were previously not possible.

So what are the big retail trends in 2017 that independent retailers should know about?

NEW TRENDS IN RETAIL ARE SHAPING THE FUTURE OF SHOPPING

1. Provide Unique In-Store Experiences

As Vend POS mentions, in-store experiences are one of the major changes in retail which adapts itself to consumer preferences.

This requires new level of campaigns, creativity and events to attract customers to come to the store. The way small business retailers think about seasonal campaigns must shift.

2017 is seeing a new emphasis on creating in-store experiences that delight shoppers. New retail hacks the fact that the new consumer enjoys experiences and not only products. These can boost retail traffic and provides added value to the all important customer experience.

THE POS IS GETTING SMARTER WITH SOFTWARE AND MACHINE INTELLIGENCE

2. The Augmented Cloud and Mobile Point of Sale

For retailers, your favorite POS solutions are improving their partnerships and API integrations with ISVs (independent software vendors). Whether it's added loyalty features, analytics or improved management of employees - everything counts.

I believe these integrations, sometimes called "add-ons" is reaching a new stage of maturation in 2017. What we are seeing is a combination of better software, improved machine intelligence and greater emphasis on valuable partnerships in the POS space.

Before choosing a POS solution, therefore, it's wise to carefully review what integrations and apps are compatible with you preferred cloud and mobile POS.

BIG BOX DEPARTMENT STORES WERE DISRUPTED

3. Store Closures set Records in 2017

It's hard to dispute the first half of 2017 has already seen major spikes in retail big-chain store closures approaching (2008) recession levels. This is particularly interesting, since unemployment in the U.S. is at very low levels.

While this has resulted in the "Retail Apocalypse" meme that's trending; this is a natural consolidation that's taking place. However, it is resulting in a weaker than normal retail job market.

This article was first published on  Star Cloud Services , read the long version here .

RETAIL STRATEGIES ARE BEING ADAPTED FOR EMERGING CONSUMER PREFERENCES

4. Big-Box Retail Makeovers

Wal-mart is improving it's e-commerce and BOPIS offers (buy online pickup in store). Meanwhile, Macy's is becoming a discount store. We are seeing a lot of other retail chains are closing stores and optimizing their strategy for the new consumer.

OMNICHANNEL SHOWS STORES STILL RULE

5. Pure Play Extinction

As top e-retailers open up stores to do showrooming and for added brand awareness, pure play e-retailers are becoming less common.

As the divide between online and offline disappears, more e-retailers are opting to open up physical stores. Here is a list of some of the top e-retailers who have made the transition to physical stores as well.

SHOWROOMING IS COMPLEMENTING CONSUMER CHOICE

6. Showrooming Spikes

How retailers let their customers "try on" their product in-store, without have stock in-store is producing surprising conversion increases.

Therefore "showrooming" is becoming more mainstream now in retail verticals where it wasn't seen before such as apparel.

This amounts to the opposite of BOPIS, try in-store buy online (TISBO).

DATA AND ANALYTICS NOW A TOOL FOR ALL RETAILERS

7. Leverage Artificial Intelligence in Brick-and-Mortar Environments

The age of personalization moderated by machine intelligence is near.

Even brick-and-mortar retailers must now use tools to leverage customer analytics to their full advantage. Store sensors such as Dor technologies enable your POS to be smarter. The democratization of data affords even small business retailers to become "data natives" to offer their customers a better in-store experience.

As the internet of things (IoT) begins to become more salient to retail, artificial intelligence will become more ubiquitous. Customers are getting accustomed to algorithms recommending them products, and as predictive analytics evolves, greater levels of personalization will produce great results.

CONSUMER TECH AND ADVERTISING ITSELF IS CHANGING

8. Retail Storytelling on the Rise to Adapt to GenZ

The way retail brands tell their stories is changing, with the advent of younger millennial and GenZ shoppers who are video natives.

The way we see customer experience is adapting to the preferences of the next-gen of shoppers. A new emphasis on transparency, authenticity and corporate social responsibility is being highlighted as retail brands attempt to sync with the values, and not only the behaviors, of the new consumer.

A new emphasis on visual storytelling that cuts through the noise is required to engage us accompanied by better video marketing by retail brands.

This article was first published on Star Cloud Services, to read the rest of the article go here.

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