Trends

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Industry Trends 2019 - 2025

What shopper mega-trends will impact retailers in 2019, 2020 or even 2025?

Some trends that will majorly impact retailers over the next few years: Customer Experience is paramount: Customer-obsessed companies have majorly influenced buying behaviors. Putting customers first while focusing heavily on innovation using technology as a key differentiator, is the Mantra to shoppers’ mind and wallet share. Major studies into shopper behavior indicate that customer experience will overtake price & product by the year 2020.

Cutting-Edge Tech Opportunities

Today’s shoppers show strong signs of acceptance to cutting-edge advances like interactive/shoppable screens.

2025 TREND #1

Today’s brick-and-mortar experience is dead and will be replaced by smart stores that convert the shopping journey

into a frictionless, tech-driven and immersive experience. A majority of shoppers (59%) want interactive shoppable screens, which are gamified, service oriented, and connected to the retailer’s entire inventory for quick and easy ordering. Shopping will not be confined to stores, computers and mobile devices in 2025. It will be everywhere using

augmented reality capabilities (40%), in-home order buttons (38%), smart cars connected to the internet (29%), and virtual reality visors (26%).

Source: RIS News Research Report - Retail 2025 Shopper Study

How does having a mobile first store increase engagement and help retailers develop loyalty?
With the explosion of “edge technology” advancements mobile devices have become a critical vehicle for retailers to build transformative use-cases across their ecosystem that drive a differentiated shopping experience – it no longer matters where the transaction takes place – the retailer is able to deliver a truly engaging omni-channel experience.
Mobile technologies, done right, will create the right experience, for the individual customer, at the right time, generating confidence and loyalty.

Source: RIS News - Mobile-First Retail

2019 Forrester Research polled Retailers on where they will prioritize investment dollars - Online Video came in 4th!

What Is the Future of Ecommerce? 10 Insights on the Evolution of an Industry (ShopifyPlus Jan 2019)

~ 17.5% of the $20T in Retailing revenue is now on-line

~ DTC Emerges as Commerce’s Future

~ Mobile Buying Is (Almost) the New Normal - 53.7% of U.S. shoppers who start, finish the sale on mobile

~ “Business as usual” is business no more - in retail and in ecommerce it’s not location that matters - The future
will manifest itself in relationships.

Why Live Video Shopping is the Future of Ecommerce

~ Live video shopping is set to explode

~ The next area set to go wild for live streaming is online shopping

~ Deloitte estimates the Chinese live-streaming market to be worth $4.4 billion USD already

~ Consumers are demanding more interactive experiences

~ Video shopping allows shoppers to get closer to products, hear someone describe what a product feels, looks
or smells like, and can therefore experience products through the person on the screen

Live Commerce: How Streaming Is Transforming Shopping

Cyber Monday to Overthrow Black Friday Among Holiday Shopping Predictions

~ Consumers expect to spend a larger share of their budgets online (59%) than in-store (36%) this holiday

Shopping Online With Confidence is Possible
~ 96% of Americans are shopping online
~ Ten percent of U.S. consumers said they have used AR or VR while shopping in 2018, and another 45 percent said they would like to try it. These technologies have the potential to drive more informed and confident purchases - which means fewer returns with 30% saying they would never visit a clothing store again if this technology could help them shop clothing fit with confidence.

Engaging Mobile Tech for Shoppers and Associates

40% E-commerce sales that came from mobile devices in 2018.

54% By 2021, mobile e-commerce is expected to occupy more than half of overall retail e-commerce.

87% of consumers are interested in a personalized and consistent experience across all shopping channels.

82% Consumers have shopped online or via mobile and then purchased in the store

56% Consumers have shopped a store and then purchased online or via mobile

32% of consumers are likely to shop at a store offering an augmented reality experience

By 2020 46% of retailers plan either AR or VR solutions to meet customer services experience requirements

Consumers want a personalized, seamless, omnichannel shopping experience in real-time. Employees want tools to both keep them informed in real-time and give them the opportunity to provide personalized service.

Mobile is becoming a core investment for retailers for both shoppers and associates. Creating a plan and seeking

outside experts to quickly launch that plan will help separate winning retailers from laggards as digital transformation in the store rolls on.

The omnichannel strategy hinges on the idea that providing a seamless shopping experience in brick-and-mortar stores and through a variety of digital channels not only differentiates retailers from their peers, but also gives them a competitive edge over online-only retailers by leveraging their store assets. As well, customers who engage with a brand across multiple channels spend more with that store on every shopping occasion both in-store and online. Source: A Study of 46,000 Shoppers Shows That Omnichannel Retailing Works

LIVE STREAMING AND ECOMMERCE

Live Streaming is one of the least capitalized opportunities in eCommerce. Twitch has grown into a media powerhouse with over 2.2 million broadcasters and 15 million active daily users. Live Streaming is a growing and unrealized market for eCommerce. The constant evolution of the industry means retailers and brands need to find new, inventive ways to reach targeted audiences. Streaming just may be the next big way for them to do it.

Live Streaming and E-commerce – Spectacular success!

The future of live video streaming is not so far off. In the year 2021 video will account for about 82% of total internet traffic and live video will account 13% of all internet video traffic. In the near future, live video streaming will create an immense effect on businesses.

This is how the rest of the industry is trying to approach Live Streaming in Retail (watch their short Videos as well - note the equipment and crew required). Like others (especially in China) its Live Streaming Group-Shop not LIVE Streaming 1-on-1 Personal Shopping like eLO!

5G will also allow new streaming media formats with higher-definition graphics, sound and interactive technologies, says eMarketer principal analyst Yoram Wurmser, suggesting that livestream video shopping, already generating $4.4 billion in sales in China as of 2018, will become more popular in Western regions. Early players include H&M-owned Monki and ShopShops, which connects Chinese shoppers with US boutiques. Expect platforms like Facebook, Instagram and YouTube to jump in with potential new features that facilitate in-app live shopping. ~ Vogue Business - Jan 2020 “The future of fashion tech in 2020”

2020 Strategies and Technologies

Personalizing the customer experience (63%) is the leading priority cited by retailers as they prepare their IT
strategy for 2020. It was also their top strategic priority in 2019, but support for it has increased by 24% year-over-year.

Could live stream shopping change online retail for good?

~ live shopping has long been a hit in China, where it was estimated to be worth $63bn last year according to Coresight Research

~ a small Los Angeles based start-up called Popshop Live has already beaten Google and Facebook to live shopping after launching last month. The app, which has secured $4.5m in funding, gives small business owners hour-long slots to live stream a shopping spree. One seller claimed she can make more sales during a single PopShop Live streaming event than in a week at the two stores she owns.

~ “It is like reading a comic book versus going to the cinema,” says Allen Adamson, a professor at New York University’s Stern School of Business. “Once consumers get used to video, they are only going to want to shop that way.”

ALL VALIDATING E-COMMERCE LIVE OMNI-CHANNEL “eLO”!

eLO Live Omnichannel is On-Trend, Blurring the Distinction Between Online and In-Store - the Future of Retail eCommerce LIVE Now! A Nano, Micro & Small Retail Enterprise Game-Changer!