Four Major Retail Trends To Watch In 2022

StartUp City | Monday, March 21, 2022

As customers return to stores, retailers redesign their stores with omnichannel transformation. They use smart integrations to improve the customer experience based on insights from previous purchase behavior.

Fremont, CA: The world is undergoing massive digital transformation, and e-commerce, like any other industry, is expected to move beyond the hype of QR codes, coupons, and checkout-free stores to provide a more holistic experience to customers. With the onset of the pandemic, as online purchasing increased, so did the strain on the supply chain. There were numerous inefficiencies resulting from outdated supply chain processes or systems. Many retailers optimized their supply chains due to a lack of real-time visibility into their operations and procedures. MFCs, last-mile delivery, supply partner integration, and various other factors emerged as solutions to all of these challenges.

As retail trends continue to jump on the Metaverse bandwagon, the following are some of the key retail industry trends that will be a focus area for retailers attempting to implement a digital system: -

The Hub of Micro Fulfillment Centers: As the volume of online goods grows, it becomes increasingly important to adapt to changing customer needs. To address the rising challenges, many retailers have turned to MFCs. In addition, retailers are catching on to the 'instant' trend with MFCs, dark stores, last-mile delivery, effective product assortment center management, and robotics-based automation, with some e-commerce promising super-fast delivery in under 10 minutes.

Focus on Omnichannel Strategy: As customers return to stores, retailers redesign their stores with omnichannel transformation. They use smart integrations to improve the customer experience based on insights from previous purchase behavior. While looking for a product, retailers, for example, could direct the customer to a nearby physical store. This provides customers with hands-on experience, but it also helps them make better purchasing decisions. To accomplish this, it is critical to have real-time inventory availability analysis that is integrated with mobile channels to provide customers with a transparent and seamless experience.

Intelligent Supply Chain: Customer expectations are higher than ever, and an intelligent supply chain system must compete in a multi-channel world. Improving supply chain agility through smart infrastructure can help reduce costs, improve inventory management, and deliver operational efficiencies. To provide a seamless customer experience, the backend must be strong, with in-store and online retailers having the right products in stock, in the right location, and at the right time.

AI in Retail Operations - Retailers use massive data to deliver online product recommendations and optimize demand forecasting. Many retailers use high-definition video streams fed to cloud edge services in a store that runs on a customized AI vision model. The AI model analyses these HD videos in real-time to detect empty shelves and alert employees to replenish the stock. Again, this process is part of the inventory planning process for all stores.

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