Retail Trends to Watch in 2020 - PowerPoint PPT Presentation

Title: Retail Trends to Watch in 2020


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Retail Trends to Watch in 2020
https//katalysttech.com/
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Retail is a notoriously unpredictable
industryeven the greatest advancements in
technology and social trends are no match for
fickle consumer behavior. That doesnt mean
retailers should avoid looking ahead and creating
plans for moving forward. Katalyst spoke with
experts to get their insights on what might be in
store for retailers in 2020whether that store is
physical or digital. Meet Your New Employee
AI    When Jeopardy! legends Ken Jennings and
Brad Rutter competed against IBMs Watson
computer in 2011 they lost decisively. For
Jenningss final wager, he followed up his
correct response with a bold message of
concession I for one welcome our new computer
overlords. (Jennings got the last laugh when he
triumphed in this years Greatest of All
Time tournament.) 
Trivia is not the only area where AI is outpacing
humans. To put it bluntly, the machines are
taking over, says a representative for German
software company aifora. AI applications can
more accurately and more efficiently forecast
consumer demand than any human can. That
explains a 270 increase in companies utilizing
AI technology between 2015 and 2019. Retailers
are turning to AI to predict trends, manage
inventory, provide customer service, and improve
supply chain functionality. A recent study
estimates that the market for AI in retail will
reach over 23 billion by 2026, a tenfold
increase over 2018 figures.
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As always, the human component is still
essential. No matter what you are selling, we
are all in the relationship business, says Paige
Arnof-Fenn, founder and CEO of global marketing
and branding firm Mavens Moguls. People
ultimately buy from brands they know, like, and
trust. Machine learning, AI, and robots may be
more efficient, but they can never replace human
connection and relationships. Create an
Experience There are no signs that digital
commerce growth is slowing down, but traditional
brick and mortar retailers are still a major
playerespecially if theyre open to becoming
less conventional. Retailers have realized
that the store is their greatest asset and, as a
result, has started to rethink what a shopping
experience might look like in the future, says
Carlos Castelán, Managing Director of retail
consulting firm The Navio Group. This has led to
the rise of experiential retail, where companies
promote their physical locations as a
destination, rather than merely an inventory
source. Take the new American Dream Mall in East
Rutherford, NJ, which prioritizes entertainment
over retail, offering roller coasters, ice
skating, and even indoor skiing. By refreshing
stores and viewing shopping through the lens of
retail and services or entertainment, companies
can unlock new possibilities to deepen their
relationships with customers, says Castelán.
Go Public with Private Label Private label
productsitems manufactured exclusively for one
brand or chainare nothing new. But retailers in
all industries and levels of luxury are
increasingly turning to them to build loyalty and
boost profits.
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Private label has become a way for successful
retailers to offer unique products that cannot be
found elsewhere and stand out, says Castelán.
Private label items range from comparable store
brand versions that cost consumers lessbut earn
stores moreto unique apparel options. Customers
still demand high quality from private label
goods. For retailers to be successful in
pursuing this strategy, the product quality for
the category must be on par or superior to whats
on the shelf versus just a way to increase
company margins, says Castelán. Good
Influencers Modern consumers have made it
clear they dont want advertisements to sell to
them, but to serve them. With ad-blocking
software and DVRs, its easier than ever for
people to ignore advertising. Because of this,
retailers are now eschewing traditional
commercials and focusing on less intrusive, more
content-driven strategies. One method that has
gained traction in recent years is enlisting
social media influencers to promote products to
their followers. Recommendations from friends
and trusted influencers carry more weight today
than paid ads and generic content, says
Arnof-Fenn. There are several factors to consider
in selecting appropriate influencers, such as
their reputation, follower demographics, and
whether they can convincingly connect with the
brand. Authenticity is by far the top trait for
an influencers success, she says. Brands
should match campaign posts with the
influencers usual look and feel. It should not
feel like a paid opportunity, slapping on the ad
to a post. You want to give them the freedom to
create their own content, but ensure its still
getting the message across. Katalyst Can Help
Source Link - https//katalysttech.com/blog/reta
il-trends-to-watch-in-2020/
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• Katalyst Technologies is a leading IT services
  and solutions company servicing clients in the
  manufacturing, wholesale distribution, life
  sciences, e-commerce, logistics, and retail
  sectors. We provide industry specific IT
  products, strategies and solutions for companies
  implementing large-scale and transformational
  projects. Our business and technology experts are
  highly-skilled and work seamlessly across
  multiple geographies, with a global footprint in
  the U.S, U.K, India, and Germany. We specialize
  in the areas of Digital e Commerce,
  Enterprise Resource Planning, Supply Chain
  Management, Engineering and Manufacturing,
  Professional Services and e Publishing.

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