The 3 main challenges for retail in 2020
What should we take with us from this year in to 2020? What will the new decade hold in store? This is a time to set ourselves challenges that allow us to continue to evolve year after year, taking into account our values and the evolution of our society.
2019 has shown us that, following the e-commerce boom, retail has clearly found its future: digitally interactive physical commerce. The transformation of the physical store into an interactive space that complements the user experience is key for retail in this new decade.
Digitally interactive and environmentally responsible physical commerce: the great retail challenges of 2020.
Smart user experience
Smart stores are the future of retail marketing at point of sale. According to the PwC study “Automation and artificial intelligence will reach 14% of world GDP by 2030”, retail marketing concepts that are already a reality must be nurtured to offer authentic user experiences.
With technologies such as IoT or RFID, traditional retail has to become Retail Tech, using technology at point of sale to offer great added value to the consumer. This paradigm includes an important factor: cybersecurity. Ensuring the digital security of users, in the same way as that of companies, will be imperative in 2020.
Omnichannel consumption leads to the inevitable existence of unified commerce. A constantly connected clientele with access to a range of different channels makes it nonsensical for businesses to focus on either online or offline commerce in isolation. According to Google studies, 1 of 5 online purchases involves an offline search, while 1 of every 3 purchases in a physical store has involved online research.
The key is to find the balance between the two, to offer a user experience across all channels where target audiences are located.
What is the point of thinking about the future of retail if we are burdening our planet? Sustainability, respect for the environment and the circular economy will continue to be paramount in this new year.
The new economic and social system, environmentally conscious and responsible, is a great commitment to differentiation and to ethics and values in business.
At Evvo Retail, we are ready for the New Year full of projects that awaits us, and we are excited to contribute to improving people’s lives, in a more sustainable and supportive world.