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That 3% increase in share represents an additional $18B in digital sales in a typical month. All Rights Reserved, This is a BETA experience. From a platform standpoint, Instagram and Pinterest have helped pioneer social shopping, but I also see more and more integration opportunities for bigger retail platforms both brick and mortar and virtual. “Already very present in food,” this trend “will spread across all sectors, and brands must be ready for this new expectation of customers.” The "new retail" or hybrid business between physical and digital experience. Sixty-six million years ago, a massive asteroid or comet, dubbed the Chicxulub impactor, struck the earth, causing world-wide climate disruption that resulted in the mass extinction of the majority of plant and animal species on Earth. But Amazon’s recent shift to free one-day shipping shows that they’re getting even less patient. By codewave January 18, 2021 No Comments. 2020 will be the year where it is virtually unnecessary to see, feel, or test a product in person before you feel confident enough to buy it, thanks to augmented reality. We cover topics like retail tech, marketing, e-commerce, logistics, in-store operations, corporate retail news, and more. Companies like Target, Lowe’s and Amazon have found that augmented reality may be especially helpful in decreasing the number of returns they see from online shoppers. The question now is whether smaller retailers will be able to keep up with the expense. In May 2020, retail e-commerce sales in Canada reached a record $3.9 billion, doubling total sales from February. Being able to take a photo of a dress you see someone wearing on the street -- to be able to click the purse that your favorite social media influencer is holding in her latest Instagram post -- those are the things that are going to keep e-tail booking in 2020. Driven by Amazon’s annual Prime Day moving from Summer to October, and consumers fears that shipping carriers would have slower delivery times due to the increased e-commerce spending, a so called “Shipageddon.”. Unquestionably, the biggest change to retail this year is the accelerated shift to digital commerce. Modern-day retail sales are propelled by multiple marketing channels, especially social media. Before getting into this year's trends, I want to go over some of the, 2020 will be the year where it is virtually unnecessary to see, feel, or test a product in person before you feel confident enough to buy it, thanks to augmented reality. Consumers are constantly dropping hints at the types of things they like and want--and how much they want to pay for them. Yes, in 2020 we will also continue to see smaller stores work to compete for a piece of the pie against Amazon, which is crushing the market. Meteor impact on planet Earth. I am a fourth-generation retailer, who has been helping brands and retailers respond to digital disruption for 30 years. Department stores, which are predominantly dependent on apparel sales, lost their assortment advantage as clothing brands shifted their focus to direct-to-consumer sales, and e-commerce sites emerged with limitless assortment, instead. All Rights Reserved, This is a BETA experience. It’s not in-store vs. online. Apparel sales have been in a slow decline for the past 30 years as consumers have spent less on their closets. Today’s consumers don’t just want their products fast, they want to be able to get information about them quickly. They want to go to your website and be able to compare prices, styles, delivery dates, see your recommendations of things they may like even more--preferably all on one screen. See the complete list of speakers and sessions on the NRF 2020 Vision: Retail… Digital Transformation Trends 2020-2021 Global Retail Industry. There are over 1 million retail establishments across the United States, and retail sales have grown almost 4 percent annually since 2010. For CMO’s and business leaders, investments in advanced analytics platforms that can leverage the power of machine learning and AI is critical to retail success. Digital Transformation in Retail Market May Set New Growth Story: IBM, Oracle, Flipkart, Alibaba. Store traffic monitoring firm ShopperTrack reported that in December store traffic was still down over 30% from the previous year. Will New Hire From Chanel Enhance L’Occitane’s Asian Prospects? Just as the Chicxulub impactor created an opportunity for new life, including humans, to emerge and thrive on Earth, Covid-19 has created opportunities for new shopping behaviors to emerge and become dominant—most notably digital commerce. 2021 holds a great deal of uncertainty, but what is certain is that it won’t look or feel like any year before. Retail has been rapidly evolving and 2020 will be no different. Studies show that, This is an important trend that will continue to come to the top of the list for at least the next few years. These were the words that misconduct the usefulness of the AR technology that clearly seems to rule in digital transformation in retail 2020. Walmart CEO, Doug McMillion told investors “shoppers are making far fewer trips to stores, with total transactions falling 14%. The retail industry was in the midst of a transformation before 2020. Industry-wide, online sales make up 10 percent of all retail sales. I am the chairman of the board of directors of shop.org (the digital retail arm of the National Retail Federation). Sales were solid until the COVID-19 began impacting markets. The retail industry is undergoing a major transformation in ecommerce and brick-and-mortar. Adobe, reports that U.S. online purchases over the holidays grew 32.2% from 2019, totaling a record $188.2 billion as shoppers stayed home and shopped on the web during the pandemic. Retail saw its largest decline and fastest recovery in 2020. And then Covid-19 struck, throwing consumers into economic uncertainty and giving them even fewer occasions to dress up. So if you are still relying on a brick-and-mortar strategy with a single-channel online presence, you need to strongly consider digital transformation in retail for your business. Even beyond augmented reality, we’re going to see an increasingly confusing mix of digital/virtual and reality in the coming year, especially in retail via the spatial web. Retail saw its largest decline and fastest recovery in 2020. I spend my time researching, analyzing and providing the world’s best and brightest. Thanks to the AR technology, product discovery is … In January, e-commerce represented 13% of retail sales. It’s sad to see “TO LET” boards hanging on what used to be retail stores. I am a shopper marketer focused on the digital disruption of commerce, https://eoimages.gsfc.nasa.gov/images/imagerecords/73000/73909/world.topo.bathy.200412.3x21600x10800.jpg https://visibleearth.nasa.gov/view.php?id=79765 https://eoimages.gsfc.nasa.gov/images/imagerecords/79000/79765/dnb_land_ocean_ice.2012.13500x6750.jpg https://visibleearth.nasa.gov/view.php?id=74518 https://eoimages.gsfc.nasa.gov/images/imagerecords/74000/74518/world.topo.200412.3x21600x10800.jpg, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Macy’s Opens Second Market By Macy’s In Texas, A Matchmaker For Main Street Boutiques: SwapRetail Offers Stores A Lifeline, J.C. Penney Is Searching For Its Next CEO. Want to learn more? Louise Hickford, Head of Design at Sigma , explores some of the key trends likely to alter retail spaces in 2021 and beyond. Jan 18, 2021 (Market Insight Reports) -- The global Digital Transformation market focuses on … I explore all things Digital Transformation. I can also see tools built by a company like Nordstrom that allows a photo of a garment to be used to pair and recommend additional items being tied to a social profile that can look at existing clothes and accessories shared and/or written about positively on public platforms. New research, believed to the first survey of this scope and size to be conducted globally, reveals almost every aspect of current and future ICT plans and issues in retail today. 2020 will be the year where it is virtually unnecessary to see, feel, or test a … Again, AI is taking the lead in these technologies, making things like visual search possible. Studies show that 88% of consumers are willing to pay for same-day (or faster) shipping. Opinions expressed by Forbes Contributors are their own. The rapid shift in consumer habits has widened the gap between businesses with an online presence and businesses who are still relying entirely on brick-and-mortar locations. Even before Covid-19, the globalization of supply chain had dramatically lowered the cost of durable, fashionable apparel, and the erosion of formal business attire had reduced the number of garments many Americans needed to own. At NRF 2020, she will speak alongside recently promoted Walmart U.S. President and CEO John Furner (formerly CEO of Sam’s Club) in a keynote session about workforce transformation. Overview: Digital transformation is reshaping entire segments and industries: communications, retail, and, increasingly, health care, medicine, agriculture, and manufacturing. More than 15k stores shut their operation in 2020, 9k+ in 2019. Many spaces were leased for record setting rates without ever being advertised as available due to strong tenant demand. The Retail Indicators Branch of the U.S. Census Bureau reports that April 2020 saw the sharpest one-month drop in retail sales on record. As consumers spent less on services such as travel and restaurants, spending shifted to retail categories such as DIY building materials and grocery, which were up more than 10% from the previous year While negatively-impacted categories like gas stations and restaurants were down more than 15%. I’ve seen examples like, In digital transformation, consumers love a seamless experience. Next up are the big digital transformation trends in retail for 2020. Perhaps most challenging of all, the apparel industry lost its ability to create trends and drive demand for new products. I’m talking about users being able to place themselves in their favorite brands’ advertisements, being able to model their favorite brands’ clothing, and an increasing coordination of virtual experiences that will intertwine on the spatial web. But these new technologies and strategies, when used effectively, may be enough to win a bigger piece of the retail pie and e-commerce pie. Made-to-order apparel was already a rapidly-growing trend for brands like Nike, MTailor, Indochino, Proper Cloth and others, but Amazon’s game changing innovation is speed of delivery. Gone are the days when consumers choose their styles from glossy magazines reporting on the latest trends from the Paris fashion shows, and when merchant princes could win fame and fortune through their unique edits of merchandise assortments. That number spiked to almost 20% of sales in April and leveled back to about 16% by the end of the year. But Amazon’s recent shift to free one-day shipping shows that they’re getting even less patient. Retail Digital Transformation and Innovation Primer for 2020 Transform from multichannel to unified retail commerce Analyst (s): Robert Hetu Every retail transaction is a one-to-one customer interaction, but enabling customer-centric engagement across all shopping touchpoints requires more than just transaction capability. Augmented Reality. This is a guest blog post by Jeff Ashcroft of Supply Chain Network. The retail playbook is in the process of being re-written. It’s all retail. John Derderian (left), President of Allegiance Retail Services, will provide remarks on the “State of the Food Industry” and Tim O’Conner, Managing Partner of the Retail Performance Group will present to the attendees on “Retail Transformation 2020.” The reception … Source. It is also part of a bigger story that implores retail companies to make the investments in analytics and AI tools that allow them to know customers better and deliver better offers, in the right channel at the appropriate moment. While customers are buying more online, they are visiting stores less, picking fewer retailers and buying more in each trip. Holiday shopping began much earlier, with more than half (52%) of shoppers making holiday purchases through early sales and promotions before Thanksgiving, according to the National Retail Federation. Marketers, Is There Ad Fraud In Your Future? Perhaps existing members can see the outfits on real customers and click on an entire or portion of an outfit to have it included in a future delivery. Even before the pandemic resulted in over a million lives lost, businesses shut down worldwide, and social consciousness caused global protests, the banking industry was in a state of transformation. Today’s consumers are far more likely to be informed by their favorite micro-influencer on YouTube, Instagram, or TikTok. Amazon Prime taught us that shoppers are no longer willing to wait more than two days to receive their products. Retail digital transformation bring in new concept and tools for the development and ease functioning of the industry and it is about to know trends in retail 2020. For instance, I can imagine Stitch Fix expanding social platform usage as a way to better tailor the wardrobes it sends to customers using machine learning. In total, 2020 saw $5.6T in retail sales, an increase of 3.2% over 2019. We recently saw, Amazon Prime taught us that shoppers are no longer willing to wait more than two days to receive their products. The voices of the decision-makers tell us that: In its sixth year, the Retail Innovation Conference provides virtual access to: This trend will only be further zeroed in on by the best retailers in the future. Web traffic monitoring company SimilarWeb reports that, since the pandemic began, visits to the top 20 U.S. e-commerce sites has been up 31% versus last year. It means that I spend my life learning about what drives people to adopt new technology so I can share those secrets with companies that are ready to take their business to the next level. But the onset of the pandemic accelerated that change, fundamentally reordering how … A new decade is dawning and the pace of change continues to accelerate as we race head on into 2020. I am a fourth-generation retailer, who has been helping brands and retailers respond to digital disruption for 30 years. Covid-19 had a similar impact on retail in 2020. Map/Texture sources: https://visibleearth.nasa.gov/view.php?id=73909 ... [+] https://eoimages.gsfc.nasa.gov/images/imagerecords/73000/73909/world.topo.bathy.200412.3x21600x10800.jpg https://visibleearth.nasa.gov/view.php?id=79765 https://eoimages.gsfc.nasa.gov/images/imagerecords/79000/79765/dnb_land_ocean_ice.2012.13500x6750.jpg https://visibleearth.nasa.gov/view.php?id=74518 https://eoimages.gsfc.nasa.gov/images/imagerecords/74000/74518/world.topo.200412.3x21600x10800.jpg. If Amazon can deliver on its service promise, it will actually be delivering made-to-order apparel faster than many traditional brands can deliver off the rack. More than three dozen apparel retailers, including Neiman Marcus, J.C. Penney, Ascena Retail Group, Tailored Brands, J. Like a row of dominos, the decline in spending on apparel impacted department stores, which then impacted the malls and shopping districts that are dependent on those anchor brands. When the influence of Covid-19 abates, restaurant sales will bounce back, but like the dinosaurs of the Cretaceous period, department stores and apparel sales are not likely to ever return to pre-pandemic levels. Bringing together the technology layer with the human layer, I seek to solve the biggest challenges that companies have today; how to grow, scale, change and adapt to a world where technology and media shift at breakneck speed. - https://amzn.to/2GOEqw1Retail shopping will change more in the next 10 years than it has in the last 1000 years. We recently saw Toyota launch a new AR program that allows users to try out 10 of their cars without ever picking up the keys. Digital transformation is a top concern of senior leaders worldwide and motivated the development of this study. The front door of every retail brand has moved from the mall to the mobile phone. That’s why technologies like visual search and social shopping are going to skyrocket. Yet the shape of the retail industry has fundamentally changed, with a huge shift to … Augmented reality could mean retailers keep more of their sales because consumers more fully understand what they’re buying at point of purchase. You may opt-out by. Omnichannel Challenges & Solutions: Retail Digital Transformation. Crew and Brooks Brothers, filed for bankruptcy this past year, and we’re likely to see more in 2021. In 1992, clothing represented 6.2% of consumer spending, but by 2020, that number was nearly cut in half to just 3.4%. There won’t be “a barrier for the customer”, “who chooses at any time … Each year, I take a look at the major digital transformation trends hitting every industry. Tech, Sec and Risk merges with our Digital Transformation in Retail Series to bring you the best in digital developments straight to your screen through our virtual platform. © 2021 Forbes Media LLC. The two categories most hurt by Covid-19 were already struggling coming into 2020. In digital transformation, consumers love a seamless experience. I am a principal analyst of Futurum Research and CEO of Broadsuite Media Group. Clearly, consumers are shopping at the speed of digital transformation and expect their products to be delivered just as quickly. I host a top-rated e-commerce podcast, “The Jason & Scot Show,” and in 2017 was inducted into the National Retail Federation “The List” of people shaping the future of retail. The MarketWatch News Department was not involved in the creation of this content. SAP CMO Alicia Tillman To Depart Next Month, Brands Need To Be Change Agents In 2021: Make It The Year Of Empathy And Kindness, Chico’s utilization of SAS for advanced retail analytics. While a few companies reach front-runner status, most seem to lag. HR/Jobs: +91 90420-55701/02/06 | Get a Quote: +91-9884838138 +1 213 550 1957 info@colaninfotech.com 2020 US shopping location statistics. And I’m not just talking about virtual changing rooms. The latest generation of iPhones now include a Lidar sensor that can take hyper-accurate measurements, which MTailor is now using for its own made-to-order service. Digital analytics firm Adobe reported that over the course of the holiday season, BOPIS (Buy Online Pick-Up in Store) orders were 25% of all online orders, an increase of 40% over 2019 holiday levels. But for 2020, I see some more significant trends moving the industry forward. Retail Digital Transformation and Innovation Primer for 2020 The digital battle has moved back into the physical retail realm, and differentiation depends on digital transformation of … Toyota is not the only company using this feature--far from it. COVID-19 has certainly hastened some retail transformation, including accelerating the curve of e-commerce adoption. The way retailers distribute their products has been largely unchallenged for decades. This is an important trend that will continue to come to the top of the list for at least the next few years. That’s why, Even beyond augmented reality, we’re going to see an increasingly confusing mix of digital/virtual and reality in the coming year, especially in retail via the, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Exploring 5 Top Retail Trends At NRF 2021, How Marketers Should Sue Vendors For Ad Fraud, One Of Uber’s Lawsuits Against Ad Fraud Comes Full Circle - They Won, Gannett’s Mayur Gupta On 2021: Purposeful Profitability + Customer Obsession, Unified Marketing Framework - When To Use Which Tactic, Facebook’s Chief Revenue Officer Shares Predictions For 2021. I see this as the next wave of social and retail integration where 360 data brings better experiences to customers through better data utilization. Of the top 50 online retailers, nearly all operate stores. But we continue to see a bright future for the retail experience, as retailers and retail space owners partner to create exciting offerings for an increasingly discerning customer base. Technology in this area is also catching up as companies like Microsoft launch second generation augmented reality headsets, which is one of many newer, lighter headsets and wearables that will make AR more immersive for retail customers and employees. Unprecedented business closures, an intermittent supply chain, and unemployment reaching 26.5M as of April, have put the retail ecosystem at significant risk. While this is one good example of putting advanced analytics to use to personalize retail experiences. 04/30/2020 This is a guest blog post by Intel's Mariya Zorotovich as part of a series on innovation concepts relevant to retail. Amazon may have given a glimpse into the future of the apparel industry this month, when they launched a new service, “Made For You,” which uses a mobile phone camera to take 3D measurements of the customer and then makes a custom-sized T-Shirt, which ships in three to five days. I spend my time researching, analyzing and providing the world’s best and brightest companies with insights as to how digital transformation, disruption, innovation and the experience economy are changing how business is done. The era of inventory-led retail is ending, and the shift toward brands and the customer experience is emerging. The team has envisaged new ways in which telcos could use retail stores, including events, technical demonstrations, product development workshops, educational sessions and more. La crisi legata all’epidemia di COVID-19 ha sicuramente avuto un impatto economico negativo sulle aziende italiane, ma al tempo stesso ha favorito l’accelerazione di alcuni processi di innovazione tecnologica e di cambiamento organizzativo all’interno delle imprese. The 2020 Retail Digital Transformation Grand Challenge, co-sponsored by the IEEE Standards Association (IEEE SA), the 3D Retail Coalition (3DRC), and Product Innovation (PI) Apparel, challenges the technology and academic community to offer up innovations and solutions to address these issues while helping build capabilities for the future of retail. The digital trend can also be seen in traffic to retailers’ websites. The center of gravity of retail has moved from apparel to grocery. To stay ahead, retailers need to know the hot trends before they emerge. I know I’ve personally abandoned my shopping cart when I realized there were no expedited delivery options available. I’ve seen examples like Chico’s utilization of SAS for advanced retail analytics that allowed the company to consolidate omni-channel customer data in 2 hours rather than 17 hours enabling more rapid delivery of timely offers and less stress on infrastructure. Dive provides news and analysis for retail executives, starting earlier and looking more digital the accelerated to... Wave of social and retail integration where 360 data brings better experiences to customers through better data.... Consumers are willing to wait more than three dozen apparel retailers, nearly all operate stores increase. Than it has in the future ShopperTrack reported that in December store traffic monitoring firm reported... Typical month and retail sales had almost fully recovered due to strong tenant demand far more likely to see to. Are shopping at the major digital transformation, consumers love a seamless experience as the next 10 years it! 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