Here's How Shoppers Will Experience Retail in the Next 10 Years

Many industries experience change often, and the retail industry is no exception. Retail supports economic growth, drives business success, and offers customers an enjoyable experience instead of just participating in a simple transaction.

It's anticipated that the global retail industry will hit a total of 27 trillion dollars by 2022. A key player that contributes to this growth is new, innovative retail technology. It's impossible to know for sure how the future of retail will impact shoppers. Still, new technologies always cause change within an industry.

Whether it's shopping for groceries or making larger purchases like home furniture or vehicles, retail is bound to change in the next decade. 

Let's dive right into the changes we can expect to see in the retail industry and how they will impact the shopper experience. 

Innovative Changes in the Retail Industry

It's common to see automatic checkout registers in large retailers like Walmart and Target. It may be hard to believe that self-checkout has been around for years. These machines were one of the earliest signs that retailers were willing to adopt new technology and integrate these systems into their stores.

It shouldn't come as a surprise that online retailers and the e-commerce industry are eclipsing brick-and-mortar stores. Moving toward a digital world will impact industries across all sectors. Let's look at some future trends we can expect to see in the retail sector.

Virtual Dressing Rooms

Tech companies are already fostering partnerships with major retailers to bring virtual reality to their stores. Customers can visualize outfits on a screen in a dressing room, which helps them make better purchasing decisions. 

Zeekit, a company known for combining fashion and technology, was a frontrunner in the race to virtual retail. Some of the benefits of this technology are reduced return rates, higher customer satisfaction, and increased employee productivity, to name a few.

Smarter Payment Methods 

Amazon stores with "Just Walk Out" technology are a perfect example of what we can expect to see more of in the future. Amazon Fresh grocery stores track customers in real-time, from the moment they enter the store to the moment they walk out. 

Shoppers avoid waiting in lines, and the entire experience is much more seamless compared to how we traditionally pay for our items. With AI-based technology and deep learning, Amazon opened up stores without dealing with the hassle of hiring staff.

Shopping Mall Shutdown

As e-commerce and online-only shops are growing in number, it makes sense that shopping malls are becoming less frequented and more antiquated. Some refer to this as the "retail apocalypse," and it's expected that more malls will close as years go by. The ability to order almost anything from the comfort of your home has amassed widespread popularity amongst shoppers. For some, shopping malls still offer some value, especially during the holiday shopping season. 

More Pop-Up Shops

Because more brick-and-mortar stores are closing their locations for various reasons, brands are considering using pop-up shops to improve sales. Smart business owners understand that the traditional shopping experience is not enough to get customers in the door. Pop-up shops offer a stimulating experience for shoppers. If a shop integrates the newest technology into its layout, it can prove to be very successful.

With national brand distrust growing in recent years, retail businesses must find creative ways to appeal to customers. Whether it's providing interactive experiences or cashless payment options, using new technology in retail will push some companies ahead of their competition. 

The Future of Retail

Because retail, like many industries, is ever-changing, it's challenging to predict exactly what shopping will look like in the next ten years. However, based on early research and current trends, we can make educated predictions on what shoppers can expect moving forward. 

Expect to see current trends grow in scale. For example, we could see all dressing rooms featuring virtual reality tech or all checkout registers be fully automated in the next few years. 

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