The retailers are not surviving to the old retail models, new techniques are evolving and augmented reality, AI, retail automation helping to push retail market beyond limits. The B&M (brick and mortar) business is backbone will stay experimenting in different ways. The future is ‘intelligence’ for retailers who adapt to the needs of their customers. The merchants who will find innovation 2018 and beyond are the ones that can successfully go forward along with consumers.
Omnichannel is a cross-channel business model and content strategy that companies use to improve their user experience. Omnichannel is an integrated way of thinking about people’s relationships with organisations. Rather than working in parallel, communication channels are designed to cooperate and build a coherent, evolving, cross-channel product strategy (e.g., online, in a physical store, or by phone).
Retailers, struggling to connect with their customers, have been trialing new technologies to blend in-store and digital experiences. Interactive kiosks, mobile-friendly websites and transactional apps have become the norm.
Since the start of the decade, revenue for the Online Retail & e-Commerce industry has grown at an exceptional rate, outperforming most brick and mortar retail industries. Now a new channel is emerging in the form of smart speakers.