E-commerce brands and online retail stores are feeling the heat in 2020 because of the latest retail trends and technological advancements. With more and more improvements in the retail sector, it is mandatory for every store to stay on top and ensure modern retail strategies for high growth. No doubt, the e-commerce and retail industry are going to be the key market players. Hence, if you are looking to boost your online shopping volume, survive in a highly competitive environment, and attain maximum profit rates, then your business needs to consider the following upcoming trends.
#1: Modern POS System
Online stores are evolving with the latest and innovative concepts. As the online retail trends grow, modern (point of sale) POS systems are working quite well to ease electronic transactions. POS is the point of purchase or point of sale system that attempts to complete the transactions. The seller calculates the amount of the bill owed by the customers. It allows customers with more convenient payment options. Precisely, POS controls the sale system. The modern and automotive POS systems are dedicated to delivering high-quality IoT (internet of things) solutions. If you are looking to satisfy various retail applications, then check on the screwless POS for your business. This modern POS system is going to be a big hit for 2020. It is the most stylish and sleek POS computing device with a printer.
#2: Digital Wallet Technology
Digital wallet technology is advantageous from the customers' end because it allows them more ways to pay. This technology is immensely accepted in the field of e-commerce. It is stated that 17% of the U.S consumers used digital technology is 2019, and the percentage is predicted to ramp up in 2020. It will grow at an 8% rate by the end of 2023. It is sensible for the retail brands to keep well-informed with this upcoming trend. It can also benefit retailers and wholesalers with their sales operations. Global retailers are advised to accept this technology to get connected with customers on better grounds by ensuring feasible payment methods for them. Digital wallet technology can be fully integrated with POS, gift cards, alerts, etc.
#3: Artificial Intelligence
In 2020, almost every sector is ready to take advantage of AR and VR technology. The same trend is expected in the retail and e-commerce industry. It is ideal to adopt artificial intelligence in business. It allows better integration, drives sales volume, and increases customer loyalty. For instance, in the clothing industry, artificial intelligence works well for retailers to analyze the latest styles of clothing, accessories, and learn about customer preferences. Artificial intelligence is best-suited to manage current stock, forecast inventory needs, and allocate & restock accordingly. Artificial intelligence has to offer out-of-box applications to move the needle of profitability.
#4: Social Media Shopping
Social media shopping is a newly adopted norm that you are going to see a lot in the coming years. It employs a powerful marketing strategy, in which social media influencers try to advertise or promote the products/services. It can be a useful tool for small businesses and startups who have limited funds, restricted output, but loyal customer following. It is well-suited to boost sales volume, increase production capacity, and maximize profitability. It is observed that customers are ready to purchase something from Instagram or Facebook. If they like the product, they don't give a second thought. They are influenced enough to buy a product from a brand's social post. No doubt, social media shopping is predicted to be a huge online marketing trend. It will be easy for e-commerce businesses to optimize their sales volume and grow at rapid rates.
