Current retail trends and how they might affect your business in the future

Technology is constantly evolving, and sooner or later, it encroaches on everything, forcing the world, commerce and industries to change with it or risk becoming irrelevant. Retail is no different, and significant changes are already happening that will shape the future of how people shop.

New types of money, such as digital currencies, are a significant factor in modern finance. While robotics and AI have been around in manufacturing for decades, they are becoming prevalent in retail and service.

And during the Covid-19 pandemic, online shopping has grown significantly - at a considerable cost to the traditional high street.

Digital currencies will become normal

You have probably heard of Bitcoin and Etherium, but you may not be aware that over 4,000 digital currencies are currently in use today.

Some of them have no economic backing, but savvy investors are keen to place money into many of them in the hopes of their chosen currency becoming the next Bitcoin.

Lesser-known digital currencies (see Qoin on LinkedIn) are becoming more popular, especially with retailers. They allow stores (digital or physical) to expand their customer base since many consumers prefer one currency over others.

Quick transactions, no processing fees and vastly improved security over credit cards make cryptocurrency the payment method of the future that you should embrace sooner rather than later.

Taking advantage of digital currency while it's still in its infancy has the potential to accelerate your business profitability while interest in them is currently at its peak.

Robotics can replace almost anyone

Manufacturing industries such as the automotive sector have relied upon robotics since the 1970s. The massive shift in replacing skilled workers with automation caused outrage due to the many job losses.

However, many sectors cannot maintain the current consumer demand for certain products if not for robotics and AI. An automated machine can perform more accurately and faster than any human - and it doesn't require sleep.

It remains to be seen just how far the robotic replacement system will go, but supermarkets and related industries are already introducing the paradigm.

A supermarket self-service checkout system being a prime example. Also, online giant Amazon has opened an AI-powered store in London, and Boots has begun trials of an automated pharmacy in Northern Ireland.

Your business could benefit significantly from investment in robotics as it saves vast sums over time, but at the cost of human employees who need an income. Essentially, this is a moral and ethical choice.

Online retail is outpacing the high street

Online retail was once seen as an extraneous service to accompany established brands. But since the Covid-19 pandemic struck in late 2019, online retail has all but exploded.

This resulted in retail sales generating over $4 trillion globally in 2020 with a 22% market share, an increase of almost 10% from the previous year. Amazon benefited the most from this with a 200% increase that accounted for $6 billion in profits.

However, this has resulted in many high street stores going bust. For example, the well known Arcadia group who owned Burton's, Wallis and Dorothy Perkins put their flagship stores into administration in 2020.

In addition, the massive online clothing retailer Boohoo who purchased the doomed Debenhams now owns these three stores as well.

In light of these proceedings, it shows that you need to embrace online retail as a viable solution or alternative to an inevitable loss of revenue, because online shopping is here to stay.

In summary

The landscape of retail is changing along with the rest of the world. As technology improves and enriches our daily lives, it does the same for industry.

Commerce is fast becoming subject to emerging technological innovations and changing consumer interest. Both intertwine with a position to affect the operating paradigm of many sectors, including retail, significantly.

Some of the technologies influencing retail include:

● Digital currency

● Robotics

● Online shopping

Digital currencies are becoming more prevalent all over the world. As a result, you can capitalise on expanding your customer base by providing a more comprehensive selection of digital currencies than your competitors.

Robotics in industry isn’t new, but the technology is increasingly becoming more prevalent in commerce and retail. But investing in robotics means that someone loses their job. Therefore it is a difficult choice, but one that saves vast sums in the long term.

The once optional additional service is now a steady and growing market thanks to the global pandemic that prevented people from traditional shopping. Essentially, offering an online experience is no longer an option but a necessity.

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