Gear Up To Adapt Brilliant 2021 Digital Retail Trends
The retail market is predicted to reach $31,880.8 billion by 2023, with a CAGR of 5.3%. If only the Indian retail industry is taken into consideration, it is viewed as one of the fast-growing markets in the world. The Indian retail industry was valued at $26.67 billion in 2019 and it is said to touch $1.1 trillion by 2020. Innovative and modern methods are taken by brands to shake hands with brilliant technologies and deploying supply chain optimization tools to organize the procedure. To bear the fruits of such digital marketing services, retailers are heavily investing in these smart methods.
This blog will talk about the top trends that will impact the retail industry in 2021
Lets first go through some mind-blowing facts about the retail scenario
The retail market is rapidly growing at 12.0% per year. 6.0% of the population is a target market for big retailers seeking to enter in Indian retail industry. Small businesses and shops owned 90.0-93.0% of the retail market. Food & Grocery holds 60.0% of the retail market in India. Consumer electronics is at 10.0%. Retail e-commerce is growing at a fast speed of 20.0% year-over-year. E-commerce sales are suspected to touch $220.billion with 530.0 million buyers by 2025. Additionally, the accelerating digital marketing strength is speeding up the growth of the retail market.
Thus, today in this blog we will discuss the top trends that will impact the retail industry in 2021
Let’s find out!
India’s retail market is among the biggest players of the game. Urbanization, improving infrastructure, and technology embracing population indicates that India must definitely be a strong participant in the retail industry scenario. With a huge population, there are high numbers of smart brains who can think, create and execute great digital marketing strategies.
The verified transaction, decentralized transaction, and an immutable application are few of the major benefits that are annexed with the amalgamation of blockchain technology in the retail market. The blockchain technology will uncomplicate and allow omnichannel retailing without attacking any functionality of the present system. According to studies, the blockchain in the retail market generated $44.2 million in 2017 and it is expected to reach $2,339.5 million by 2023, at a CAGR of 96.4% during 2018-2023 period.
Advantages of Blockchain Technology
New payment methods
Supply chain tracking
OpenBazaar, Shopin, Walmart, Amazon, and Paytomat are some of the biggest names relying on blockchain technology.
Virtual and Augmented Reality
Augmented and Virtual reality largely supports the growth of retail & eCommerce development. It aids retailers in a lot of paths to better and upgrade the consumer experience. From searching for products offline to virtually trying them, these technologies are getting used by a lot of retailers today. For example- the IKEA place, it gives the customer the choice to see whether the chosen furniture will match perfectly with the place or not. In the coming years, the extended reality will give the privilege to customers to share their virtual reality shopping experience with others.
Advantages of Augmented and Virtual reality –
Enhances and Improves user experience
Easily customized and tailored promotions
Increase product & Brand exposure
Reduce product returns
Report missing items ad shelf Identification
Valuable Visuals to audience
L ‘O’ real Makeup, U.S. Army, IKEA, Disney Coloring, and Google Pixel’s Star Wars Stickers are some of the biggest names who are already using augmented and virtual reality.
It is one of the superlative shopping experiences people haven’t experienced before. This helps consumers to browse, purchase and compare physical products across various retailers at a click of a button. One simply needs to have high internet connectivity and he or she is good to go. Google shopping makes up 80.0% of retailers’ budgets between the two channels and it plays a crucial part in transforming bottom-funnel buyers. With this, retailers are evolving effectively regarding paid search, saving nearly 8.0% of the cost year-over-year. Retailers are able to tick up Google shopping revenue by 7.0%.
Advantages of Google Shopping in retail & eCommerce development
Amazing visibility to mobile users
Better user experience
Customized Multiple and qualified leads
Clear customer intent
More qualified traffic
More conversion rates
Objectives tailored product
Retail-centric reporting tools
Robotic Store Assistants
Robotics has changed the way the world worked. Previously it was thought that robots are mainly made to substitute and make up for human labour. Jobs which needed people to lift heavy products and do physically challenging tasks were taken up by robots. Today the robots are doing the mental tasks for companies as well. Moreover, their efficiency is commendable. Many retailers, including Amazon, are operating robots to help in inventory management. Apart from this, Walmart is busy in building its robot as well and according to the ABI Research release, the organization integrated 350 systems for its inventory management. In 2018, the retail robotics market was valued at $19.4 billion and it is predicted to reach $144.93 billion by 2026, surging at a CAGR of 28.96% during 2019-2026 period.
Advantages of Robotic Store Assistant
Real-time product movement tracking
Details of stock levels and product replacement
Correct and accurate stocking information
Pricing and Tagging of products
Drives innovation to fuel sustainable growth
Boost logistics and supply chain productivity
Brings intelligence to store and merchandising operation
In the end, the blog would like to summarise there will not be only the above mentioned but more additions done to the digital sector to support the retail industry. There will be many more to talk about by the time we reach 2021. If you want to make sure by then all your digital marketing needs are fulfilled to streamline your retail business, contact the best digital marketing company now!
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Orionators is a full-fledged digital marketing agency based in India. We are empowered by the vision of Miraj Group and are constantly working towards making brands digitally empowered. If your business needs any kind of support, our panel of experts is always available to serve your business.
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