The MarketWatch News Department was not involved in the creation of this content. I explore all things Digital Transformation. While a few companies reach front-runner status, most seem to lag. Digital Transformation Trends 2020-2021 Global Retail Industry. Again, AI is taking the lead in these technologies, making things like visual search possible. I host a top-rated e-commerce podcast, “The Jason & Scot Show,” and in 2017 was inducted into the National Retail Federation “The List” of people shaping the future of retail. The center of gravity of retail has moved from apparel to grocery. Toyota is not the only company using this feature--far from it. In its sixth year, the Retail Innovation Conference provides virtual access to: It means that I spend my life learning about what drives people to adopt new technology so I can share those secrets with companies that are ready to take their business to the next level. 2021 holds a great deal of uncertainty, but what is certain is that it won’t look or feel like any year before. At NRF 2020, she will speak alongside recently promoted Walmart U.S. President and CEO John Furner (formerly CEO of Sam’s Club) in a keynote session about workforce transformation. Before getting into this year's trends, I want to go over some of the hits and misses we chose for 2019. We can see from the rise of apps like Instacart and Shipt that people are drawn not just to the convenience of grocery delivery, but the ability to get what we need in two hours or less. Digital transformation is a top concern of senior leaders worldwide and motivated the development of this study. There won’t be “a barrier for the customer”, “who chooses at any time … Next up are the big digital transformation trends in retail for 2020. Companies like Target, Lowe’s and Amazon have found that augmented reality may be especially helpful in decreasing the number of returns they see from online shoppers. The front door of every retail brand has moved from the mall to the mobile phone. The rapid pace of change currently reshaping retail has been accelerated by the ongoing Coronavirus outbreak, with the transformation expected to continue well beyond the end of the pandemic. The holiday shopping period changed as well, starting earlier and looking more digital. Nowhere is this more evident than in the retail business, where decades-old leaders are finding new ways to survive, and digital native upstarts continue to gain momentum, with many now even opening stores. From keynoting on the world’s largest stages to weekly insights on Forbes, Entrepreneur and our Blog, my goal is to provide our clients with what they need to know to out innovate and turn disruption from threat, into a business model for success. As the pandemic environment is moving consumers to interact more digitally with their banks, platform models offer agility and scalability … You don’t want to miss industry insider Justin Honaman’s annual look at the top retail tech trends to watch in the New Year. Want to learn more? Apparel sales have been in a slow decline for the past 30 years as consumers have spent less on their closets. There was never a year like 2020 in retail banking. Today’s consumers don’t just want their products fast, they want to be able to get information about them quickly. I am a principal analyst of Futurum Research and CEO of Broadsuite Media Group. C-Level experts from across North America’s retail industry are coming together in Dallas in August to anticipate the highly complex digital retail environment that will develop over the next few years. “Already very present in food,” this trend “will spread across all sectors, and brands must be ready for this new expectation of customers.” The "new retail" or hybrid business between physical and digital experience. It’s sad to see “TO LET” boards hanging on what used to be retail stores. All Rights Reserved, This is a BETA experience. John Derderian (left), President of Allegiance Retail Services, will provide remarks on the “State of the Food Industry” and Tim O’Conner, Managing Partner of the Retail Performance Group will present to the attendees on “Retail Transformation 2020.” The reception … Clearly, consumers are shopping at the speed of digital transformation and expect their products to be delivered just as quickly. Amazon Prime taught us that shoppers are no longer willing to wait more than two days to receive their products. Driven by Amazon’s annual Prime Day moving from Summer to October, and consumers fears that shipping carriers would have slower delivery times due to the increased e-commerce spending, a so called “Shipageddon.”. Just as importantly, in my opinion, consumers didn’t have to download an app to try the experience--something that can be a huge deterrent for those of us burned out on downloading apps just to see if they’re worth downloading. The digital trend can also be seen in traffic to retailers’ websites. I can see the drive of small and large Amazon competitors leading to a stream of third party logistics companies expanding their immediate delivery services to help those smaller companies compete. A month later, retail sales had almost fully recovered due to the fastest gain in history, a remarkable V-Shaped recovery. Jan 18, 2021 (Market Insight Reports) -- The global Digital Transformation market focuses on … The retail playbook is in the process of being re-written. While customers are buying more online, they are visiting stores less, picking fewer retailers and buying more in each trip. So what does this mean? You may opt-out by. But for 2020, I see some more significant trends moving the industry forward. Q1 2020 started off strongly for the Raleigh-Durham retail market with many new developments planning to break ground during 2020. And they are spending significantly more during each visit, as the average ticket size during the quarter increased 27%.” When shoppers do visit a store, they are far more likely to use omni-channel amenities such as curb-side pickup. Bringing together the technology layer with the human layer, I seek to solve the biggest challenges that companies have today; how to grow, scale, change and adapt to a world where technology and media shift at breakneck speed. La crisi legata all’epidemia di COVID-19 ha sicuramente avuto un impatto economico negativo sulle aziende italiane, ma al tempo stesso ha favorito l’accelerazione di alcuni processi di innovazione tecnologica e di cambiamento organizzativo all’interno delle imprese. The savviest retailers will be gathering that information from endless sources like social media to IoT sensors and using AI and deep learning to make the shopping experience as easy and personalized as possible. Opinions expressed by Forbes Contributors are their own. As consumers spent less on services such as travel and restaurants, spending shifted to retail categories such as DIY building materials and grocery, which were up more than 10% from the previous year While negatively-impacted categories like gas stations and restaurants were down more than 15%. Here’s What The Board Should Be Shopping For, If You’re Tired Of Your Decor, Consider The Bold Style Of Balenciaga Collaborator Crosby Studios, ‘Sex And The City’ Returns: Can The Show Known For Fashion Help Boost Retail, Marc Lore, Who Engineered Walmart’s Digital Transformation, To Step Down, Holiday Sales Hit $876 Billion: By The Numbers. They want to go to your website and be able to compare prices, styles, delivery dates, see your recommendations of things they may like even more--preferably all on one screen. Retail saw its largest decline and fastest recovery in 2020. Thanks to the AR technology, product discovery is … The now 100% virtual 2020 Retail Innovation Conference is set to deliver timely content, strategic insights and tactical best practices that will help brands and retailers secure a strong future. Like a row of dominos, the decline in spending on apparel impacted department stores, which then impacted the malls and shopping districts that are dependent on those anchor brands. The rapid shift in consumer habits has widened the gap between businesses with an online presence and businesses who are still relying entirely on brick-and-mortar locations. GrubHub and UberEats have made eating out and eating in both fast and ubiquitous while Amazon Prime Air even promises delivery in 30 minutes or less! Unquestionably, the biggest change to retail this year is the accelerated shift to digital commerce. But we continue to see a bright future for the retail experience, as retailers and retail space owners partner to create exciting offerings for an increasingly discerning customer base. To stay ahead, retailers need to know the hot trends before they emerge. In digital transformation, consumers love a seamless experience. When the influence of Covid-19 abates, restaurant sales will bounce back, but like the dinosaurs of the Cretaceous period, department stores and apparel sales are not likely to ever return to pre-pandemic levels. See the complete list of speakers and sessions on the NRF 2020 Vision: Retail… Map/Texture sources: https://visibleearth.nasa.gov/view.php?id=73909 ... [+] https://eoimages.gsfc.nasa.gov/images/imagerecords/73000/73909/world.topo.bathy.200412.3x21600x10800.jpg https://visibleearth.nasa.gov/view.php?id=79765 https://eoimages.gsfc.nasa.gov/images/imagerecords/79000/79765/dnb_land_ocean_ice.2012.13500x6750.jpg https://visibleearth.nasa.gov/view.php?id=74518 https://eoimages.gsfc.nasa.gov/images/imagerecords/74000/74518/world.topo.200412.3x21600x10800.jpg. I am a principal analyst of Futurum Research and CEO of Broadsuite Media Group. I spend my time researching, analyzing and providing the world’s best and brightest companies with insights as to how digital transformation, disruption, innovation and the experience economy are changing how business is done. Meteor impact on planet Earth. Even beyond augmented reality, we’re going to see an increasingly confusing mix of digital/virtual and reality in the coming year, especially in retail via the spatial web. The question now is whether smaller retailers will be able to keep up with the expense. Modern-day retail sales are propelled by multiple marketing channels, especially social media. Retail digital transformation bring in new concept and tools for the development and ease functioning of the industry and it is about to know trends in retail 2020. Retail has been rapidly evolving and 2020 will be no different. Covid-19 had a similar impact on retail in 2020. Retail saw its largest decline and fastest recovery in 2020. But these new technologies and strategies, when used effectively, may be enough to win a bigger piece of the retail pie and e-commerce pie. For instance, a newly engaged woman may try on her wedding gown virtually, and see herself walking through one of many possible wedding locations. Omnichannel Challenges & Solutions: Retail Digital Transformation. I can also see tools built by a company like Nordstrom that allows a photo of a garment to be used to pair and recommend additional items being tied to a social profile that can look at existing clothes and accessories shared and/or written about positively on public platforms. The era of inventory-led retail is ending, and the shift toward brands and the customer experience is emerging. I’m talking about users being able to place themselves in their favorite brands’ advertisements, being able to model their favorite brands’ clothing, and an increasing coordination of virtual experiences that will intertwine on the spatial web. Hidden in the top-line averages was how different retail sales looked after April. Retail Transformation Summit 2020 L’evento sull’innovazione digitale e tecnologica nel mondo del Retail. Perhaps most challenging of all, the apparel industry lost its ability to create trends and drive demand for new products. We recently saw Toyota launch a new AR program that allows users to try out 10 of their cars without ever picking up the keys. The Retail Indicators Branch of the U.S. Census Bureau reports that April 2020 saw the sharpest one-month drop in retail sales on record. I am a fourth-generation retailer, who has been helping brands and retailers respond to digital disruption for 30 years. Unprecedented business closures, an intermittent supply chain, and unemployment reaching 26.5M as of April, have put the retail ecosystem at significant risk. Of the top 50 online retailers, nearly all operate stores. While this is one good example of putting advanced analytics to use to personalize retail experiences. Walmart CEO, Doug McMillion told investors “shoppers are making far fewer trips to stores, with total transactions falling 14%. 2020 will be the year where it is virtually unnecessary to see, feel, or test a product in person before you feel confident enough to buy it, thanks to augmented reality. Learn more about the future of retail? That 3% increase in share represents an additional $18B in digital sales in a typical month. The retail industry was in the midst of a transformation before 2020. Marketers, Is There Ad Fraud In Your Future? Paris, June 11, 2020 – Retail banks are facing pressure to transform as new entrants focused on customer experience gain significant market traction, according to the World Retail Banking Report 2020 (WRBR) published today by Capgemini and Efma. It is also part of a bigger story that implores retail companies to make the investments in analytics and AI tools that allow them to know customers better and deliver better offers, in the right channel at the appropriate moment. I know I’ve personally abandoned my shopping cart when I realized there were no expedited delivery options available. Crew and Brooks Brothers, filed for bankruptcy this past year, and we’re likely to see more in 2021. 22 July, 2020 | by The Retail Bulletin September 9-10: Adapting Your In-store And Online Omnichannel Strategy The biggest challenge in retail customer experience especially since the arrival of the global pandemic, is expectations around real-time response. A new decade is dawning and the pace of change continues to accelerate as we race head on into 2020. Retail Digital Transformation and Innovation Primer for 2020 Transform from multichannel to unified retail commerce Analyst (s): Robert Hetu Every retail transaction is a one-to-one customer interaction, but enabling customer-centric engagement across all shopping touchpoints requires more than just transaction capability. So if you are still relying on a brick-and-mortar strategy with a single-channel online presence, you need to strongly consider digital transformation in retail for your business. Photo of a man having his inside leg measured by a tailor during a bespoke suit fitting. Will New Hire From Chanel Enhance L’Occitane’s Asian Prospects? Adobe, reports that U.S. online purchases over the holidays grew 32.2% from 2019, totaling a record $188.2 billion as shoppers stayed home and shopped on the web during the pandemic. If Amazon can deliver on its service promise, it will actually be delivering made-to-order apparel faster than many traditional brands can deliver off the rack. Store traffic monitoring firm ShopperTrack reported that in December store traffic was still down over 30% from the previous year. And then Covid-19 struck, throwing consumers into economic uncertainty and giving them even fewer occasions to dress up. Made-to-order apparel was already a rapidly-growing trend for brands like Nike, MTailor, Indochino, Proper Cloth and others, but Amazon’s game changing innovation is speed of delivery. We may even see people paying for these virtual experiences, which makes the ideas of “retail” and “reality” themselves even more confusing. Just as the Chicxulub impactor created an opportunity for new life, including humans, to emerge and thrive on Earth, Covid-19 has created opportunities for new shopping behaviors to emerge and become dominant—most notably digital commerce. Yes, those technologies are still percolating and will likely continue to mature in the coming year. Gone are the days when consumers choose their styles from glossy magazines reporting on the latest trends from the Paris fashion shows, and when merchant princes could win fame and fortune through their unique edits of merchandise assortments. New research, believed to the first survey of this scope and size to be conducted globally, reveals almost every aspect of current and future ICT plans and issues in retail today. Retail Dive provides news and analysis for retail executives. Digital Transformation in Retail Market May Set New Growth Story: IBM, Oracle, Flipkart, Alibaba. We recently saw, Amazon Prime taught us that shoppers are no longer willing to wait more than two days to receive their products. Even before the pandemic resulted in over a million lives lost, businesses shut down worldwide, and social consciousness caused global protests, the banking industry was in a state of transformation. I’ve seen examples like Chico’s utilization of SAS for advanced retail analytics that allowed the company to consolidate omni-channel customer data in 2 hours rather than 17 hours enabling more rapid delivery of timely offers and less stress on infrastructure. But Amazon’s recent shift to free one-day shipping shows that they’re getting even less patient. And I’m not just talking about virtual changing rooms. This is a guest blog post by Jeff Ashcroft of Supply Chain Network. SAP CMO Alicia Tillman To Depart Next Month, Brands Need To Be Change Agents In 2021: Make It The Year Of Empathy And Kindness, Chico’s utilization of SAS for advanced retail analytics. A man who recently purchased a motorcycle can try on new gear and see how it feels on the motorcycle he’s just purchased. Yet the shape of the retail industry has fundamentally changed, with a huge shift to digital spending and dramatically less spending on apparel. I am a shopper marketer focused on the digital disruption of commerce, https://eoimages.gsfc.nasa.gov/images/imagerecords/73000/73909/world.topo.bathy.200412.3x21600x10800.jpg https://visibleearth.nasa.gov/view.php?id=79765 https://eoimages.gsfc.nasa.gov/images/imagerecords/79000/79765/dnb_land_ocean_ice.2012.13500x6750.jpg https://visibleearth.nasa.gov/view.php?id=74518 https://eoimages.gsfc.nasa.gov/images/imagerecords/74000/74518/world.topo.200412.3x21600x10800.jpg, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Macy’s Opens Second Market By Macy’s In Texas, A Matchmaker For Main Street Boutiques: SwapRetail Offers Stores A Lifeline, J.C. Penney Is Searching For Its Next CEO. Where you don’t need to physically experience a product before you have finally purchased it. In total, 2020 saw $5.6T in retail sales, an increase of 3.2% over 2019. Overview: Digital transformation is reshaping entire segments and industries: communications, retail, and, increasingly, health care, medicine, agriculture, and manufacturing. Source. Being able to take a photo of a dress you see someone wearing on the street -- to be able to click the purse that your favorite social media influencer is holding in her latest Instagram post -- those are the things that are going to keep e-tail booking in 2020. Even before Covid-19, the globalization of supply chain had dramatically lowered the cost of durable, fashionable apparel, and the erosion of formal business attire had reduced the number of garments many Americans needed to own. This trend will only be further zeroed in on by the best retailers in the future. Retail is growing. 2020 will be the year where it is virtually unnecessary to see, feel, or test a … A Mix of Reality and Virtual on the Spatial Web. The 2020 Retail Digital Transformation Grand Challenge, co-sponsored by the IEEE Standards Association (IEEE SA), the 3D Retail Coalition (3DRC), and Product Innovation (PI) Apparel, challenges the technology and academic community to offer up innovations and solutions to address these issues while helping build capabilities for the future of retail. That number spiked to almost 20% of sales in April and leveled back to about 16% by the end of the year. The team has envisaged new ways in which telcos could use retail stores, including events, technical demonstrations, product development workshops, educational sessions and more. Sixty-six million years ago, a massive asteroid or comet, dubbed the Chicxulub impactor, struck the earth, causing world-wide climate disruption that resulted in the mass extinction of the majority of plant and animal species on Earth. But Amazon’s recent shift to free one-day shipping shows that they’re getting even less patient. It’s not in-store vs. online. I see this as the next wave of social and retail integration where 360 data brings better experiences to customers through better data utilization. There are over 1 million retail establishments across the United States, and retail sales have grown almost 4 percent annually since 2010. While we did see major and necessary improvements in omni-channel retail and AI/cognitive computing, I’d say we still have some work to do with cardless checkout and smart beacons. But the onset of the pandemic accelerated that change, fundamentally reordering how … I’m the Chief Commerce Strategy Officer at Publicis Communications. Less than One Week until Food Industry Conference Highlights “Retail Transformation 2020” In less than one week, leaders from throughout New Jersey’s food retail and distribution industry will gather in Atlantic City to discuss the future of the food industry. 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