In the coming years, we will witness more changes in retail businesses starting from shopping to making payments and even communicating with the people may be entirely transformed.
As we are living in the age of technology, various innovations have left such impressions on us that are supposed to stay forever. For instance, online retail is now an important part of our daily lives which is booming worldwide while impacting people’s lifestyle on how they live, think and spend on things.
Today, how we navigate and buy stuff; all is pacing towards ONLINE eventually changing our habits of how we perceive and interact with brands. Moreover, the number of online shoppers is increasing and according to the e-commerce trends of 2017, more than 51% Americans prefer shopping online. Not only this, the value of e-commerce sales by businesses has been almost doubled during 2008 and 2016_according to the Office for National Statistics UK. That’s why it is important for every retail business to go online to survive and continue in such a challenging industry.
Change in the Retail Experience
Over the past decade, the experience of shopping has enormously changed and we have witnessed a parallel shift in retail trends. As new ways of shopping are influencing the present businesses, it has changed customer expectations too.
Now more people have smartphones in their hands and as per a recent study, 62% of people having smartphones have shopped online. Secondly, customers are now aware about all brands that increases the competition between businesses to offer what exactly customer demands and expect from them. For example, customers have many expectations from retailers including timely delivery of the products, easy searching, navigating and price cuts.
Another change that is seen so far is the customization of shopping. Earlier customers use to visit retail shops or outlets and pick the most catchy items that were on display but now the trend of personalized shopping is being adopted all over the world.
Now customers want products being made of their choice and in order to track what exactly customer demands and looks for, search engines are of great help. Following the past searches and patterns of online buyers, the AI bots give you results so you can know your customer better. Also, customer ratings, reviews and word of mouth can now become the success and failure of a particular brand.
Artificial Intelligence Involvement
Where Artificial Intelligence (AI) is likely to change the face of many industries, it is very much likely to influence e-commerce too. According to Gartner’s study, 85 percent of customer interactions will be managed using Artificial Intelligence (AI) by 2020; this way the overall customer relationship management will be improved, resulting in high customer satisfaction and loyalty.
For this reason, many retailers have already embedded AI models in their current setups while others are working on it to offer a customized experience. From handling data to analyzing and influencing customers’ behaviors, AI is changing retail in many ways.
Technology and Online Shopping in Pakistan
The retail in Pakistan is one of the most booming industries of the time and when it comes to buying online, people love the idea of getting things delivered at their place_because it’s convenient and hassle free.
According to the latest research, the majority of the internet users in Pakistan are involved in online shopping and that has created a huge market opportunity for local retail businesses. As time passes, online shopping in Pakistan is catching a great pace with emerging technologies and in the coming months, it will have a revolutionary effect on the retail businesses.