The retail landscape has changed considerably in the last few years, forcing businesses to transform their sales strategy to stay afloat. Organizations are compelled to lean on newer technologies to increase sales. The change is also a result of consumers preferring online shopping to offline. Here are a few trends:
Faster Shipping
According to Forbes, the current shipping wait time has gone down by a day, when compared to 2018. What does this suggest? Retail businesses are in a race to improve delivery times. People want their deliveries in the shortest possible time and they will prefer a business that will make this happen. Smart supply chains that leverage the power of IoT and analytics will lead the way.
Subscription e-Commerce
Subscription commerce is another technology-led trend that has been growing exponentially. Here, customers, rather than purchasing a single product, subscribe to a constant supply of it. The best example is Dollar Shaving Club, which delivers shaving essentials to it members on a monthly basis. Founded in 2011 with a seed investment of $1 million, it was recently acquired by an FMCG biggie for a whopping 1 billion. The trend indicates that people are willing to fork out money to get the experience they prefer.
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