Trends That Will Outline the Retail Landscape in 2019

Changes in customer behaviour have urged retailers to adopt a more organised pattern, thus bringing about a shift from unorganised to an organised market

learn more about Ravinder Singh

By Ravinder Singh

Shutterstock.com

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

The Retail Industry is one where you can earn rewarding profits through the sale of goods and services via multiple channels of distribution. It is essential for this market to be a constantly evolving one as it is strongly dependent on shifting customer expectations – this is clearly seen in the sheer scale of the technological and logistic innovations in 2018 alone. Furthermore, moving to digital platforms has introduced the concept of Online Retailing or Electronic Retailing, which is the sale of goods and services through the internet. Looking forward, here are a few trends likely to influence this sector:

Virtual and Augmented Reality

Two new innovations, Augmented Reality (AR) and Virtual Reality (VR), have the potential to impact buying decision on a large scale. VR is currently used in everyday functions such as shelf assortment, store design and layout, while AR can provide retailers with valuable data in terms of customer analytics, customer behaviour and preferences, both current and past. However, the capabilities of AR are not yet fully utilised in the Retail Industry. With effective implementation and utilisation of AR and VR technologies, the Retail Industry will see drastic growth in upcoming years.

Automation in Retail

A cashier-less approach is the latest in the trends which can be seen affecting the Retail Industry. This customer-friendly model is expected to gain increasing importance and has even been adopted by many retailers. We can thus foresee that 2019 will see the rise of the cashier-less model.

To sum it all up we can say that the Retail Industry is likely to see some major technological innovations in 2019. It won't be exaggerated to predict that the Retail Industry will be largely technology driven in the years to come. It is high time that the traditional retailers upgrade their working business models to adopt new methodologies - it is the only mantra for survival in this highly competitive environment.

Experiential Retailing

The fact that the internet is all set to revolutionise the Retail Industry is quite apparent from the pace at which e-commerce is taking over traditional retail. Apart from technological changes, the Retail Industry is also expected to undergo cultural changes to suit the needs of the present generation – namely the Millennials. With a healthy dose of awareness regarding the betterment of society, young buyers of late prefer to opt for a brand which contributes to a better future. As a result, more and more retail brands today are rethinking their internal and external brand strategy.

Millennials have been giving more importance to the experience which a particular product gives them overall, as opposed to the materialistic outlook of the product. This has led to most brands revising their existing marketing plans to include innovative engagement activities. This process of enabling customer-product interaction is termed as Experiential Retail. Experiential Retail will facilitate better Brand Recall and ensure that products are better understood. It will be a major transition which may end up revamping the facade of the Retail Industry in 2019.

Big Data

Another important technology used is Big Data. The year 2019 will see the increased implementation of Big Data across retail stores. It has been instrumental in monitoring and analysing buying patterns and trends. Big Data helps in analysing the popularity of a product and also assists in identifying the customers who are likely to be interested in these products. Thus, it will help retailers in understanding and meeting customer expectations.

Mobile Retail

Upgrades in terms of the device on which retailers can make their products available are so varied, that it has opened up a whole new mode of shopping for customers. Retailers need to ensure that they keep up with technological advancements in order to obtain sales. Mobile phones are the most commonly used devices for shopping online. The number of customers shopping via mobile phones is expected to increase in the future. It is, therefore, a necessity for retailers to make their App, as well as their website, mobile-friendly.

Ravinder Singh

Co-Founder and COO, 1-India Family Mart

An extreme optimist and maestro in creating game-changing business strategies, Ravinder is known for challenging conventional business tactics and spotting opportunities quickly. Thereby, forging multiple win-win collaborations for his company. At 1-India Family Mart his expertise lies in business planning, sales management, business development and competitive analysis.

With more than 12 years of experience into channel sales distribution and expertise across a range of domains, Ravinder has held various key positions in his career and worked for companies such as HLL & Reliance Communication.

In 2010, he started his own venture Starfin India Private Limited, a company which engaged in the business of Financial Inclusion under SBI. As the COO, Ravinder was responsible for business development & modelling, strategy and expansion for the organisation. 

Having done his graduation in science from M D University, Rohtak, Ravinder went on to pursue his MBA in Marketing and HR from Institute of Management and Technology, Faridabad. Beyond boardrooms, in his leisure time, Ravinder is passionate about cricket.

Related Topics

News and Trends

Bluelearn Raises $3.5 Million In Seed Funding Round

The platform plans to use the funds to further strengthen the product and team as well as to grow their community user base by 10 times within the year

Innovation

The Greasy, Glamorous Rise of Mascara

You won't believe the grimy gunk people used to smear on their eyelashes -- and still do.

Living

Invest in Yourself: 10 Things Every Working Woman Should Do This Year

When striving for success, it is easy to forget about your mental and physical health. But without health, you cannot fully succeed. Follow these ten lifestyle strategies for success in your personal and professional life.

News and Trends

TapOnn Digital Raises INR 1.5 Crore In Seed Funding

The startup will utilize the fund raised to enhance the products and services offered in the networking sector and expand its peripherals to serve the corporate sector with its smart service

News and Trends

Seven Books To Get Your Hands On To Start Investing

'An investment in knowledge pays the best interest' once noted Benjamin Franklin, and it stands true even after two centuries. Here are seven books to help the novice in you get started on investing

Leadership

Improving Yourself Takes 9.6 Minutes of Work Each Day

Micro-habits are the antidote to a chaotic world, offering a pathway to sustainable change.