2020 was an exceptional year. Store closures and health concerns pushed retailers to reinvent themselves and find new and innovative ways to sell.
The effects of the pandemic will likely be felt for much of the coming year, resulting in an acceleration of the retail trends listed in this article.
Without further ado, let’s discover the 5 retail trend predictions that will mark 2021.
Growing automation in retail
Artificial intelligence and machine learning are no longer philippines whatsapp number data the stuff of science fiction. According to a study conducted by IDC, the retail sector has generated more than €5.9 billion in investments for artificial intelligence systems , with an estimated spending of $15.3 billion by 2025.
By analyzing sales data to better inform demand forecasting and inventory management, AI could revolutionize retailer workflows in 2021 and beyond.
Leading retailers like H&M are already using artificial intelligence to more accurately predict demand for their products, enabling a more efficient supply chain with less waste – a particularly pressing problem in the apparel industry.
Whether they are mid-sized or not. Retailers with the advantage of having a mass of data at their disposal will be able to benefit from this investment in artificial intelligence. Retailers migrating to more advanced customer analysis and profiling tools in order to collect joining the wave of innovation the data necessary for the proper functioning of artificial intelligence will be the big winners in this industry.
Inventory control and supply chain management aren’t the only areas where artificial intelligence can help.
Chatbots : The use of chatbots allows for further bzb directory personalization of online customer relations. These automated assistants use machine learning to answer frequently asked questions. Collect customer data, and act as an intermediary between users and customer service.
Retailers with an online store can use artificial intelligence through:
Personalized product recommendations : Chatbots can help drive online sales with personalized product recommendations based on users’ purchase history. And reduce cart abandonment with automated reminders.