New technology will allow retailers to change product prices based on the available supply and demand much faster in the future, as the industry adapts to shifting habits of American shoppers.
Businesses should consider a price tracking tool from firms such as PriceManager to monitor not only for their own products, but also their competitors. Digital-price displays, for instance, serve as an example why in-store retailers are catching up with e-commerce firms in terms of product prices.
Traditional retailers should take note that more people now prefer online shopping than spending time at a mall. This is likely the reason behind the expected closure of many stores in the country, as younger Americans simply buy items with a simple click or swipe from their phones or tablets.
Cushman & Wakefield predicts that more than 12,000 stores would shut down this year, which pales in comparison to around 9,000 store closures in the previous year. Companies that want to avoid becoming part of the statistics should consider competitive pricing intelligence as a way to keep their business afloat.
The future of retail will also include the use of artificial intelligence to improve the shopping experience, including robotic shopping carts. Many retailers have become interested in deploying robotic shopping carts within their stores.
Some of these companies want them programmed as a guide for shoppers, which can be useful since it can be frustrating to find items on your list that are far in between different aisles. Other emerging trends include software applications that help customers find their right size for shoes and clothes.
Retailers need to keep up with the changing times or be left behind with the rapid pace of technology development and evolving consumer preferences. What is your strategy for this year to remain competitive in the industry?