The evolving preferences of young shoppers favor minimal human interaction, causing a dilemma for retail stores regarding how to adapt.
In the modern retail landscape, businesses are adapting to new trends and consumer preferences to stay competitive. Handheld Point of Sale (POS) devices are becoming increasingly popular, enabling retailers to tabulate a customer's order and check out on the go, improving efficiency (1).
Physical stores continue to hold relevance by focusing on curation, expertise, and delivering value beyond convenience. However, the shopping habits of consumers, particularly younger ones, are evolving (2).
A survey reveals that eight out of ten consumers would avoid a business with a lineup, with 40% heading to a competitor or abandoning their purchase (3). This underscores the importance of streamlined checkout processes. For nine out of ten consumers, a smooth checkout plays a major role in whether they return to a retailer (4).
The Covid-19 pandemic has accelerated changes in consumer behaviour, with younger shoppers preferring less direct human interaction in stores. They favour more digital, contactless, and self-service news, driven by health concerns and changed social habits formed during the pandemic (5, 6).
New tools are being introduced to remove the guesswork in seasonal product ordering by drawing on historical sales trends (7). Additionally, smart retailers are leveraging technology to personalize, customize, and streamline the in-store experience for digitally native younger shoppers (8).
New apps turn handheld devices into repositories of product knowledge, allowing staff of all experience levels to easily share specs, insights, and availability with customers (9). Personalization tools can call up customer histories and preferences, enabling salespeople to offer additive suggestions or flag sale news (10).
About 80% of transactions still take place in-store, not because of the human element, but because of adding value (11). Expertise is still in demand, and there's arguably no substitute for speaking with an expert staff member who offers personalized service (12).
Supply chain access for smaller retailers is being democratized by new platforms, providing them with a vast global sourcing network (13). Seasonality forecasting is critical for retailers to ensure they have the right merchandise at the right time (14).
Roughly half of younger consumers prefer a shopping experience that lets them avoid other people (5, 6). To meet these new expectations, retailers are working to adapt by enhancing their online presence, digitizing customer service, and creating seamless hybrid shopping news (15).
In conclusion, the retail sector is undergoing significant changes as technology continues to reshape the shopping experience. By adapting to these changes, retailers can meet the needs of their customers and stay competitive in the ever-evolving retail landscape.
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