Retail is undergoing a dramatic shift. Its driven by widespread penetration of Internet on global scale and with consumers becoming more and more connected. Retail analysts are also predicting that a huge digital retail revolution is on the rise. And they are envisioning that future of retail will be highly driven by data. And with the rise of mobile-commerce, the location and social aspects will be seen marrying more and more with commerce to give consumers a true connected and multi-screen retail experience. And this is where specifically we’ve positioned towntawks core propositions. Even Deloitte, world’s famous consulting and financial advisory firm also seconds this eminent retail revolution as:
Future of Retail evolving hand in hand with Consumer Purchase Journeys:
And this retail revolution is complimented with the evolution in consumers’ purchasing journey as elaborated in this chunk of the infographic*:
It has already been observed that 75% of people don’t pay any heed to advertisement. So the future of retail and consumerism will be primarily driven by social economy. And if you compare the following two stats evident from the upstated infographic nugget:
Only 18% consumers are influenced by online advertisement whereas 90% of consumers say that they trust online recommendation for products.
So the trend is driving towards user generated recommendations than mass-advertisement. Mass-advertisement once proved to be of value back in TV industrial complex. With the dawn of hyper-social age of today, those are rarely effective.
Another change, that we already have blogged in our previous posts, is the effect of consumer loyalty loop. Previously, it was thought that marketing and sales are just delimited to consumers’ purchase. But in today’s age, post purchase experiences have a huge impact on consumers’ loyalty. After consumers buy something, they are highly vocal about it. About the product quality, customer support. And their voice now have almost unbounded reach because one tweet or one facebook status update can affect a huge community of users/friends (remember that 90% prefer online recommendation!)
Future of Retail is Multi-Screen!
Gone are the days when you just had to prioritize one online channel to ensure a provocative presence on Internet. With the proliferation of smartphones complimented with data technologies like 3G/4G, consumers are increasingly accessing brands and retailers on the move. Following trends from Google also consolidate the fact that today’s consumers rapidly hop from one screen to another and expect brands’ consistency on each screen:
77% of viewers use another device while they are watching TV.90% of all media interactions are now screen-based: they take place on a smartphone, laptop, PC, tablet or TV. Radio and print now account for only 10%.
so future trends of retail is inclined towards multi screen. It is already showing its effects in today’s age with upstated consumer statistics. Thats why retail needs to be omnichannel so that whenever, wherever and however consumers access retailers, they should be persistently available.
Future of Retail is Mobile!
Upstaed infographic about future of retail highlight interesting consumer behaviors
Consumers primary reason of retail-specific searches is for Price Comparison (34%) followed by visit store sites (27%) and coupons (23%). This highlights the fact that consumers of today want to be informed in advance of their purchasing journey. And price comparison is their basic expectation from digital retail to furnish.
So what should the retailers of today need to do to embrace this digital shift:
1. As a start, Retailers need to maintain an updated online presence on Internet persistent on multi screens (responsiveness)
2. Retailers need to be omnichannel – Consistently available on Web, Social Media, Emails. Retail needs to embrace syndicated commerce concept.
3. They need to embrace democratization – Giving consumers access to the information they desire. Product Comparison is consumers top priority as evident from the stats. And they need to be agile in giving real time information so as to maintain consumers’ loyalty.
4. Retail needs to be data driven.
Future of Retail & towntawks:
Gladly sharing in context that this is where we’ve envisioned towntawks. To ride and lead this dawn of hyper-visualization age. And its just a start and we’re coming! 
Source: http://goo.gl/Pi7wTT
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