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How new technologies are transforming the face of retail
By James Barlow, country manager, Akeneo
Since the Covid-19 pandemic, we have seen a fundamental shift in the way consumers shop.
D
igital trends that weren’t expected for at least another few
years have been accelerated by a rise in customer demand. In response to the forced closure of brick-and-mortar stores to prevent the spread of infection, many retailers have had to adapt to survive. Throughout the pandemic, the UK has adopted online shopping more readily than any of its Western peers, as research shows that 20 per cent of UK consumers shop entirely or mostly online. This increase has placed further pressure on retailers to evolve their online and off line strategies to survive.
Technology is transforming customer touchpoints, from point of sale, customer service, inventory management, and more. By 2030, it is anticipated that technology will displace a third of tasks in UK retail due to automation and channel shifts. Retailers must command a diverse omnichannel strategy to engage and retain their increasingly tech-savvy consumers. In doing so, businesses both big and small
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need to take the approach to digitally transform and evolve their offering to meet the growing demand.
Three tips for a successful digital strategy
1. Embrace social commerce. The digital space is continuing to grow, with more opportunities emerging across social platforms such as TikTok, Facebook, Instagram and more. This market has seen exponential growth over the last few years, with social commerce reported to be worth $600bn by 2027. The proliferation of these platforms supporting online shopping has made it imperative for businesses to adapt. These platforms are offering more routes for retailers to get their products in front of customers. For example, Facebook enables small businesses to create their own website within the Facebook domain. Pages are completely customisable, and retailers can even import their existing product catalogue for ease. With social commerce,
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