Exploring the Impact of Emerging Online Tech Trends on Consumer Behavior in Retail
Alexander Otto, Head of Corporate Relations at Tradebyte, recently discussed the new and emerging online tech trends that are altering consumer behaviour in the retail industry. In a world where technology is constantly evolving, it is crucial for brands and retailers to stay ahead of the curve to meet the changing expectations of consumers.
One of the key trends highlighted by Otto is social selling, which has revolutionised how individuals shop online. Social media platforms now offer sophisticated analytics and data-capture capabilities that make it easier for retailers to understand their customers’ needs and desires. This has led to enhanced purchasing convenience for consumers, with the ability to browse deals and compare prices with just a few taps on the screen.
Another emerging trend is live shopping, where customers are presented with products during a live stream and can interact with the seller in real-time. This concept, which has grown out of east Asian countries into a $512 billion market, is now being integrated by major marketplaces like Amazon. The direct feedback loop created by live shopping allows businesses to understand consumer behaviour more effectively and create a more interactive and personalised shopping journey.
Augmented reality (AR) shopping is also set to significantly impact how users shop online in the coming years. AR technology allows customers to envision how products will appear in a real-life environment, providing a more immersive shopping experience. This can lead to fewer returns and a better sense of the product for the customer.
Personalisation and AI are key trends in e-commerce right now, with consumers expecting a personalised shopping experience. By offering relevant recommendations based on customer data and integrating AI into chatbots for product recommendations, retailers can build stronger relationships with their customers and enhance loyalty.
Finally, transparent and dynamic pricing strategies are becoming increasingly important in the e-commerce landscape. With consumers having access to more information on brands and pricing, transparency in pricing strategies is crucial. Real-time market data can help businesses stay ahead of the curve and set competitive and profitable prices.
Overall, technology is reshaping consumer interactions with brands in the retail industry. By staying ahead of emerging tech trends and prioritising convenience and consumer engagement, brands and retailers can foster loyalty and sustainable growth in an increasingly competitive market.
