DigitLab releases 'Future State of Retail' report

"The impact of social connection, data systems, mobile tech, e-commerce and connected objects is clearly challenging norms and expectations when it comes to retailers not only surviving, but succeeding, in a digital world. At these points of intersection, retailers who are able to leverage insight into emerging trends have the potential to transform their retail activities and consumer's experiences into future success," says DigitLab CEO, Mike Saunders.

Top retail trends

1. Augmented Reality - the overlaying of digital imagery on the physical world to bring e-commerce products to life
   
2. Curated Commerce - creating unique purchase processes via curating products
   
3. Customisation - the rise of customised product offerings
   
4. Gamification - the introduction of gaming mechanisms into customer experience
   
5. M-Commerce - mobile commerce
   
6. Personalisation - the rise of personal customer experiences
   
7. Seamless customer experiences - the effect of research online, purchase offline (ROPO) and showrooming on the purchase process
   
8. Social Retailing - the influence of social media on purchase decision
   
9. Clever Conveniences - smart technologies and their impact on the shopping experience
   

"There is a unique relationship between the retail industry and the digital world. Retail has more potential than almost any other industry to create serendipitous experiences for consumers, mainly because retailers tend to control the entire supply chain, from manufacture to customer purchase.

"In years gone by, retailers worked with a relatively linear purchase funnel, perfecting the art of nudging consumers through the purchasing process over the years.

"This is where digital has made the biggest impact on the retail industry, laying the foundation for a more complex, omni-channelled purchase experience and forcing retailers to move from a linear sales funnel to a series of interwoven experiences initiated by the shopper. Consumers are more empowered through online search and social communities. They have access to enough information to make purchase decisions before they arrive in-store."

The digital world has disrupted our marketing worlds and changed the way business communicates with its customer. Social media has opened the door to two-way conversations with data giving us a better understanding of our market and mobile making our message more accessible to the general consumer.

Too much focus on channel not consumer

"Over the past few years we have placed much focus on developing digital channels to make the most of social media, mobile and data collection, however I believe that this focus has swung business to the opposite end of the pendulum and has put too much focus on digital channels and not the consumers."

The digital world has changed the way in which both companies and individual consumers do business. To think that businesses thrived in the pre-mobile phone, pre-smart phone, pre-app era seems inconceivable for many and illustrates just how technologically advanced we have become in a short period of time.

For more information, go to www.digitlab.co.za.