Retail Predictions 2018 – Forrester Research
- Retail will grow – Robust consumer confidence and robust growth have helped retail sales growth. Digital sales will impact a 4 trillion dollar market. Retailers need to innovate more in order to grow.
- Online grocery sales will take off – US grocery market is worth $800 billion and 2017 Amazon brought Whole Foods. Delivering customers quality foods to their doorstep is key to be successful in the long run
- Customers will be “Prime” – Long-term customer loyalty builds the business – but the mandate now is to create emotional – not just transactional – loyalty. Estimates put Amazon Prime members at more than 80 million last April – customers who are enticed to pay their annual Prime fee in exchange for “free” shipping, streaming media, photo storage, and far more.
- Artificial Intelligence (AI) will become real for retail – Prescriptive analytics will finally overtake predictive analytics, sweeping away any opening for decisions based on opinion, instinct, and intuition( none of which can possibly keep up with rapidly evolving technology and customers).
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