The last decade has seen enormous rise in the fashion retail industry. With the advent of innovative technologies and the effect that the internet and social media has on the sales of fashion products has completely altered how people shop. The whole world is socializing and sharing. People now buy 90% of the products after recommendations and reviews from experts and family members. Communication and transportation are in a race and whichever wins will make the other obsolete. We no more travel a hundred miles to buy something we like. We just order it on the internet and it gets delivered within a specified time. Numerous such technologies and advancements would change the fashion retail industry into a large marketplace where communication and socializing would be s common to people as malls and internet shopping is to us now. Hundreds and thousands of companies have employed thousands of researchers and engineers to create advanced gadgets and technologies that would soon be changing our present retail industry. Among all those technologies the top 5 retail trends to watch are:
1. In store socializing: The retail stores are now concentrating their efforts to socialize among customers. They want people to spend more time in their stores as that could help in increasing sales. According to researches it was made clear that the sales in a shop are equal to the time people spend in the stores. The stores also connect with people in their daily lives through various social media as that helps the customer in getting acquainted to the stores and the products in it. This could greatly improve the sales in the retail industry as people could always browse their fashion segments and apparel when they want.
2. Transformation through RFID: RFID is a new technology that could transform every kind of retail industry to a great extent. The technology is aimed at locating and accessing objects from any distance away. It is also used to maintain security and stop thefts in malls. There are also creative applications that enable the RFID chips to help you shop any product from the internet or tablet sitting in your room. This could greatly transform the present fashion retail industry in the future.
3. Merging content with sales: Surveys and studies have indicated that people are more likely to buy a product while reading its review or watching its video on the web. This opens up a new industry of creating and improving sales through content of various kinds that are on the web. It is likely that this would be a common situation by the next decade and most of the people would be buying their products while reading reviews or suggestions from family and friends.
4. Geo-targeting: This would be a really cool technology when it gets to the market. People would be able to receive information of all the types of shops and products when they reach an area or city. They would also be able to select and compare prices and distance that would have to move and directions to the shop where they could get the product.
5. Wearable Electronics: It is still in the research labs but there have been enough advancement in the field so that it could be in the market by the end of this decade. One can use their apparel as gadgets and that could greatly transform the way people shop and when they want. Companies would also be able to engage more efficiently with the customers and increase retail sales and their market.