Key Points
- Shopping will be ubiquitous and seamless: Consumers will be able to purchase items from any digital platform, such as Netflix, video games, social media and smart glasses, with instant and effortless transactions.
- Personalisation will be paramount: Both physical and online stores will use advanced AI and analytics to tailor every aspect of the shopping experience to individual shoppers, from product recommendations, aesthetics, messaging, and pricing.
- NFTs and digital fashion will flourish: Brands and retailers will create and sell unique and experimental fashion items as non-fungible tokens (NFTs), which can be used to customize personal avatars on various digital platforms. Influencers will also promote digital fashion to their followers.
- Supply chain will be resilient and efficient: AI-powered supply chain models will enable brands and retailers to forecast demand, optimize inventory, and reduce waste. Shipping will be faster and more flexible, with various fulfillment options for consumers.
- Sustainability will be a priority: Brands and retailers will eliminate overproduction, use compostable and recycled packaging materials, and donate unsellable items to charitable organizations. Consumers will also demand more second-hand fashion and eco-friendly products.
- Inside physical stores, you will find full suites of interactive technology, enabling unimaginable levels of personalization that effectively blur the boundary between digital and physical shopping. eCommerce will have become integrated into every facet of consumers’ online lives – from Netflix to video games, virtual worlds, and, of course, social media.
- Advancements in Artificial Intelligence (AI) will enable brands to forecast consumer demand with unprecedented levels of precision and improve supply chain efficiency, thereby eliminating overproduction and waste.
- In this new shopping paradigm, consumer trends and demands will evolve at warp speed, but retailers will be equipped with the tools to stay one step ahead.