Consumers are increasingly turning to online and mobile channels to make retail purchases that they traditionally would have made in-store in prior years — thanks to new online purchasing experiences like click-and-collect and mobile order-ahead.
Even in areas where online shopping has not been well adopted to date, such as in fresh food shopping, the tides are shifting. For example, our Global E-Commerce Study found that 26% of consumers have bought fresh groceries online — that’s up by 15% from 2016.
According to the latest worldwide market study by Juniper Research, the adoption of chatbots across the retail, banking and healthcare sectors will realize business cost savings of $11 billion annually by 2023 — that’s up from an estimated $6 billion in 2018.
Just a few years ago, there was excitement around using AI-powered chatbots in retail ecommerce. That hype has died down a bit, but the beauty industry is still experimenting with the technology. Lancôme is testing AI to deepen its site personalization.
Food and beverage retail is the next big sector that will feel the influence of digital shopping. We’re seeing the shift already: 23% of U.S. shoppers bought groceries online in 2016, an increase of 20% versus just two years prior—and adoption has only accelerated since then.
Technology innovation is driving a rapid rate of change that has fueled unprecedented value creation, particularly for tech’s biggest winners, while disrupting incumbents in many industries. Major trends that will continue to strengthen in 2018 include e-commerce, cloud computing, digitization, online advertising, big data analytics, and the sharing economy.
Source: T. Rowe Price
We have entered an age where individuals can have more sway than traditional institutions, and customers are not just meek consumers but social influencers who define brands. And because trust is moving into the hands of the many, there will be more of it around.
Source: World Economic Forum