Soon, convenience stores may start recognising consumers when they enter the store and enable payments that are done after a consumer exits the space, hence cutting the waiting time for the shoppers. Convenience stores might also take a turn for good with the nukkad stores likely to start drone delivery in the coming future. To prevent e-commerce thefts, goods awaiting at a nearby neighborhood warehouse will be delivered via drone, said a report. Future retail stores will serve as merely experiential centers where customers can discover products and try them. Also, with a deeper penetration of appliances and internet in daily living, home themselves are likely to become consumer-facing environment and get morphed into smart homes. In fact, major companies like Samsung, Bosch and Whirlpool have already revealed their plan to connect all their appliances by 2020.
In a recent report by Euromonitor International, the research company discusses the future of retail and how it is going to shape up by 2040. “By 2040, connected appliances will be mainstream, especially in developed markets … In order to fully realise the commercial opportunity, the next stage of development requires the industry to connect the value of these tech developments to consumer needs,” Euromonitor International said. Further, as online shopping craze revs up each day, the consumption is also undergoing a change. “Consumption is on the cusp of transitioning from being active to passive. Some commerce sectors will become almost entirely automated in the future home, giving way to machine-aided commerce,” siad the report.
This may work in a way that home appliances place the orders for goods that require continuous replenishment, such as home care products. The whole process is expected to be automated. However, to make this possible, certain hurdles like connectivity quality, consumer privacy concerns and long replacement cycles of durable goods need to be overcome.
For apparel, beauty and personal care products, customers have reported an urge to try the product before buying it. Technology like virtual reality and 3D imaging may help in mimicking the in-person experience, although much work needs to be done before it becomes everyday reality.