Monday, April 15, 2024

‘The future of retail is renting, not owning’

By Retail4Growth Bureau | January 02, 2024

One of the biggest retail automation hardware and software solutions providers in Europe has announced key trends steering the future of retail, which ranges from fully automated stores and ultra proximity retail points to, immersive in-store experiences products as services and responsible consumption  

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BobNet, one of the biggest retail automation hardware and software solutions providers in Europe, has announced key trends steering the future of retail -- a future centered on prioritizing full automation, revolutionized logistics, marketing and sales.

fuzzy white shelves

Fully automated storesAutomated retail stores can be defined as the stores which offer unique customers' experience, allowing them to make a better use of their time than spending large amounts of time within the stores. These automated stores integrate hardware and software automation systems to create fully automated self-service retail, with self check-out for customers, automated instructions, selling, payment and product delivery.Automated stores will be one of the most important smart technology advancements, along with changing customer shopping behavior in retail, powered by the swift progress in connected technologies and automation to revolutionize the new way of shopping.

Logistics revolution through advanced softwareAdvanced software-driven networks are becoming imperative for delivery retail, enabling companies to maintain market resilience. Despite initial challenges, quick-commerce is transitioning into a more optimized logistical model, driven by software advancements. If things move fast in food and retail tech, nothing comes close to the speed at which quick-commerce services have evolved in the past few years. Now, the number of players has shrunk enough to make this market healthier, while preparing for continued growth in 2024.

Super-convenience stores redefining proximity retailTo support the new optimized system for delivery and automated stores, ultra proximity retail points will evolve to better serve the end consumer, save him time and provide the most efficient retail services right where he needs it. Situated in dynamic urban areas, super-convenience stores will grow in numbers, as part of the mission to provide immediate access to products, saving consumers time while offering improved retail services and delivery.

New, exciting technologies and immersive AI for in-store experiences: Automation doesn't have to be boring. From guided AI assistance, interactive demonstrations, or gamified experiences, automation technologies will become not only tools for optimizing profits for retailers, but a more exciting experience for end consumers.In 2024, we will see more retailers incorporate virtual assistants or chatbots that guide customers through the store layout, product selection, or provide recommendations, AR/VR experiences, for a hands-on interaction with the products and integrate gamification elements into the store interface to make the interaction more engaging.

Products as services. The future of retail is renting, not owningThe surge in renting within the retail sector mirrors changing consumer preferences. Modern consumers will prioritize experiences and access over ownership. More innovative renting business models will start to empower users with the freedom to select, exchange, and experience a diverse array of products tailored to their evolving needs, reflecting a pivotal trend towards responsible consumption.



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