The retail industry is undergoing a transformative shift driven by technological advancements, evolving consumer preferences and the demand for personalised experiences.
The future of retail will be a key focus at the Global Sourcing Expo Sydney seminars, which start today at the ICC.
In the era of hyper-personalisation, retailers aiming to maintain market share must cater to customers who expect tailored experiences and personalised interactions, says Fiona Harkin, foresight editor for the Future Laboratory.
“However, meeting these expectations is becoming increasingly challenging due to stricter privacy regulations.
“First-party data has become valuable currency and retailers need to leverage this data ethically and responsibly to meet customer expectations for personalisation and to redefine the retail experience.”
She calls this shift in retailer behaviour EQ-commerce or emotionally intelligent commerce.
Harkin adds that rather than relying solely on social media platforms, brands should create and own the social commerce experience within their channels.
“Artificial Intelligence’s (AI) ability to analyse and recommend products will be crucial, but human touchpoints are equally important to ensure a seamless and interconnected customer journey.”
As is the case with many other industries in 2023, AI is proving to be a major disruptor to retail and should be seen as one of the biggest trends to watch.
Another trend to watch is the rise of live retailing or live-stream commerce, which enhances customer service by providing a more human experience.
Marie Kinsella, CEO International Exhibition and Conference Group which organises the Global Sourcing Expo, says that the relationship between a customer and brand is at the heart of any success story.
“The Global Sourcing Expo is all about creating opportunities for collaboration where exhibitors and visitors can build long-lasting and mutually beneficial partnerships,” she enthuses.
“We look forward to hearing Future Laboratory’s insights into what lies ahead for the industry at the show in Sydney and to highlighting the role that hyper-personalisation plays in helping retailers thrive in this evolving landscape.”
The Global Sourcing Expo opens today and runs till 13 July at the ICC in Sydney.
