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Technology trends in the retail industry for 2023

iVend

But we’re also seeing exciting technology trends * in the retail industry. There has never been so much tech in retail, with retail technology solutions having the power to help attract and retain customers, for sustained growth and profit. See how we’re implementing digital technology in retail stores.

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With Growth Top-of-Mind, Luxury Brands Focus on Digital Goods and Virtual Experiences

Retail TouchPoints

As a result, the luxury market’s base expanded to approximately 400 million consumers in 2022 and is expected to reach 500 million by 2030, Bain & Company revealed — and the expansion goes far beyond the aspirational promise. They must be both at the center of culture and at the cutting-edge of culture.

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Starbucks Unveils Evolved ‘Reinvention’ Plan

Retail TouchPoints

Shot #3: Becoming ‘Truly Global’… … by expanding its global store footprint to 55,000 by 2030, an average of eight new stores a day, as well as the expansion of its digital platforms across all licensed partners globally. Over the past five years, we have opened 9,000 stores — 7,000 of which were outside of the U.S.,”

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NRF 2023 Spotlights Profitability, Workforce Enhancements and Media Network Opportunities

Retail TouchPoints

But] siloed data is a huge issue to solve for here; 50% of our customers start their search online and then come into the stores. We’re navigating [putting] ads with the customer experience, but gently; [we want it to be] additive to the customer experience.” — Aaron Dunford, Sr.

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Making Fulfillment a Revenue Driver: 6 Ways Design and Tech Can Collaborate

Retail TouchPoints

But with the rise of omnichannel fulfillment, “phygital” experiences and more elevated storytelling, Nicholas believes design is going to matter a lot more: “Not at the expense of functionality or technology, of course, but through and with those elements.” Does your team have a vision for 2030 or 2035?” he asked. “Do

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5 Real-World Ways 5G Will Transform Retail

Retail TouchPoints

But just like those other technologies, 5G is less a specific solution and more of an enabler. Then in 2019, 5G entered the scene (in case you were wondering, 6G is predicted to arrive around 2030). “5G a retail store] with their own custom networks. 5G is the talk of the town these days — up there with Web3 and the metaverse.

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How Integrated POS Tech is Helping Electronics Retailers

iVend

compound annual growth rate between then and 2030 **. This increase in uptake is due to the fact that mobile POS retail technology plays not just one, but many roles in a retail business, helping to grow sales and drive operational efficiencies. Shoppers are more engaged and have a better customer experience in the store.

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