Vegan leather jackets, smart mirrors, drone deliveries and digital assistants will take shopping to new dimensions. The future is faster than we think in retail. What will the future look like in retail and how will it impact our lives?
“Show me how I look in a pair of white sneakers from Nike!”
“Change to my black vegan leather jacket!”
“Show me a cool cap that matches the jacket? Great, buy that one!”
These will be normal commands that we tell our smart mirror to do for us. The smart mirror will be connected to the internet and store a digital version of our clothes and be voice-activated and assisted by artificial intelligence. Voice activated commerce mean that you will ask, and you shall receive. You will be able to ask the smart mirror to show a high-resolution image of yourself in various clothing and tell your digital assistant to buy it for you. Since you will be able to do a full-body scan with your phone you can be sure that the digital assistant will order the correct size of clothing. Yes, the order will be delivered to your door by a drone.
The future of shopping is presenting a thrilling picture.
The internet of things does not only mean that things are connected to the internet but also assisted by AI via our phones and glasses. We will be able to live in two worlds at the same time. Augmented reality is a merge between reality and different digital worlds that we can chose to participate in if we like. It will be like walking in our hometown but being able to shop from all corners of the world when we participate in the augmented reality through our glasses.
There will still be shops, but they will be fully delocalized if they choose a business model that embrace augmented reality. Local shops will be able to sell a vast catalogue of online products and purchases will be automatically paid for via our digital ID when we leave the shop. You will be able to buy a vegan leather jacket as leather can be grown using stem cells. Your digital wardrobe will be updated with a digital copy of each purchase of clothing.
When we think about it, the future of online shopping is already here. The difference will be in the use of augmented reality which will offer a new dimension for digital shopping. A man will only see men’s clothing when he enters a physical shop that use an augmented reality. Whereas women will only see handbags…
The future of shopping is highly personalized using AI and blockchain technology. Everyone will have a digital ID that we can use for personal and professional services and payments in crypto currencies or central bank digital currencies. The digital ID will store personal data such as health records, passport details, banking details and ownership of land. Our digital assistance and AI will store details such as our favorite clothing brand or color or remind us about buying birthday gifts.
When we merge highly personal data with AI it is difficult to see a clear picture of all problems and possibilities of the future. Security of data will be a major issue in the future of retail as most data will be stored online. However, if this data is stored on a blockchain we will be able choose what data we want to share with relevant parties.
Some shops will decide to invest in robots that serve our food and cashiers will not be needed in the same way. Employment will move into the metaverse.
Furthermore, it is predicted that the fourth industrial revolution will mean the end of malls. Those companies that decide to stick to physical stores they are forced to provide a unique shopping experience for customers. For example, trying out sports gear in the store before buying or personalize products are examples of how shopping will transform.
Walking down the aisle will also be a different experience.
Gone will be the days of having to go through a maze of irrelevant products. Those who enjoy shopping will even have a greater experience as retail will enter a phase of what’s called hyper-personalization. Stores will display fewer physical products and aisles will present high-resolution displays that guide you through the products that you prefer. Hyper-personalization will also mean dematerialization of retail as only the most relevant products will be produced. 3d printers are already used in the design clothing industry. Dematerialization is obviously eco-friendly in comparison to mass production.
Businesses that are early in adapting to these technological shifts will blossom. Those not daring to take the leap will have to put a great deal of effort in creating a totally different experience for customers. Local shops not betting on the digital world can focus on human interactions and providing a unique local appeal.
I can’t wait for shopping to become more effective and relevant so I can spend more time doing what really matters in life.