Retail is being rewritten by the world. The industry is moving from recovery to reformation after a tumultuous few years. Changing consumer behavior has shifted from offline to online despite the revival of the high street. Artificial Intelligence and other cutting-edge technologies are being used by retailers. These are the top trends to be aware of as the year progresses.
This is the first thing. Artificial intelligence is used to scale businesses.
The use of artificial intelligence has been making waves for a while now. The potential of generative artificial intelligence is being driven by Openai. Natural language processing is combined with deep machine learning to create original content. generative artificial intelligence is being used by retailers for a number of applications from copywriting to product rendering. The technology has helped automate a lot of manual processes.
In generating content and translation is one of the most practical uses. As retailers expand to new markets in the rise of cross-border e-Commerce, brands need to localize every aspect of their business Three-quarters of shoppers would prefer to purchase from websites in their native language, and 60 percent would never purchase from English-only websites. Content, especially in the form of video, is an important medium as consumers prefer video over other content.
Eugen von Rubinberg, co-founder of Vidby, says that recent advances in artificial intelligence enable brands to communicate effectively with more audiences without having to allocate more resources. Language diversity is high and English is low in Asia. The company's solutions are able to translate videos into many different languages, even taking into account linguistic details such as accents, and has collaborated with Harvard University to translate medical training videos.
Businesses in retail will benefit fromrative artificial intelligence. Not only will it help automate tasks and streamline processes, but it can also improve user experience and uplifting conversions.
There are two It will become more efficient to advertise online.
Many marketers have abandoned social media due to rising ad costs. Cost per click is one of the factors used to measure the efficiency of ads. Competition of ad space is one of the reasons the costs of clicks have increased. Research shows that brands lose an average of $29 per new customer acquired. $17 million is lost to ad fraud every day in Asia due to fake activity and engagement metrics.
Artificial intelligence and the internet are being used to prevent fraud. In real-time, artificial intelligence can be used to analyze patterns and spot anomalies, such as suspicious or fake clicks, that originate from bots. The company's proof-of-view technology allows advertisers and brands to verify the audience of their ads and avoid paying for bot views, such as the case of having recently deployed their technology for online newspaper The Times of Israel.
As the internet economy continues to become a lucrative target of bots, brands within Asia are ramping up their efforts by adopting technology like such to protect their costs and make use of reliable analytic tools to craft strategic decisions. The way retailers choose their publishing platforms and how they serve their ads will be changed by the new ad tech solutions.
There are three. Payment methods are cutting edge.
The number of payment options on the market has increased as a result of the growth of e- commerce. Cryptocurrencies will continue to be used by retailers in both the online and offline space. According to Dr Praveen Buddiga, co-founder, the new wealth has increased the affluence of young, tech- savvy people, with brands looking to attract this new group of affluent consumers.
Cryptocurrencies will be used in retail settings. More than 18,000 companies accept Cryptocurrencies as payment. TheBlockchain offers a very cheap and fast way to transfer value from anywhere in the world. Merchants are now able to offer easier payment methods.
Retailers will need to improve their payment experiences for the new generation of shoppers due to the fact that two-thirds of Southeast Asians are interested in using cryptocurrencies. Hong Kong aspires to become the next leading digital asset capital in Asia and is currently at the forefront of this innovative payment landscape. In a world where not only cross-border but also cross-continent payments are part of many people's daily lives,cryptocurrencies payments will only grow in importance.
There are four. It is back in the market.
Consumers are looking for more personal interactions with brands, a human touch behind the digital screen, after all the hype with artificial intelligence. Although it might sound like a joke, this year is going to be a great one for the industry. Retailers are using vintage technology to broadcast to the public, communicate special offers and promotions, and increase traffic.
When consumers are hiding behind fake emails, it turns out they welcome text messages on their phones. Nowadays, phone numbers are considered the most valuable digital data point because people rarely change them, and thanks to reduced SMS traffic, advertisements can stick out more easily. A spike in revenue and conversions can be seen when running text messages on pay per click campaigns. Ivan Janku, an expert in online advertising and CEO of Digital Rocket, says that it's easy to fall in love with email because of its 10% open rate compared to over 90% for text messages.
Consumers in Asia are generally satisfied with brand communication through mobile and it is an effective engagement channel to form a direct relationship with them. The next powerful customer engagement tool will be SMS, which is set to become an important part of retailers' marketing strategy.
There are five. It's growing through e- commerce.
Retailers are expanding their revenue through business-to-business (B2B) e- commerce channels as brands digitize their B2B operations to keep businesses afloat. Retailers are jumping onto the B2B wagon as the world faces a recession. Christian Schroeder, founder of the early-stage investment firm 10x Value Partners, says that the solution for many retailers could be to create or further promote existing B2B e- commerce efforts.
A majority of B2B businesses have transitioned from traditional and manual tasks to digital in the past year. Increased visibility of products and transparency in pricing are some of the benefits of going online. Two-thirds of the current B2B landscape are made up of buyers between the ages of 18 and 40 according to further research. These buyers have grown up in a digital world, expect a state-of-the-art customer experience, and may need well-crafted and targeted digital marketing campaigns before making a purchase decision.
In emerging Asian economies where technology is maturing and internet penetration is rising, this trend will continue to grow. 80% of Asia's retail spend is expected to come from Asia's SME players. As Asia reignites its manufacturing and export sector, the rest of the world will see more exciting B2B e-Commerce opportunities.