Whats the Future of Retail
Here are some innovative ideas shaping the future of retail as we know it.
Retail is in an awkward position right now, we are in the age of digitalization, and everything and anything is becoming a digital currency or product. Everything is changing, we don't know exactly where it's going to end up or even lead, but we do know what is the driving force behind the inevitable.
NFTs
Non-fungible tokens, are probably the most confusing concept of our time. It's essentially a digital currency that can only be paid out in you guessed it, other digital currency.
The idea here is that this currency is not controlled or manipulated by stock market shares like the US Dollar or Euro. However, it does have its own market that does affect it.
For example Bitcoin, one of the biggest cryptocurrencies actually funds thousands of other cryptocurrencies of lesser value. If Bitcoin were to go under, so does all the other crypto under their "blockchain"
NFTs on the other hand are digital forms of artwork (Options are but not limited to: Videos, Photos, and documents.) That can be purchased via these cryptocurrencies and sometimes with current currency standards. These items are then collected into secure wallets.
Simply put, it's a way of being an art collector on a digital scale.
There are some games out there that are actually being made in the metaverse (from Facebook) that are also running off payments in-game via these NFTs or cryptocurrencies.
Some innovators of the retail age believe that this could be the next evolution of the digital age and possibly even the next step of human evolution. Others, however, think it's just a passing fad soon to die out. Only time will tell.
Social Commerce
Something a bit more fungible and easier to digest then NFTs however.
Social Commerce is the act of selling products or service through the use of social media. A big step in this direction was back in 2018 when Facebook introduced Live shopping. This allowed content creators, influencers, or entire brands like Walmart and Target to promote their products or service at a glance while also allowing their business prospects to interact and potentially buy into what ever it might be they are showcasing.
Facebook recently retired the idea as it was unfortunately not generating the sales it was hoping for (more on this blog post here) but luckily, this feature is very prominent and active in Snapchat, Instagram, and even YouTube. So if you want to see the innovation for yourself go sign up on those new generation platforms today!
Twitter is another platform that is looking to expand into this market over the next year or two with pushes on user types. Choosing between either a personal or professional account allows the user to set up their Twitter accounts like a business and with new features coming in the future, will be able to showcase their products at a glance for any potential customers viewing their feed.
There are currently some projeects in development by major engineering teams and companies that are trying to develop the next generation of something on a much larger scope than either of these. Were talking about the entire internet!
Web3
Or Web 3.0 is the proposed next iteration for the World Wide Web. Its theorized that this could kill major retailers and provide more tools and focus on all brands instead of funneling towards one. This process would be called decentralization. It would essentially irradicate a hierarchy the web currently utilizes and make it more of its own democracy.
It would also allow for cryptocurrencies to flourish. Thats not to say it would use the same style as say Bitcoin is using, but its definitely possible.
There really is no current development update as to when we could expect it or even how far into development these engineers are into producing this on a global scale, but its being popularized heavily in the eCommerce industry on social media.
However there is something bigger than that on a physical scale, well sort of.
The metaverse
Probably the biggest technological leap we've had all decade. It allows virtual reality and augmented headsets to have the consumer/viewer interact with digital environments. Businesses are taking this to another level by creating levels or even whole worlds for these users to explore.
The technology is already there too, With devices like the Oculus Quest 2 or the Rift, some brands are already building universes for consumers to not only explore in a new way but can also buy products in both digital and physical forms!
When a user links their payment cards (this could also include NFTS) to their accounts and launches the universe of saying Walmart for example, people can shop just like they would in real life and purchase products that would then be shipped to their door. The best part is, that they never even left the comfort of their homes to get them.
The process behind it is still going down the pipeline as physical purchases like that aren't yet where companies want them to be, but given time, we doubt it will be long before were there.
Innovations are a way of looking forward for not just the future greater good, but also for your business's future too! Black Mountain can help alleviate stress off your shoulders by filling in a multitude of integrations and partners for your business's outreach. We can provide you with quality care and services, unlike any other fulfillment center. Give us a call today to find out more information and to see if we are right for your future.