Retail stores have seen tremendous growth in the past decade. So much so that we now have chain stores of retailers such as Ikea, Walmart and Target with each having numerous stores around the U.S. and the world. You might be familiar with the long, long aisles and multiple floors …
The remarkable thing about Stitch Fix, though, isn’t its business model, which blends digital with a healthy bit of reality. It’s the company’s use of algorithms across essentially every single facet of the company. When it comes to data, Stitch Fix is doing it well, and there are a lot of things all companies—not just retail—can learn from it. The following are just a few of my favorite takeaways.
Each year, I take a look at the major digital transformation trends hitting every industry. Next up are the big digital transformation trends in retail for 2020.
Before getting into this year’s trends, I want to go over some of the hits and misses we chose for 2019. While we did see major and necessary improvements in omni-channel retail and AI/cognitive computing, I’d say we still have some work to do with cardless checkout and smart beacons. Yes, those technologies are still percolating and will likely continue to mature in the coming year. But for 2020, I see some more significant trends moving the industry forward.