Retail is being redefined. With the emergence and growing power of ecommerce as a must-have not a nice-to-do for businesses and startups, we have also witnessed a surge in the number of products being developed to meet these demands.
Every other day it appears as if another product or service enters the market offering the latest and greatest to assist retail startups — at times it almost feels as if they are flooding the market.
Startups in particular are the heart and soul of the retail industry. According to a Forbes article, retail is being redefined by five trends in 2019:
Consumers are shopping with their emotions, instead of with their wallets.
Faster ecommerce shipping is becoming expected.
Providing retail "experiences" for customers is on the rise.
Buyers are seeking subscription services that are tailored to their preferences and delivered directly to their door.
Multi-channel is vital for captivating consumers and keeping them engaged.
Let's take a look at a few innovative types of products for new retail startups in 2019 that meet the expectations of these five trends.
Hottest Types of Products for New Retail Startups
There are plenty of hot products for new retailer startups. Here are a few that are having a great impact on brick-and-mortar and online retailers.
Artificial Intelligent Products
Artificial intelligence (AI), also known as machine intelligence, is a branch of computer intelligence demonstrated by machines, in contrast to the natural intelligence displayed by humans. AI is essentially machines working, thinking and acting like humans. AI is impacting retailers in six ways according to TechRepublic:
Supply chain planning
Marketing, advertising and campaign management
Pricing and promotion
Retailers are using innovative technologies to offer new ways to shop both online and in-store. AI can also help retailers provide careers and streamline their employee processes.
Augmented Reality Technology
Consumers are visual — they want to see and touch a product before purchasing. Ecommerce runs into this challenge since consumers enjoy going into a store and picking up produce and inspecting it, or picking the best batch of meat or seafood. That's where augmented reality technology can help consumers.
Augmented reality is an interactive experience environment where the objects that reside in the real world are enhanced by computer-generated perceptual information.
Augmented reality can help patch the need to see and feel a product by providing consumers with a unique experience to view a product as if were actually in their hands.
Software as a service (SaaS) is a software distribution model in which a third-party provider hosts applications and makes them available to customers over the internet.
Retail startups that implement SaaS obtain important benefits, such as efficient and compatible applications on all devices, a decrease of IT department costs and work hours, and updates and automatic improvements without cost.
Obviously if ecommerce retail is growing, so too will the demand for specific ecommerce services. Whether the ecommerce business is business-to-business (B2B), business-to-consumer (B2C), consumer-to-business (C2B), business-to-employee (B2E) or consumer-to-business (C2B), there are plenty of services and products being developed to address all of the different approaches to online shopping.
Business owners can also find services to help with tackling day-to-day tasks, such as content management, logistics and shipping and review gathering and syndication.
Get Started Today
Know of any other hot product for new retail startups in 2019? Share with us in the comments section below! If you have an idea for a hot retail product or service and are considering starting your own business, what are you waiting for? Now is a great time to enter the market with your offering. Incfile can quickly and easily help you form your business today so that you can meet the trends and demands of tomorrow.
Lisa Crocco is a marketer for an international food manufacturer by day and a freelance writer/marketer for startups and small businesses by night. She's written for outlets like USA Today College, Career Contessa, CloudPeeps and Fairygodboss.