Retail business is one of the fastest growing business in the modern world. It provides excellent business opportunities. Retailing involves the activity of buying merchandises or services from a manufacturer, wholesaler, agent, importer or a retailer and selling it to the consumers.
India and China have always been in the high point of commerce in the retail business. When talking about the latest trends, here goes a list to mention a few:
Personalization – Personalization will always remain a key trend in retail trade. Retailers that allow the shoppers to make and customize their product will prosper. Nowadays, customers are placing a lot of importance on experience rather than physical items. By allowing shoppers to personalize commodities, meeting the standards will become much easier hence making shopping a lot more interesting.
Social Media Strategy – The growing trend of Instagram stories, Facebook updates, etc. is changing the way people communicate. These apps can also change the way retailers interact with consumers online. But a crucial thing to keep in mind is that simply posting updates would not be enough for creating or retaining the consumers instead the retailers must engage their customers in real time.
Augmented Reality – Although augmented reality has been a trend from a while, it continues to be a trend in the retail business. The retailers still have to look into new and innovative ways to permeate the shopping experience of the customers.
Omnichannel – Researches show that the average digital consumer owns 3.64 connected devices. They use these as a consulting device before making any purchase. The customers also look for omnichannel with the brick and mortar store. This multi-channel sales approach provides customers with an integrated shopping experience.
The retail industry is witnessing transformation like never before. Customer behavior is changing and so are their demands. As such, retail businesses need to understand these ever-changing demands and the key trends that are widely impacting the industry.
To have a more clear picture, let’s take a look at some of the latest trends in the retail business.
Social Commerce - The onset of the COVID-19 pandemic is pushing online shopping to its peak. People who were normally making an in-store purchase are now going online. Besides, native experiences on social media platforms are providing a quick and easy way of shopping. Offline shops are becoming custom storefronts.
Unique Influencer Marketing - Earlier, influencer marketing was all about highly edited products, cautiously written captions, and selfies. Times have changed, influencers and brands are collaborating. Today, authenticity and aesthetic appeal are prioritized in combination with user experience, information sharing, and entertainment.
Digital Stores in Offline Spaces - Big brands like Amazon have launched Amazon Fresh Grocery Store as their first brick-and-mortar this September. Many digital native businesses such as Warby Parker, Glossier, Casper, and Bonobos have successfully maximized their offline presence over the years.
Faster Deliveries - Customer expectancy for delivery times is only getting faster. The demands from two-day shipping to same-day delivery are changing the digital commerce services landscape. This immediate gratification shall also make way for two-hour express delivery options with day-by-day technology advancements.
Technology adoption - Brands are moving towards offering immersive buying experiences with AR-powered technologies and machine learning. Smart devices like Amazon Echo and Google Home are becoming the norm for online shopping. There is also a rise in retail companies using personal assistants, chatbots, and digital mobile wallets.
Emerging Value-driven Brands - Buyers now add products to their wishlist after validating a company’s ethics and values. According to an independent study by Forrester, 41% of consumers in the US prefer purchasing from a retail business aligned with environmental, political, and social values.
Omnichannel Strategy - Nowadays, customers look for a product on their smartphone and complete the buying process via iPad, or they search it online and purchase it offline. Hence, retail businesses are focusing on providing seamless experiences with a mobile-first approach across multiple touchpoints.
Personalized Experience - Another retail business trend that is dominating the industry is to offer personalized user experiences. Retailers are often providing customers with necessary recommendations based on previous orders, location, etc. They are enhancing user engagement by offering updates on new products.
Concretely, the majority of current retail business trends showcase companies that are changing the way they operate alongside seeking automation. Whether the role is to maintain a balance between demand-supply or integrate applications to deploy omnichannel strategies, technology is efficiently playing its part.
With such a progressive environment, only time can tell what changes shall businesses observe in the coming years.
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