Each year brings new trends – as well as new opportunities and challenges for brick-and-mortar retailers. It’s important to keep apprised of retail trends in today’s rapidly changing industry landscape.
The landscape is evolving, and your survival depends on how well you adapt.
The future is bright for retailers who adapt to the needs of their customers. The merchants who will find success are the ones that can successfully evolve along with consumers.
Below are 3 trends in retail that I think will make an impact on the retail industry in the very near future.
1. In-store revolution
Brick-and-mortar locations will continue to be an important channel for retail. Despite the growth in online purchasing, consumers also enjoy the physical shopping experience.
Modern consumers have slowly but surely been moving away from strictly shopping for products, instead seeking a more engaging experience. The trend has been driven largely by millennials and their preference for experiences over things.
Enhancing that physical shopping experience will be critically important. Retailers need to be attuned to the reasons why their customers shop offline, and then design their stores to fit those needs.
Creative and interactive technologies will continue to play an important role in developing unique in-store experiences and knowledgeable staff who embrace and promote the brand will help build connectivity and promote brand loyalty. Retailers now have to push the boundaries of the in-store experience with sleek decor, eye-catching product arrangements, and technology on the walls.
Retailers that offer compelling in-store experiences will flourish
2. Omnichannel Retail Strategies
Retail is changing, adapting new technology and following customers as they embrace e-commerce. One of the most important retail industry trends is an investment in Omnichannel retail strategies. Omnichannel is vital for captivating consumers and keeping them engaged from first impressions to the eventual point of sale.
Omnichannel retail gives customers a myriad of options for purchasing in a way that’s convenient for them. Your omnichannel platforms must have consistent design, branding, and strategy to help guide your customers to your business to make their purchases.
If your omnichannel retail strategy isn’t a seamless one, you can bet your customers are noticing – especially the younger ones. Today’s shoppers want a consistent, 100-percent seamless experience across all channels, be they mobile, web-based or even in a physical store.
3. Emerging Payment Options
Technology is quickly becoming the new king of customer payments. As easy as cash, but more secure, tech payments are increasingly being adopted by small-to-medium businesses globally.
Most Australians now use Digital Payment Solutions. New research unveils that over 14.5 million Australians aged 14+ (71.7%) use Digital Payment Solutions in a 12 month period.
Emerging payment options such as mobile payments and buy now pay later (BNPL) services are gaining more traction. Consumers who use BNPL tend to spend more, buy more items, shop more frequently and are more loyal to retailers who provide it. By giving your customers the option to pay for their purchase over time means they can buy more of what they want while being able to budget.
In addition to providing a better service, adopting faster and more flexible payment options can boost your sales and growth.
As consumer habits continue to evolve, the payment processes behind each transaction also need to evolve to keep up with demand and technological developments.
With the changing landscape of retail, you’ll want to take proactive steps in your business to ensure you’re ready to accommodate changes in consumer behaviour.
By Bev Strickland, Director and Founder.
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