There are a lot of perceptions about the current state of the retail market and its possible future. A lot of people seem to think that because of the surge in online marketing, the retail market would suffer a massive decline. However, in actual fact, just the opposite is what happens, and this school of thought has been proven to be quite misleading.
Studies show that for every retail store that closes, over five open up in its place. This in effect shows that the size of the retail market just keeps increasing. Also, almost all online stores also run physical stores alongside and this has proved to increase their sales and profit earning.
In addition to brick and mortar retail stores, the expanse of online retail stores keeps getting wider. People find it convenient to shop online and have their goods delivered to them. All these show that the retail business is still thriving, and its size keeps increasing.
There have also been some advancements in the general form of retailing. Some retailers bypass the wholesaler altogether and purchase products directly from the manufacturer. This grants them more profit and personalization with the product. Some also carry out vertical integration, whereby they produce their own products and sell.
This leads us to the retail market trends present in the industry today. Due to the dynamic nature of the market, it is important for you to be aware of the changing and current trends in the retail market. Following these trends is a very crucial factor in ensuring your survival in the retail market. Let’s take a look at some trends today.
A common trend prominent today is investing in omnichannel retail services. It is advisable for you to make your products available on all platforms possible in order to create the best customer experience. You shouldn’t just restrict yourself to just a physical or online store, but should run both, as customers might purchase a product online and want to pick it up at a physical store. Also, with the diversity of mobile devices today, you should ensure your retail store is accessible on virtually any device.
Another trend you should embrace is the use of digital mobile wallet. Make sure you have a very flexible means of conducting payment. Make room for online payments and transfers and other digital means of payment, and of course, cash as well where necessary.
Also, it is important for you to follow the trend of product personalization for customers. Asides selling general products for the public, make enquiries on specific products and customization customers might want and satisfy them accordingly. In doing this, customers are bound to keep patronizing you since you give them exactly what they want.
There is also a fast-growing trend today to take note of and that is the need for urgent product delivery. Gone are the days where customers have to wait for weeks or months before receiving a product they ordered for. Retailers today are delivering in the hour and so you have to step up as well. Make provision for fast delivery services and once they need anything urgently, they turn to you.