To run a successful retail business, you have to be abreast of the changes and advancements in technology, change in customers’ tastes and needs, as well as other factors that are changing in the retail market.
With that in mind, retailers in 2019 had to follow the following trends to remain relevant in the market.
Multichannel Sales: For a long time, the retail market wasn’t reflecting the way customers wanted to shop. Customers wanted to be able to search for products online, compare prices, and then check them out in person before they made their purchases. That’s why the 2019 retailers had to come up with the multichannel approach which allows customers the option to browse products online before buying them in retail stores. This gave them an edge and advantage over businesses that do only online stores and brick-and-mortar stores in the retail market.
Emergence of subscription e-commerce: Formerly, the success-determining factor for the retail market was the location. Later on, customers grew tired of waiting in long queues at counters and worrying if the store was opened or not. They started requesting that they wanted to shop from the comfort of their homes and have their products delivered to their doorsteps. With this change in the way they shopped, retailers had to subscribe to the idea of e-commerce. Retailers started shipping products to the customers’ doorsteps.
Making e-commerce shipping faster: Since the trend of subscription e-commerce started and customers couldn’t wait as long as they used to do for their products to be shipped to them, retailers had to ensure that the duration customers had to wait for their products was shortened and products were shipped in time to them.
Shopping on social media: Social media networks like Instagram and Pinterest are a source of inspiration to some customers and these social media platforms are offering e-commerce capabilities like social tags. They also allow users to load their credit card information on them. Retailers also had to follow this trend, although, not so popular yet but that is likely to change in the coming years.
The Glass Box And Brands-as-a-Culture: More and more, customers are allowing their emotions to choose what they buy instead of their wallets. Change in their preferences also made retailers reposition themselves and create cultures that match customers’ changing preferences and values to keep along with the trend.
The Rise Of Experiential Retail: Formerly, in-store and even online retail stores focused only on products being sold. With time, customers started moving away from strictly shopping for products and started seeking more engaging experiences. Retailers had to restructure their stores by combining activities that are unrelated to making purchases in their mobile apps.
Trends keep changing, and just as the retailers in 2019 identified and adapted to them, you as a retailer also have to rebrand your business to flow with these trends.
Peter Grossman was the one who said, “Today, brands need to look more actively and purposefully at the culture buzzing around them—in entertainment, in fashion, in news, on social media—and use that awareness to inform how they should best position and integrate themselves into the world.”