In today’s retail environment, in order to thrive, retailers need to respond and adapt to new strategies. The past decade has witnessed an enormous growth in various retail trends. A hassle free customized shopping experience is now possible today thanks to the adoption of technological innovation in e commerce.
To keep pace with the ever transient market, one ought to keep a keen eye on trends setting strategies and adapt efficiently. As competition grows, in order to survive, brands need to find a way to creatively enhance consumer experience and increase brand loyalty.
Retailers now are looking to incorporate end-to-end digitalization, which includes the use of radio-frequency identification and blockchain technology to speed up the supply chain, in-store price tags that can be changed with a click, mobile technology for store associates and new equipment such as drones to expiate the delivery process. These are few of the many trends expected to transform the retail scenario in the future.
These will ultimately lead to the departmental stores and specialty stores shutting down.
With 2017 expected to bring in more global trade, retailers are expected to collaborate more, leverage technology and adopt new delivery models to cater to the insatiable consumer demand.
The most anticipated retail trends set to dominate 2017 are as follows:
Customers today are yearning for a unique retail experience. By building loyalty in customers, retailers hope to customize their shopping experience online and make it as seamless as possible. HSO reports show the importance of a personalized environment. The report says that personalized environments witness an increase in sales of 19% on an average.
The influx of extremely quick and convenient push button services like- Amazon Dash Buttons or talking to Siri or Alexia to order products are rising in popularity. This makes items easy to order with convenient delivery of products right to the customer’s doorstep. Some retailers have also moved past the push button and have gone towards subscription services like trendsend and Stitch fix.
A tiny yet powerful piece of technology which everyone carries around day in and day out is one of the major focus areas for the marketers. Increasingly more attention is on the mobile app, which gives users a smooth experience of the brand and to develop loyalty with their various app exclusive offers and ease of access and use. Adobe’s 2016 mobile retail report showed a 54 percent year-on-year increase in visits to retail sites from smartphones.
The retailers have already started establishing their digital presence with the mobile share of global e-commerce expecting to grow from 40% in 2015 to 70% by the end of 2017. As a result, e-commerce will be the one driving shift and adapting new technology to increase their customer base.
There will soon be a rise in the number of niche retailers, for both new brands and existing brands. In addition to it, customer intelligence will become a priority for retailers. This will mean smaller footprints and personalized services that will satisfy the demands of the consumers.
To know more about retail trends which could disrupt your business, contact us at Datahut, your big data experts.