Emerging Trends Redefining Retail
Retail Tech Insights | Thursday, November 10, 2022
Retailers should focus on trends such as offering an elevated in-store shopping experience, being proactive in communications, adopting new channels, exploring social commerce, and providing same-day delivery services to plan marketing and growth strategies.
FREMONT, CA:Consumers embraced new shopping behaviours during the pandemic and have continued with them in the post-pandemic period. There is a considerable increase in intent to continue buying goods online. Businesses should stay on top of the latest channels customers use to shop for businesses to thrive. They should also be able to shift and adapt quickly to any changes in the market and optimise business operations. Integrating emerging retail trends into growth strategies will help to achieve growth in the coming years.
Elevating In-Store Shopping Experience
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Although buying online is the trend now, physical stores play an important role in the overall experience they deliver to customers. Organisations should focus on making stores safer places to shop. It must have a better product warranty and return policy and use technology to offer check-out-free and touch-free shopping.
Retailers can follow a few tactics for a better in-store shopping experience. This includes considering undergoing a system redesign to accommodate a more streamlined customer interaction with fewer physical exchanges, offering mobile payment systems, and using augmented and virtual reality to improve product displays and provide a more heightened try-on experience. They should also allow customers to visualise themselves buying products and the lifestyle coming from a brand.
Restructuring Store Portfolio
If businesses want to thrive, they need to make the coming years a growth year rather than makeup for the loss. Household cash flow is expected to increase in the coming years. Big-box retailers will benefit the most from these gains. Retailers should stay competitive by leveraging their businesses for SEO to ensure that goods appear first when customers search for them online. It is also essential to have a digital marketing strategy to accelerate online presence and engage consumers.
Embracing New Channels
More sales will be made through mobile compared to desktop PCs in 2023. With broadband connections becoming faster and 5G already a reality, retailers must look into couch commerce and find ways to make customers’ buying experience from their own convenient and enjoyable place. Smartphones play a crucial role in assisting people to buy what they want whenever they desire. Businesses should ensure that they optimise retail businesses for couch commerce by developing an app, optimising business sites for mobile, and adopting new channels.
Implementing Same-Day Delivery
Many shoppers prefer their orders to be delivered when shopping online. People want to get hold of the items they purchased online as quickly as possible. Therefore, retail stores without such systems must include same-day delivery options to stay competitive. As customers are closer compared to big eCommerce players, retailers can take advantage of this by optimising businesses for local SEO and targeting people closer to the shops.
These trends are necessary when planning marketing and growth strategies for next year. Retailers should focus on offering an elevated in-store shopping experience, being proactive in communications, adopting new channels, exploring social commerce, and providing same-day delivery services to stand out and stay competitive.
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