Retail Trends You

Cannot Ignore

An important strategy for retailers is to analyze industry trends and

leverage strategic approaches when making operational decisions.

Merchants are placing emphasis on these strategies to find ways to

maximize their exposure/success rates with consumers.

By acknowledging these trends and mirroring these initiatives, retail businesses can increase

their chances of staying ahead of competitors, providing a better shopping experience, and most of all, help them successfully

scale.

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Baby Boomers & MillennialsBaby boomers and millennials’ needs and

preferences will continue to heavily influence retail. Thus, retailers are working to make the shopping

process easier for the boomers and will invest more on mobile/smartphone capabilities for the

millennials.

Brands will continue to maximize social media channels to market their products, talk to customers, and even make merchandising

decisions. The emerging trend is to incorporate shopping

functionalities aka “buy now” buttons within their platforms.

Social Networks = Shopping Platforms

Rewards Programs Will Be Obsolete

Rewards programs have become so common that the allure of

earning points is no longer exciting to consumers. Retailers will be

researching and delivering more imaginative ways to incentivize customers such as earning points

through fitness activities (Walgreens).

Merchants will adopt and/or experiment with tech

innovations and incorporate them into the overall shopping experience,

including POS technology, beacons, wearables,

augmented reality, and 3D printing.

Experimenting with Technology

Data & Analytics Data and analytics will be more accessible and powerful in scaling small businesses. Retailers will

rely on data in order to get to know their customers and provide customized shopping experiences.

Managing Risk & Protecting Customers

Data breaches in retail have been a major issue in recent years. In turn, companies will find better ways to manage risk and protect customers. Initiatives that tackle risk mitigation and data security will be

among retailers’ top priorities.

In order to provide compelling shopping experiences,

retailers have to take more control of how their products are manufactured, marketed, and distributed. Thus, more retailers will take control of

their value chain and improve order fulfillment processes.

Value Chain & Order Fulfillment

E-Commerce to Offline The majority of retail sales are still taking place offline and

therefore, e-commerce sites are setting up physical shops to gain significant market share. Seamless online to in-store processes are a major focus, which requires both a digital

and physical presence.

In summary, here are the eight retail trends you should be aware of in order to be successful:

Baby Boomers & Millennials Social Networks = Shopping Platforms

Rewards Programs Technology

Data & Analytics Managing Risk

Value Chain & Order Fulfillment E-commerce

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