Staying nimble is one of the key traits to succeed in today’s retail sector. Change is the only constant in the retail sector, and to stay relevant and prevent themselves from being overpowered by their competitors, companies in the sector must keep a close watch on the rapidly transforming retail industry trends. The proliferation of digitization has made several top retailers alter their existing processes and embrace digital transformations to ensure consumer convenience. This has helped them adapt to the latest retail industry trends and gain the ‘early-bird’ advantage. Let’s take a look at some of the biggest retail industry trends that are already shaping up in top retail markets around the globe and will soon become mainstream.
Retail industry trends 2020
Growing popularity of multichannel approach
Since the advent of e-commerce, its capability to overthrow brick-and-mortar stores has been a popular topic of debate. However, this hardly reflects how the modern customer wants to shop. Todays consumers tend to check the prices of a product online and then go to the brick and mortar store to understand the look and feel of the product. This is one of the key reasons why multichannel is becoming one of the popular retail industry trends. Giving customers the options to make the purchase either online or offline gives a retail company an added advantage compared to others who offer to sell only on either one of these channels.
Ecommerce capabilities on social media
Retail companies have increasingly started targeting customers on social media platforms to make purchases. Some popular social media platforms are now also offering ecommerce capabilities such as shoppable tags which allows users to view the price or product name. Although this is not yet one of the popular retail industry trends, retail companies can expect shopping on social media to go mainstream over the next few years.
Pop stores have become a popular retail industry trend that aims to build brand awareness and generate a buzz around new products or offers launched. This trend can be beneficial for both established as well as young brands to promote their products. While the big retail companies benefit from having a buzzy brand onsite, and young retail brands are exposed to a larger, more diverse customer base.
Ethical and value based shopping
New age shoppers like to feel good about the products that they are using and tend to provide more support to retail sector companies that cares about the greater good. This makes customers feel like they are a part of this initiative and are supporting a good cause. Several brands have already begun playing their part in CSR and other measures to promote societal well-being.