Retail Industry Trends 2020 Archives - Business Intelligence

Tag: Retail Industry Trends 2020

US Retail industry

Preparing for the Future of US Retail Industry: Key Areas that Need to be Addressed

Even though the age of ‘retail doom’ has been making headlines for the past couple of years, recent retail shopping trends and consumer spend patterns show that customer still favor brick-and-mortar stores over online channels. And this is expected to be one of the dominating US retail industry trends even in 2020. According to experts at Infiniti Research, the US retail industry is experiencing reinvention and transformation at an unprecedented speed. Due to this, the future of the US retail industry will be as challenging as it will be rewarding. In this article, our industry experts discuss some key questions that need to be answered by companies in the US retail industry right now in order to effectively prepare for the future.

Retailers with global aspirations are eyeing the US retail industry as their next target for expansion. Is your business equipped with strategies to face the rising competition? Request a free proposal to know how we can help your business with competent business strategies to combat rising market competition.

Are you meeting target customers online and offline?

Brand loyalty is something that companies in the US retail industry can no longer rely on even if they have a well-established brand name. In fact, our recent US retail industry analysis shows that over 50% of millennials and Gen Z consumers are attracted to smaller and more innovative brands rather than blindly making a purchase based on a strong brand name. Against this backdrop, it becomes even more important than ever before for brands in the US retail industry to engage with their consumers, especially on digital platforms. Digital channels are now one of the most important channels for retail growth and are believed to influence retail sales to a considerable extent. Experts at Infiniti Research also believe that digital channels will not only influence online sales but will also play a significant role in promoting offline sales. Providing omnichannel shopping opportunities is the way ahead for US retail industry companies, especially with e-commerce giants like Amazon venturing into the offline space, giving brick-and-mortar companies a tough competition.

Are you prepared to cope with the diversifying strategies of other retailers?

Several top retailers in the US retail industry have already begun expanding their business into other sectors such as healthcare. Moreover, non-retailers have also ventured into the retail business. For instance, a popular fitness company has now ventured into the healthy food business and fitness products retail. Most companies are now aiming to cross-industry boundaries and venture into territories that will help them expand their brand and at the same time capture greater consumer attention and market share with these cross-industry ecosystems.

To survive and thrive in the next decade, players in the US retail industry must refashion their businesses to capture opportunities arising from the changing retail industry trends. For more insights on how we can help your business achieve this get in touch with an industry expert from Infiniti Research.

Is your business positioned to win the talent war?

Traditional talent profiles will no longer be enough for players in the US retail industry to survive retail disruption. As retailers are increasingly focusing on becoming service and experience providers, talent that are highly skilled and have expertise in new industries will be paramount. For retail companies finding best-in-class talent may prove to be tough given the fact that other lucrative industries such as IT or finance tend to be more appealing for most in-demand talent profiles. Furthermore, the retail sector is generally perceived to be old fashioned and slow, making it even more difficult for US retail industry companies to hire from a competent and skilled talent pool.

Learn more about how we have helped clients in the US retail industry overcome their key business challenges

Retail industry trends

Top Retail Industry Trends that will Soon Go Mainstream

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.

Feeling left behind amid the rapidly changing retail industry trends? Request a free proposal to know how we can help your business identify service gaps and adapt to the changing market forces.

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.

Get In touch with a retail industry expert from Infiniti Research to know how we can help you overcome key business challenges.

Pop-up stores

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.

Gain more insights about Infiniti’s solutions for retail industry companies

Close
Infiti Logo

Hello there!

Contact us to know more about our cost-effective custom market research offerings to support efficient market penetration, new product launch, and devise strategies to monitor and outperform your competitors.

Cookie Policy

The Site uses cookies to record users' preferences in relation to the functionality of accessibility. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice