THOUGHTS

4 Hottest Retail Industry Trends to Watch out for in 2018

Feb 12, 2018

The retail industry is one of the most profitable industries in the world, flocking its way through success year on year. All thanks to the never-ending desire for ‘retail therapy’ among customers. The rise of new players in the market has resulted in a radical shift in the mindset of this sector from ‘caveat emptor (buyers beware)’ to ‘caveat venditor (sellers beware).’ Today, retail enterprises have come to terms with the fact that their survival solely depends on their ability to provide innovative offerings to customers and differentiate themselves from the other fishes in the sea. The past few years have witnessed several retail industry trends that have redefined the shopping experience. Advanced retail technology has truly revolutionized the retail industry.

Request a free brochure to gain detailed insights into our core capabilities and solution expertise.

Personalization: the key to creating a connect

Personalization is one of the retail industry trends that has been on the rise since 2017. The growing demand of customers to own and experience things that are unique has fueled this trend. Modern customers are placing more value on experiences over physical items or commodities. When shoppers purchase tangible products they want those items to either tell a story, fit into their lifestyle, be unique or all of the above. Giving shoppers the opportunity to build and personalize products not only fulfills those expectations but also makes shopping itself a lot more exciting. Dresden, an eyewear retailer, and eye healthcare provider takes plastic waste from Australian beaches and discarded fishing nets, and upcycles them into affordable frames. The company lets shoppers create their own pairs of sunglasses by interchange the lenses and frame parts as per their desire.

Data will drive retail decisions

Data’s role in retail decision-making will rise, especially as technologies like Big data and machine learning continue to mature. Using useful customer data for sales, marketing, and after-sales services will be among the widely seen retail industry trends in 2018. An example of retailers’ success using big data is Target. The company correlated its baby shower registry with its Guest ID program and was able to identify other products that pregnant women were most likely to purchase. As a result, Target was able to showcase its unique offers for pregnant women.


Request more info to know more about the retail industry trends impacting business growth.


We help our clients make smarter decisions to achieve rapid business growth

Our strength lies in the unrivaled diversity of our international market research teams, innovative research methodologies, and unique viewpoints that merge seamlessly to offer customized solutions for your every business requirement.

Recent Thoughts

Market Sizing – When is it most effective?

Market Sizing – When is it most effective?

Written By: Gaurav Sharma Overview Market Size of a product/service is necessary for every business. But why? It’s an indicator that can help you assess the profit potential of your business. You always want to be a step ahead of your competitor(s) when doing business...

read more

Insights

Our knowledge hub offers exclusive access to a collection of free resources and downloadable articles that provide insights into market developments and details on how our services can benefit your business.