The retail market has always been an evolving landscape. But as technology gets better every day, connecting consumers and retailers in ways that were unheard of 15 years ago, the retail environment is experiencing exponential change. The increase of new technologies will transform consumers shopping experiences no doubt, but it’s how retailers react to and navigate these retail trends that will determine the future business model of retail and the way we shop.
1. An Improvement Of Online Retail
Retailers are making dramatic improvements to their online shopping experiences in terms of price, speed and creativity, in order to be competitive with mega online retailers such as Amazon, who have already developed a stronghold in the marketplace. The online marketplace is growing rapidly and becoming the number one shopping destination for consumers, and retailers are realizing the need to improve their service, selection, convenience and overall experience in order to be competitive online. The enabling of shoppers to order online and pick up in store will be a big retail trend as well and may also result in smaller retailers closing down.
2. Personalised In-Store Shopping Experience
Consumers have more needs and higher expectations when it comes to shopping in store these days. Retailers will strive to impress customer’s shopping experiences in order to retain their business in store and prevent them from shopping online. The innovation of in-store mobile technology will continue to accelerate with things such as beacons and sensors that are embedded throughout a retail stores digital touch points like shelves, signs and product displays that can interact with mobile devices using blue tooth signals which will be rolled out in the next 12 months.
3. Localised Customer Demand
In order to maximize sales and profits, retailers will be looking at ways to tailor stores product selections to meet local needs. Creating the right product selection for the right stores according to local customer demands will increase sales and profits and maintain consumer loyalty. This customer data will mainly be leveraged through advanced analytics beyond traditional e-commerce and marketing methods and will be used to personalize shopping experiences for every individual.
4. Using Mobile Devices To Bring Retailers And Consumers Together
Suppliers, manufacturers, buyers and wholesalers can now sell direct to the consumer thanks to the Internet, which has enabled any business to become a retailer. Mobile is accelerating this change and challenging traditional retailers to re-think their strategies. 3 in 4 Australians own a smartphone so customers can search more easily for competitive products and prices. They also have access to a tailored shopping experience in the palm of their hands which bridges retailers and consumers at every stage of the shopping cycle and ultimately drives engagement. There is also exciting mobile technology innovations like Bluetooth Low Energy (BLE) technology that are being rolled out which allows users to make a purchase in-store via their mobile device.
5. Retailers Will Entice Customers With Food
As online retail continues to surge, retailers will look to find new ways to bring customers into store by creating an enhanced shopping experience. One way they will do this is by using food to entice shoppers. Offerings of in-store restaurants, beverages and coffee shops will begin to pop up more often within the fashion retail space. Consumers expect premium retail experiences on every platform and every channel and they shouldn’t have to look for them anymore, they should be automatically provided.