Top Trends Deciding the Future of Retail. In this article, we shall talk about the top trends that retailers can follow to navigate these changes in the time. Things are going on sale digitally and buyers are getting endless options- competition is fierce and retailers are getting a hard time to make profits. There are some trends that can help them to cope with the competitive environment.
- More use of mobile apps
Every eCommerce today owns a mobile app that drives more sales through mobile users. Mobile phones are the necessity and people are doing everything with it- from calling to shopping to business! Retailers running an eCommerce website require a configurable mobile application to make extra sales through the mobile platform. Those who are not at their desktop to open your website can simply navigate to a mobile app on their smartphone and buy the products offered by the eCommerce.
- Hooting for latest payment methods getting serious
IT companies are continuing to develop and release the latest mobile payment apps and most of them are considered safer than magnetic stripe cards since the apps generate and use UTP for every transaction instead of card numbers. More eCommerce sites are being created and so the selection of payment gateway partner is getting complex. What’s troubling the retailers is the acceptance of the public.
- More investment in workforces to attract and retain top talent
As the economy enhances and employees get extra choices for employment, retailers went through the pressure to facilitate a working environment to attract and retain top talent. Happier workers mean improved customer service, thus driving more sales in stores and making more profits.
- Retailers fight discounting while focusing on merchandise
Retailers are always looking after their customer’s needs. As the economy rises, consumers expect more discounts and sales, pushing several retailers to compete on factors other than price, including product quality and merchandising.
- Omnichannel is just business
Since the retailers wishfully investing more in mobile and eCommerce websites, the ability for consumers to shop from one channel to the next while retailers maintain the inventory is a challenge and only a few retailers have mastered it.
In a world, where everyone is available online, there is no offline. In other words, it is not about the digital business, but just business. It’s not about eCommerce, but only commerce.
The focus of the fight has been shifted from retailers to technological interventions for retailers. The growth in competition has made retailers think about innovative technologies to meet the modern-day demands of the customers. To maintain a higher ranking in a competitive market, every retailer needs to stay on top of technological enhancements and also learn how to leverage them to achieve their business goals.
The modern retail ecosystem has smart technology. The list includes several things that one can experiment with if a retailer applies technology, for instance- smart displays, smart shelves, home delivery, supply chain optimization, etc.
Then there are wallets, social networking, and point of sale data. All of these are driven by the retailers into business apps where buyers see, feel, and query and buy the product.
Some other trends that affected the retail industry on large scale are –
- IoT
IoT or Internet of Things has big implications for in-store marketing efforts of brands and retailers. Smart devices are not just changing the lifestyle of the consumers, they are rapidly reshaping the entire industry. The IoT offers many opportunities in three main areas- customer experience, supply chain, and new channels of generating revenue.
- SMAC
SMAC or Social, Mobile, Analytics, and Cloud are creating new touchpoints for companies to attract their customers. The consumer experience is evolving since SMAC are driving business innovation. It develops an ecosystem that enables a business to enhance its operations and get closer to the customer with the least overhead and maximum reach.
- Big Data
Retailers of digital ecosystem are constantly finding innovative ways to get insights from structured and unstructured data related to their customer’s behavior. Regardless of the size of the company, every business has been reaping the benefits of analyzing structured data for years but are just starting to leverage unstructured data.
In the end, it is concluded that omnichannel is a necessity. Omnichannel retailing offers benefits for consumers and opportunities for retailers. It empowers connected consumers by making it simpler for them to access data and compare product details; by increasing convenience, by increasing choice, and the options available for shopping. For retailers, it creates opportunities ranging from potential extension of sales and enhancing brand awareness and loyalty.
Retailers need to make cybersecurity a priority in order to provide a secure ecosystem to their buyers. Custom Software Development Solutions Technology will play a significant role in the customer experience of retail, convenience, and engagement which will definitely impact on shopping pattern.