The retail industry has undergone a major overhaul in the past decade. These days, the majority of shoppers buy their goods online, through their trusty smartphones or tablet devices. Businesses gather data in order to boost their marketing efforts, while many stores now focus on becoming more sustainable.
Each year, new trends emerge within the sector and if retail businesses want to succeed, they need to keep up with the trends and changes in the sector. So, here we’ll look at just 4 trends in the retail industry you need to be aware of.
Digital stores are opening up physical premises
Although digital stores are still dominating the sector, interestingly more digital brands are starting to branch out into offline sales too. Companies which started out purely digital, are now investing in physical premises to run their business.
In America, it is expected that digital brands will open up 850 new bricks and mortar stores and UK retailers aren’t far behind. If your store is thinking of branching out offline, it’s important to seek the right help and advice to ensure you’re adhering to retail law.
Sustainability is a number one priority
Due to environmental concerns, sustainability is becoming a major focus for businesses today. Outdoor and sporting companies are particularly adopting sustainability practices, as is the hospitality sector.
Consumers actively look for stores which adopt sustainability practices these days, so if your company hasn’t adopted them yet, now is definitely the time to do so.
AI technology is being adopted
AI technology has been implemented into business for years now, but retail stores are focusing more on AI technology this year. The technology can be used in multiple ways, with top brands such as Target and Amazon, using AI technology to allow customers to see how certain pieces of furniture would look in their homes for example. It’s clever technology which more businesses need to start adopting if they want to keep up.
Another trend for retail businesses to pay attention to is product customisation. Consumers actively seek out products nobody else will have. Customised products give a sense of luxury and now customers have a range of options of how they’d like their products customised. From unique colour schemes to embroidery options – customisation is something all retailers should be offering to their customers.
These are just 4 trends retail businesses should watch out for. Each year, trends change and it’s important for businesses to keep track if they want to be successful. Before trying to implement any of the trends above, it’s worth doing as much research as possible to ensure you’re implementing them correctly into your retail business.