8 retail trends you cannot ignore
TRANSCRIPT
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Retail Trends You
Cannot Ignore
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An important strategy for retailers is to analyze industry trends and
leverage strategic approaches when making operational decisions.
Merchants are placing emphasis on these strategies to find ways to
maximize their exposure/success rates with consumers.
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By acknowledging these trends and mirroring these initiatives, retail businesses can increase
their chances of staying ahead of competitors, providing a better shopping experience, and most of all, help them successfully
scale.
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Need help with your retail business?
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Baby Boomers & MillennialsBaby boomers and millennials’ needs and
preferences will continue to heavily influence retail. Thus, retailers are working to make the shopping
process easier for the boomers and will invest more on mobile/smartphone capabilities for the
millennials.
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Brands will continue to maximize social media channels to market their products, talk to customers, and even make merchandising
decisions. The emerging trend is to incorporate shopping
functionalities aka “buy now” buttons within their platforms.
Social Networks = Shopping Platforms
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Rewards Programs Will Be Obsolete
Rewards programs have become so common that the allure of
earning points is no longer exciting to consumers. Retailers will be
researching and delivering more imaginative ways to incentivize customers such as earning points
through fitness activities (Walgreens).
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Merchants will adopt and/or experiment with tech
innovations and incorporate them into the overall shopping experience,
including POS technology, beacons, wearables,
augmented reality, and 3D printing.
Experimenting with Technology
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Data & Analytics Data and analytics will be more accessible and powerful in scaling small businesses. Retailers will
rely on data in order to get to know their customers and provide customized shopping experiences.
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Managing Risk & Protecting Customers
Data breaches in retail have been a major issue in recent years. In turn, companies will find better ways to manage risk and protect customers. Initiatives that tackle risk mitigation and data security will be
among retailers’ top priorities.
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In order to provide compelling shopping experiences,
retailers have to take more control of how their products are manufactured, marketed, and distributed. Thus, more retailers will take control of
their value chain and improve order fulfillment processes.
Value Chain & Order Fulfillment
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E-Commerce to Offline The majority of retail sales are still taking place offline and
therefore, e-commerce sites are setting up physical shops to gain significant market share. Seamless online to in-store processes are a major focus, which requires both a digital
and physical presence.
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In summary, here are the eight retail trends you should be aware of in order to be successful:
Baby Boomers & Millennials Social Networks = Shopping Platforms
Rewards Programs Technology
Data & Analytics Managing Risk
Value Chain & Order Fulfillment E-commerce
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