The “at home” service has taken a leap after the pandemic and customers find it convenient and are reluctant to return to stores in near future. Retail trends have changed last year and are dependent more on mobile which has brought the mobile-first approach to the top. Retail and e-commerce modulated their operations according to online sales and are now driven more by consumers’ demand, which has brought transformation in the retail industry. Now online shopping is one of the most popular online activities worldwide.
Statista, a portal showing market data, shows in a report that in 2020, retail e-commerce sales worldwide amounted to 4.28 trillion US dollars and e-retail revenues are projected to grow to 5.4 trillion US dollars in 2022.
How Online Activity is Impacting Retail?
Since every service industry has now shifted towards online stores, the retail industry has to withstand the level of consumer expectation. Shifts of the retail industry towards online retail practices have already started and will continue to transform.
- Automation in Pricing has Increased: The online shopping activity has forced retailers to move towards cloud solutions, the automation of pricing has increased. Automation of work has reduced the number of workers and increased pricing due to smart technologies which have also changed the pricing criteria.
- Marketing & Customer Engagement has Changed: Consumers have already shifted to online platforms and seek their favorite products there, so retailers have shifted to social media and other online channels. Social shopping like shoppable TikTok and Instagram grew after 2020 and is about to grow in the near future.
6 Trends in Retail Sector Accomplishing Online Customer Expectation
In the field of retail consumption, the migration of products or services from producers to consumers is divided into some stages. Retail trends are now aligning with Artificial Intelligence (AI) and Machine Learning (ML) has helped retailers analyze automated information and bring the industry closer to its ultimate goal of “low cost, great convenience, and flexible response to demand”.
Some important retail trends to be taken into consideration are:
- Omnichannel Sales: When a consumer experiences a seamless shopping experience on multiple devices like mobile phones, iPad, etc. it is an omnichannel approach. The product research is not restricted to one device, rather it stays in the cart of consumers through different mediums.
Amazon, the biggest platform, has access to the same information through websites, mobile apps & smartwatches. - HyperPersonalization: If a consumer visits your online storefront, retailers ought to view personalized tips primarily based on their behavior of purchase and what they go through before buying something.
Stitch Fix is an online retailer that assists clients to discover apparel. What makes this platform so attractive is the personalization process. - Web-Ready Merchandise (WRM): WRM requires new multimedia content segmented in all channels. These visual assets such as catalogs, brochures, etc. can be reused in all channels. This indicates that one of the next major industry initiatives will involve redesigning the delivery method of product information and content.
To know more about retail trends, click here.
Adopting Innovative Retail Trends Will Provide Competitive Advantage
Nowadays, retailers are coming across many technological opportunities, but as the demand for precision, retail services such as BOPIS, inventory tracking, etc, continue to grow. Personalization becomes prominent when it comes to connecting and influencing customers and they do connect when they believe that their interaction with the brand is logically connected. Marketers who consider customer journeys ought to connect easily rather than retailers who just focus on different offers and opportunities. To take innovation and customer experience hand-on-hand, choosing the right partners is more important than ever. Before choosing the partner company to work for a better customer experience, you need to find more about the impact of online shopping and how retail trends have changed. Get details of these impacts and trends in this blog.
