Many people have begun to ask the same important question, “What’s next on the horizon for the retail industry?” Well, since the industry is changing by the day, it can be difficult to keep up with all of the latest innovations. So, in order to ensure that your brick-and-mortar shop doesn’t get left in the dust, start monitoring these key retail trends.
The Top Retail Trends of 2018
1. A New Kind of Brick-and-Mortar
More and more, brands have begun to stray from the traditional brick-and-mortar business model in favor of an interactive, consumer-friendly experience. Their goal is to give customers another reason to visit their stores besides just products and services.
For instance, the global makeup brand, Sephora, recently opened up Sephora Studios, a concept store that specializes in custom makeovers, facials and same-day pickup of online orders. On the other hand, in Los Angeles, Nordstrom recently launched Nordstrom Local, where customers can enjoy manicures, beverages, tailoring, personal styling and even return products.
These new store formats are used to forge an emotional connection between brands and their audiences. Consumers are much more likely to engage with a brand that provides them with a memorable in-store experience.
2. The Online Experience in Stores
In recent years, some retailers have found it difficult to match the convenience and efficiency of online shopping. As a result, their customer base and overall foot traffic have seen sharp decreases. Therefore, companies needed to find ways to bridge the gap between the online and in-store experience.
Take the houseware retailer, Crate + Barrel, for example. They have begun to test a “Mobile Tote” program where shoppers use store-provided tablets to scan barcodes to find out about products, call for assistance and add items to a wish list.
So, in order to bring back all of the customers that stores lost to online retailers, brands will have to begin rolling out these kind of user-friendly initiatives.
3. The Rise of Mobile Payments
As new technologies evolve and emerge, we will see some retailers adopting them, and others not so much. However, no matter what kind of retail store you own, mobile payments are the way of the future. In fact, by 2020, Business Insider predicts that mobile payments will account for $503 billion in global sales.
Retailers that do not opt into this growing retail trend will risk losing out on a fortune in sales. After all, consumers often choose convenience and, if retailers do not follow suit, customers may be lost.
If you have a brick-and-mortar store but find it difficult to stay current with the latest innovations, pay close attention to these essential retail trends for the near future.
