Whenever we think of buying something, we take our phones and start searching on the Internet, compare it, and make a final purchase decision. This is the simple process we follow. We are living in the digital and social media world, where everything can be delivered at our doorsteps with a few mouse clicks.
Now, jumping to the main question, the future of the retail sector is quite different; as of today, retail is trying to consolidate with some big players, and sadly the smaller ones that fail to adopt changes and innovation will not survive in this highly competitive world.
The future of the retail sector will be different; retail store owners have to shake their hands with the digital world, it means they have to provide online and offline experience to users at every stage of their shopping journey. Retailers who want to survive need to renovate their current marketing strategy and adopt necessary changes. Here we have broken down the four most important retail trends that you can not ignore in 2020.
# More & More Focus On Personalization
Today, personalization marketing has been a talk of the town and one of the powerful digital trends that retailers have to implement in their operations. The demand of consumers is increasing, and retailers need personalized marketing tools to attract more customers.
Retailers should develop a modern marketing strategy that can increase sales and be able to convey the right message using the right technology. In the competitive retail world, customers now expect brands to personalize and customize products based on their requirements.
For instance, if you buy anything from a physical store, they ask your contact number and mail id. They will send you personalized messages related to festive offers and other promotional activities. Delivering personalized messages has been a powerful technique to promote loyalty and establish a stronger connection between the brand and the consumer.
Along with the personalization, mobile app engagement and targeting audiences using social media channels made the top of most lists. Moreover, the use of short and effective video continued its dominance; retailers publish it on social media to boost sales and productivity.
# The Rise Of Omnichannel Retailing
The retail industry is continually evolving. Expert retailers are experiencing major changes in the last decade due to technological innovations, customer’s expectations, and changing shopping experience. Implementing omnichannel allows retailers to improve customer experience and provides multiple options for more purchase.
One of the biggest advantages of using an omnichannel is the availability of multiple purchasing options such as mobile, web, social media leads to drive more sales and traffic. This modern concept allows the retailer to focus more on crafting a well-rounded marketing strategy and improving a customer journey in the modern era.
There are some customers who visit the physical stores first, and then due to discounts and other promo codes, make a purchase online from the store’s website or social media. On the other hand, some customers shortlist the products from the website and want to buy from physical stores. Hence, retailers have to ensure that the quality of the product will remain the same no matter where you buy.
A recent Harvard Business Review stated that 75% of customers prefer to shop using multiple channels. Not only shopping but companies now using HR software that allows them to publish job boards on multiple channels for better visibility.
# Social Media Is Everywhere
Social media marketing is the key to success for any brand, retailers to bring more and more customers. These days, no matter what you sell and what your company size, a presence on social media is necessary. Who does not like that your customers are praising you publically? And that will automatically drive more sales and reach your business to the next level.
Well-known social media platforms such as Facebook and Instagram, offering an extensive opportunity for retailers to showcase their products. Customers can choose, compare products with another website, and if they want to buy, can click on the “Shop Now” button that redirects them to the store’s website.
US-based eCommerce company said, 15% of Gen-Z prefers to shop from Facebook while 30% of Baby Boomers shop from Instagram and other social media platforms. The rest of the crowd uses different channels, such as Instagram and Snapchat. This figure indicates that increasing usage of social media and mobile apps has changed the face of traditional shopping, and all retailers need to grab this opportunity to drive more traffic.
# Multiple Payment Options
Today, we are heading towards digitalization; we don’t carry too much cash when we want to buy something because now we are given multiple payment options such as scan QR codes, Google Play, Apple pay, etc. That makes the checkout process easy and secure.
Moreover, buyers enjoy having multiple payment options, especially when you are selling your products across the globe. Therefore, selling internationally may require additional payment gateways such as PayPal. Once you start selling worldwide, it is imperative for your business to offer multiple payment systems to increase sales.
For example, in China, customers usually use Alipay, USA people use PayPal. If you don’t offer such gateways, you may not build a solid customer base.
Last Words
In a nutshell, all we can say if you are running a business, no matter small or large scale, it is important to stay connected and adopt current marketing strategy to boost sales and increase brand reputation. Just like many eCommerce companies, you can start with personalization, using social media to attract more customers and implement video marketing techniques to build customer loyalty.
Currently, brick and mortar stores are switching towards online sales and investing more money for smooth eCommerce operations, because customer’s expectations are increasing each passing day. The world and trends are evolving fast, for the retail industry, there are numerous new and interesting trends you need to follow to increase customer retention ratio.
Right now and going forward, if retailers want to succeed in the modern world have to follow new norms.
