With the advent rise of technology, numerous changes are occurring in the world. Some of them are prominent, while others are not as prominent. However, they have the potential of changing the future. One of the sectors which are changing to a great extent is the retail one. There, of course, is the e-commerce which is on rising, followed by other advent changes such as the rise of pop stores and the inclusion of new marketing campaigns. So, as 2017 is all about innovation and advancement, we describe top 6 trends which will prevail this year.
1. Easier Approach to Consumers
Now retailers don’t need to open their permanent stores in numerous locations to attract audiences. Rather they can simply work with pop up stores which allow them to launch their products or brands with much more creativity and enthusiasm. This saves them the risk of renting a property and investing money in same as if the brand fails there wouldn’t be much left except loss. Pop up stores, on the other hand, are allowing retailers to help spread awareness about their product with little or no investments.
Social Media reach for retail sector has also risen. Combined with e-commerce social media is helping consumers get a good look at the variety present to their disposal. Once satisfied the consumer can directly shop through the social media platforms such as Pinterest and Instagram.
2. Competition Is on A Definite Rise
Competition for products and services is on its absolute rise. Now brands are facing competition from the old players as well as new ones who are entering the market to make it big. E-commerce portals such as Flipkart, Amazon, and Alibaba are expanding their inventory and including more products for the users to view and buy.
Now every product which is available in retail stores is available at a discounted price on the e-commerce portal. This is allowing customers to engage in e-commerce shopping or online shopping rather than preferring a personal visit to the shop. Online shopping helps save extra cash, especially at the time when even billionaires are trying to save every single penny. Check out this link to learn more about how billionaires stay frugal.
3. Drone Delivery Is Entering the Market
Now retailers, as well as e-commerce platforms such as Amazon, are laying down their delivery men as the labor cost they pay is too much. Instead, they are investing in technologies such as drone delivery which is a one-time investment, however, has numerous returns. Drones included in the delivery of parcels and apparels ensure quicker delivery and also the risk factor of salesman turning dishonest of running with the goods will decrease. Amazon already has its Air Prime drone ready to be operated, and the same is at the final review stage. Other businesses are also investing in technology to make transportation and delivery much easier and quicker.
4. Investing on Supply Chain Visibility
The current trend has seen retailers preferring a hybrid model of supply chain management, where the partial system is digital while the other half analog. With the growing technology, everything is shifting towards digitization, and the retailers are also expected to find ways to ensure quicker delivery models. There are companies who have taken a step forward in increasing their supply chain visibility and are investing in technologies such as block chain and RFID, which are known as the technology of tomorrow.
5. Mono Brands Will Only Survive
Companies such as Zara, H&M, etc. are expected to become the king retailers in this time. While retailers selling or dealing with multi-brand would be extinct from the market soon. Most of the products sold by multi-brand retailers are already available on e-commerce stores and hence the value of the multi-brand retail stores is going down. If multi-brands need to survive, they ought to work on narrowing the performance as well as range, similar to the ways mono brands operate.
6. Augmented Reality May Be Making Its Way In
Various e-commerce platforms have begun investing in augmented reality, and the same is causing the retail sector to die down. Previously people used to prefer personal buying as they had trust issues with the fitting and size. However, e-commerce giants are working on removing this disadvantage as well, and there are smart mirrors, a virtual trying application which is allowing customers to view the product as it would look when worn on.
So, there are numerous trends prevailing in the retail sector some of them are beneficial while some are putting this section at a disadvantage. Retailers really need to up their game if they are to survive this wind caused by ever changing technology.
