Trends in the Retail Industry for 2018

Top 10 Retail Trends to look out for in 2018

Description

2018 is an era of transformation especially in the Retail industry since Digitalization seems to be the future. Hence, we would like to look at key trends that would help the Traditional Brick and Mortar Retailer stores to keep up with the stiff competition. Change is necessary for Retailers at this stage and the only change will help them keep up with the Retail Trends. Some aspects of the business that Retailers need to focus on are as follows:

Omni-Channel

The main aim of channels is to give the customers the same experience both online and offline as well. The main issue that retailers face is that there is no solution that is offered particularly for Omni-Channel. Instead, Omni-Channel is a concept that is backed by multiple technology platforms. The ultimate aim is to provide customers with an experience where irrespective of the channels, they would feel the presence of the brand. The customer experience should be the same across any platform and device and this is the new age of Omni-Channel Retailing.

Personalisation

Customer profiling and predictive analysis are said to have a huge impact on the future of Retailing. Personalisation is key to success as it provides retailers with an edge over their competition. It can also have a huge impact on the customer perception. In order to ensure that Personalisation is done right, Retailers can make full use of the various Retail Data Analytics at their disposal.

Advance Warehouse Management System

Inventory still plays a very important role in Retailing. It is crucial that Retailers keep the delivery under control. Inventory movement is the key without which Retailers will not be able to efficiently run their businesses. Hence it is essential that Retailers make use of the various warehouse management systems that are available to ensure that everything runs in a smooth efficient manner. 

Finding the right influence

In this current era, the role of social media is increasing in all aspects of our lives and it is the same with Retailing as well. Word of mouth still plays a huge role in the success of retailers and its effectiveness has further increased with the arrival of social media. Brand Repositioning is the need of the hour and Retailers need to take full advantage of this.

Opening smaller stores

This is a concept that is gaining popularity and many of the large retailers are adopting this strategy. Stores of a smaller format are advantageous for Retailers since their set up cost is low and hence they can be opened up all over the place.

Importance of Buying Experience

In today’s world, consumers buying pattern is changing from the products to experience. The buying experience is something that Retailers are focusing on because this has a huge impact on the consumers.

Engaging the Shoppers

Technology has advanced and this is something that the Modern-Day Retailers should take advantage off. Like we mentioned earlier, it is important to create a unique buying experience for the customers and this can be done by engaging them in unique ways. Augmented Reality is one such way of achieving this. Technology like Augmented Reality and 3D printing, for example, are going to play a critical role in almost every aspect of Retail.

Mobile Payment

This is something that is essential in today’s world. It makes things faster and more efficient for both the customers and the retailers as well. It is important that Retailers adopt mobile payment-award programmes. It is important for retailers to proactively engage with mobile payment providers and engage customers to use them.

The future is bright for Retailers who adapt to the needs of the customers. Retailers can be successful only if they evolve along with the customers and it is critical that they make full use of the various Retail Softwares out there. How can retailers pull this off? That depends on the market and their target audience. It is important for Retailers to look at the data and analyze them to determine the best course of action. It is evident that for some evolving might be exploring new store formats and for others, it could mean using new technology. In all cases, it will be about putting the customer first and creating a more personal in-store experience. It is critical that Retailers implement Retail ERP into their business since this will make the task of innovating a whole lot simpler for Retailers. Retail software like Ginesys can offer various features for the Retailers that help them keep up with the various trends in the market, and it is important that Retailers opt for a Retail software that is also constantly evolving according to the market. It is important that Retailers are always up to date with the various retail trends in order to ensure that they keep evolving. The Retail industry trends are constantly changing and this means that the Retailers should also constantly keep innovating to ensure that they remain competitive. 

 

 

 

 

Sidharth | February 28th, 2018
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