Updated: Oct 22
Retail Business: Over the last decade, the retail business has undergone tremendous changes and continues to evolve at a rapid pace. Following a record-breaking 2017, 2018 has been good to retail in the United States, with the market reporting growth every month so far. The market is changing rapidly, and merchants must adjust to new demographics, mindsets, and consumption patterns. Emerging technologies that transform the way customers connect with their favourite brands, a shift in preferences, and the introduction of new battle lines for e-commerce will characterise the market in 2019. Social media marketing has become an essential component of any retail marketing plan. Marketing is not only a great way to get the word out about your company, but it's also a popular way for customers to buy things. Social media networks are the top source of inspiration for many purchases, with 37% of customers claiming these platforms as the main reason for purchasing a product.
Trends that will completely transform the way we look at retail business in the coming years
The importance of technology in the retail sector cannot be overstated, and the industry's fierce competitiveness has brought in significant changes. As a result, we can witness a distinct shift in the trends forming this sector from an unorganised to an organised pattern. With a quick look ahead to 2019, we can even predict the significant trends for the coming year. Here are a few of the trends-
The concept of online retail is continuously expanding. This trend entails using the internet to offer goods or services. Customers now have the option of choosing their favourite device for online shopping, thanks to the proliferation of platforms on which products are available. While one consumer may use a mobile phone to access your website, another may use a laptop or personal computer to do so. As a result, it's essential to make your goods available on the web. While most businesses have websites for their business, few recognise that the website must be mobile-friendly. As a result, we should expect a considerable focus on Multichannel Retail in the future year.
Virtual reality (VR) is currently employed in the retail business for everyday operations such as shelf assortment, shop design, and layout. Meanwhile, Augmented Reality (AR) provides retailers with important customer analytics and behaviour data. The use of augmented reality (AR) and virtual reality (VR) in the retail industry is expected to increase in the coming year.
The Cashier-Less Model of retail, such as those used in online shopping portals, is another forthcoming trend that is sure to get a lot of attention in 2019. Cashier-less operations improve operational efficiency and allow customers to purchase from the comfort of their own homes. It is all the more appealing because of the ease of access it provides to customers and retailers. While many stores have already embraced this strategy, many more are currently doing so, including small businesses.
Another major technology that is projected to evolve further to improve the procedures used in the retail industry is big data. It is used to track and analyse purchasing trends over time. It can also be used to identify future customers, allowing retailers to target certain audiences with their products. It also aids in analysing client expectations, allowing shops to offer a more comprehensive selection of products.
There are various things to look forward to in the coming year, including introducing revolutionary new concepts. Experiential Retail is one of the latest trends that the retail industry is focusing on. Experiential Retail emphasises a customer-centric strategy in which the customer may interact with the particular product rather than being a neutral bystander. The inclination of millennials to base their decisions on experiences rather than things dominates the economy to develop such trends. An engaging encounter with a product or brand is remembered better than being told about a specific product, resulting in higher brand recognition.
Retailers must get a thorough grasp of their market to succeed, and technology has made this possible. Dynamic pricing is one of the most important since it allows merchants to alter price strategies based on actual market data on their items and comparisons with competitors.
Sustainability has become an essential aspect of public discourse around the world. The United Nations Intergovernmental Panel on Climate Change (IPCC) published research in 2018 suggesting that there are only 12 years left to avert some of climate change's most devastating effects. Several corporations increased their sustainability efforts in 2018, with outdoor and athletic goods industries leading the way. REI launched steps to impose sustainable criteria for its 1,000 vendors in April of last year. The United Nations issued the Fashion Industry Charter for Climate Action. Adidas, Gap, Target, and H&M have pledged support to the group's goal of achieving net-zero emissions by 2050. Climate change is already introducing uncertainties that have ramifications for businesses, as we all know. Consumer needs are progressively becoming environmentally aware and ecologically sustainable, and fashion is attentive to these expectations. Although apparel is only one segment of the retail business, the UN project demonstrates the importance of collaboration if the more prominent industry makes substantial changes.
Multiple delivery alternatives, such as same-day, next-day, 2-day, and no-rush free shipping, are still available from retailers. According to a Dropoff survey, 47 per cent of customers were prepared to pay more for faster delivery in 2018, and shops see the need to compete with Amazon Prime perks by offering such options. According to the same survey, two-thirds of customers are likely to switch merchants if they provide faster delivery choices.
How can enterprise business management help in the success of the business?
Enterprise process management, often known as business process management, is a strategy for systematically organising and implementing all of an organisation’s processes. This aligns them with the aims of the organisation and maximises integration across various activities and activities. Implementing enterprise process management in your company has numerous advantages. For starters, it's a terrific alternative to time-consuming, wasteful, and incorrect manual, paper, or spreadsheet-based methods. When working with manual modes, it's also quite tough to bridge information and data. An enterprise process management system may minimise these hassles by effortlessly linking tasks across different regions, ensuring that your processes fit together and run smoothly.
How can Enstore help in enterprise business management?
Enstore is a significant provider of company management software and solutions for various industries, including retail, hospitality, food and beverage, and others. Hundreds of stores use our all-in-one management system, which can be customised to meet the demands of businesses in various industries, including fruits and vegetables, supermarkets, general stores, restaurants, coffee shops, and more. By understanding your client, you will better position your adverts to increase sales using Enstore. Our cutting-edge retail software is pre-integrated with all of your needs, allowing customers to interact with you systematically.
In the coming years, technology will be at the centre of the trends that will shape the retail industry. The market will only get more challenging, and merchants will need to adapt from a traditional to a new approach to stay afloat in this market. The retail industry is about to be rocked by the advent of new technology.