A McKinsey study highlights a swift digital adoption by retail stores to facilitate a more diverse range of customers. In the tech-drive and digital era, retail companies are investing in new tech solutions. In fact, it has become a norm for retailers to follow the tide of success.
Here are the top twelve trends that continue to be in the spotlight for retail stores in America:
1. Personalized Customer Journey
In retail stores, personalization of customer journeys has become a new norm. It gives retailers and customers more control over their shopping experience.
2. Hybrid Retail Experiences
Hybrid experiences are reshaping the contemporary retail space. As the in-store shopping experience comes back into spotlight, retailers focus on a unified omnichannel customer to deliver memorable shopping experiences by combining the best elements of the physical and digital worlds.
3. Digitally Conscious Consumers
Millennials and Gen Z are digitally conscious of their choices. And retailers have become tech adopters to meet the specific needs of digital natives. It is also a chance to shift baby boomers and Gen X to more convenient digital services.
4. Seamless Customer Journey
One of the common trends in the retail space right now is providing a seamless customer journey. Most customers want to purchase items based on convenience and whether or not it caters to their needs.
5. Rise of eCommerce over Big-and-Mortar Retailers
While sales of physical retail stores are rebounding, eCommerce continues to break new records. The rise of eCommerce has paved the way for retailers to improve customers’ shopping experiences.
6. Preparing to Not Depend on Third-Party Cookies
That’s right – Google third-party cookies are on their way out, and retailers are finding other ways to track and review customers’ actions.
7. Workforce Empowerment
Retail owners now ensure workforce empowerment to positively impact business operations. In fact, empowered employees are highly motivated to attain and retain customers.
8. Social Community Efforts
The social community around social commerce is expanding and growing across channels. Retailers now develop custom apps for specific customers to showcase their commitment to local communities.
9. Multi-purpose Retail Business Model
Unlike the conventional single-purchase framework, retail stores now adopt a multi-purpose business model to promote a wide range of products. Specifically, the subscription-based model has become incredibly popular among consumers.
10. Supply Chain Disruption
Since COVID-19, retailers now understand how easily the supply chain can get disrupted. Retailers are now learning to navigate new restrictions impacting sales or changing consumers’ minds.
11. Autonomous Shopping and Contactless Payments
In terms of tech advancements, there is a high degree of innovation around autonomous shopping and transparent contactless payments in the current retail space.
12. Grow in BOPIS
As BOPIS grows, customers want an all-in-one, integrated, and transformative buying experience. Using app functionalities, stores deliver a heightened user experience.
Like other industries, you can expect seismic shifts in the retail landscape. Despite unforeseeable and unprecedented events, tech solutions will continue to help retail stores evolve.
A decade ago, it was unfathomable for retailers to access and review multi-channel real-time data to make instant business decisions. In 2022, retail owners can make data-driven business decisions to increase sales and render more value for their customers.