The online market industry is a wild place, to say the least. In fact, the retail industry has undergone a significant transformation over the past decade, and the growth seems to evolve continuously in the foreseeable future.
Brought by the advancements in the digital channels, 2019 has been good to retailers, with market reporting growth monthly. In any case, the face of the market grows incessantly, which means retailers should adapt based on the demographic shift, attitude and personal preferences.
This year (2019), the market has been defined by emerging technologies that changed the way we consumers interacts with our favorite brands, the shift in preferences, as well as the new battle stations for e-commerce.
Here are a couple of trends that will affect retail in the coming years.
The rise of glass box and brands-as-a-culture
Many consumers today shop with their emotions instead of their financial capabilities. Millennials’ changing attitudes and preferences about social consciousness, corporate responsibility, and more impacted how retail brands position and present themselves. The trend resulted in brands needing to equate their culture with their identity, which turned them into culture coders.
Brands today must look purposefully at the culture—in entertainment, in news, in fashion, on social media—and use it to inform how they can best position and link themselves into the world.
Faster E-Commerce Shipping
E-commerce is continuing its ascent as the top shopping medium. In fact, most major brands today have an online presence and offer comparable prices. Stores like Amazon and Walmart are largely homogenous in terms of costs, so retailers looking to be unique themselves have found other paths to provide value to consumers.
Some of the e-commerce accountants have reported
One study revealed that the time people are willing to wait for free shipping has dropped from 5.5 to 4.5 days on average. Many features like the Amazon Prime have made two-day shipping the standard, which makes cutting down on shipping time crucial to any e-commerce business.
Furthermore, this trend is expected to continue into 2019 as companies and brands seek new ways to differentiate themselves from the crowd.
Subscription e-commerce boost
Consumers now are increasingly looking for shopping that is customized to their preferences and delivered straight to them. These trends led to the emergence of subscription e-commerce, businesses that acquire products and deliver them to customers on a regular basis.
This trend goes hand in hand with preference for experience since they are more willing to pay for a service that gives more personalized benefit along with a unique offering.
Despite their alarming closure rates, physical stores still play a big role in the sales process. In any case, it has transitioned from being a primary point of sales to simply being part of a bigger retail strategy. Instead of a single touchpoint, the trend widened the net that brands use to acquire leads and convert them.
Multi-channel is crucial for enticing buyers and keeping them engaged from the first impressions to the point of sale. Concentrating on giving great service across sales channels will pay big for sure.
Social media sites, SEO advertising, and website – all of these must be utilized to get the best result for any business. As you consider building your web presence, it’s wise to start with a website and domain registration to reserve it for your business as you expand your reach and acquire sales through the power of World Wide Web.
These trends in retail are brought by a combination of an ever-changing technological landscape and the fluctuating preferences of consumers as demographics begin to skew younger. As you start embracing these trends and making for them, you can look to 2019 and beyond as a good opportunity to grow.