What would Retail be like in 2020? We can only assume things will be quite different, with a faster paced environment and combined with economic growth, the retail market will be just as exciting.
Retailers will need to constantly reinvent their businesses to successfully respond to the new ways we are all shopping, turning challenge into opportunity.
To prepare for a new era of retail in 2020, here are a couple of key themes to consider.
Technologies are always changing, and it’s hard to say which ones will work and which ones won’t. Customer information and Geo-targeting trends are definitely here to stay.
Customer information – There is a high expectation that once shoppers have provided their details, they expect to be known and recognised – to be loved. Insight and data are key to differentiation, but they must be used wisely, and to the benefit of loyal customers – recognise and reward with tailored and personalised marketing, products and offers
Geo-targeting – Location-based marketing and the use of beacons can help retailers bridge online and physical stores by delivering useful content and promotions to customers in close proximity, already being used in the retail world but should definitely be put on your wish list for 2020.
Consumers in charge
This is about focusing on how you can use digitisation to make shopping simpler, easier and tuned to personal preferences.
One button shopping – A convenience society is placing greater emphasis on devices becoming simpler to use. One button shopping is gaining traction in the US with apps enabling pizza delivery in a ‘single-tap’ and favourite household goods can be re-ordered using the Amazon Dash Button.
Social – Social and shopping are already intrinsically linked, and the depth and sophistication of this relationship looks set to develop even further. Retilaers are already seeing large increases in social commerce sales, to capitalise social channels should be integrated into every step of your customers’ journey.