With thousands of retail locations, including Sears closing in 2018, the future of retail continues to look bleak.
Those in the retail space are watching closely to figure out what to do moving forward. Should you try to build a successful brick and mortar store or should you look to the online world to make your fortune?
Continue reading this article to find out more about the future of retail and what you can do to stay ahead of these trends.
The Future of Retail Explained:
While consumers aren't spending their days worrying about the future of retail stores, they are shaping the future of these stores. Continued online shopping trends and less in-store purchases are forcing many retailers out of business.
With so many choices for shopping, consumers demand more and more from companies. Consumers want value, personalization and an "experience." If your company can't provide what the customer wants, they will find another company to patronize quickly.
Offline retail has its own challenges, but even online retailers need a checklist for warehouse security. Keeping customer orders safe and secure is a necessity whether you serve customers in person or through the mail.
1. On Call (Almost Magic) Points of Sale:
Customers don't want to go to the store to buy their products, but they also don't want to wait to get them. Online retailers like Amazon have become popular with their two-day shipping but even two days is a long time to wait for consumers.
Customers expect almost instant delivery for their online purchases now, and retailers will rise to the challenge.
2. Deep Customer Understanding:
If you thought you knew yourself well, you will be surprised at what companies will be able to tell. With information from big data, companies will be able to predict customer needs even further than they are able to today for better user experience.
Customers will soon demand retailers almost read their minds. If you are a retailer, learning how to use big data now is important.
3. Clear and Deep Company Culture:
Retail companies will continue to strengthen their company culture to ensure the best customer experience. Retailers understand consumers want a certain experience when shopping and part of that experience is their staff.
Clearly defining company culture will include attitude, greeting, check out, sales process and more. Uniform experiences provide users with the feelings and results they want when they buy from retailers.
4. Quick Restocking Kitchen:
Out of mayonnaise and need a sandwich? In the future, you won't have to worry about running out of mayonnaise or any other staples in your kitchen because kitchens will magically restock themselves.
Amazon buttons made a try at helping consumers restock their kitchens, but didn't quite get the adoption they wanted. There will be a solution for instant kitchen restock so keep an eye out for it when it does take place.
Get All the Latest and Greatest News:
Staying up to date on business trends and learning how to market yourself in the new year is important. If you use outdated marketing and sales skills, your business won't survive.
Don't miss out on any of the latest and greatest news on the future or retail or other trends. Read our article on how to boost your e-commerce sales today.