LONDON--(BUSINESS WIRE)--A well-known market intelligence solutions provider, Infiniti Research, has announced the completion of their recent article on market scan: retail industry analysis and market updates. This article provides comprehensive insights into the key transformations in the retail industry. Experts at Infiniti Research have also analyzed how the retail sector is evolving to meet the changing customer needs.
In 2018, the retail industry was left with a lot to digest including a strong U.S. economy, the holiday season that delivered record-breaking sales, some high-profile bankruptcies, and other global trade and economic challenges. Although in 2018 the retail industry was bolstered with a strong labor market and elevated disposable personal income; the economy may face some headwinds this year. This means that 2019 will be a year of transformation for retailers and they must make some bold moves to create a distinct space for themselves in the market.
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Retail industry trends and market updates 2019
Supply chain as a differentiator
Retailers are increasingly leveraging supply chain to differentiate their services. However, a major challenge here is to make the supply chain more predictable, less costly, and faster. As supply chain improvements can be a significant growth driver for the future, it is important for retail companies to now think about using wider supply chain strategies for accumulating long-term competitive advantage.
The changing retail value chain
The retail value chain is becoming increasingly compressed. Our retail analysis experts have identified that several retailers are accelerating their merchandise cycles and moving their supply chains closer to their target customers. Retail companies are also making efforts to deploy advanced technologies that improve the process of connecting with their customers.
Moving away from transactional thinking
Earlier retail businesses revolved around isolated transactions where customers were bombarded with discounts and offer messages, the primary intent being to increasing sales. Today, retail brands are highly focused on delivering exceptional customer experience and are also using it as a tactic to compete better in the market. Top companies are using advanced technologies to streamline in-store customer experience by using touch screen, search kiosks, and allowing customers to use mobile phones to scan products.
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Pop-up luxury retail stores
Several luxury retail labels are trying to lure millennials and Gen-Z customers due to their shifting priorities and heightened spending trends. Earlier, a pop-up was merely seen as an interesting concept that allowed brands to ‘test’ a retail presence or launch a new product. It also helps generate social media buzz, although short-lived. However, the recent evolution of pop-up fashion stores holds greater intrigue by offering fresh concepts on constant rotation. They are now used as a means to grab customer curiosity and engage with them. In an age where social capital goes hand-in-hand with monetary profits, such initiatives become highly useful for brands.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us