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Staying nimble is one of the key traits to succeed in today’s retail sector. Change is the only constant in the retail sector, and to stay relevant and prevent themselves from being overpowered by their competitors, companies in the sector must keep a close watch on the rapidly transforming retail industry trends. The proliferation of digitization has made several top retailers alter their existing processes and embrace digital transformations to ensure consumer convenience. This has helped them adapt to the latest retail industry trends and gain the ‘early-bird’ advantage.
During the COVID-19 crisis, it is critical for companies in the retail market to take calculative and well-executed measures to ensure business continuity in the long run. Request a free proposal to know how industry experts at Infiniti Research can help you plan and create comprehensive action plans to navigate the crisis.
Let’s take a look at some of the biggest retail industry trends that are already shaping up in top retail markets around the globe and will soon become mainstream:
- Growing popularity of multichannel approach: Since the advent of e-commerce, its capability to overthrow brick-and-mortar stores has been a popular topic of debate. However, this hardly reflects how the modern customer wants to shop. Today's consumers tend to check the prices of a product online and then go to the brick and mortar store to understand the look and feel of the product. This is one of the key reasons why multichannel is becoming one of the popular retail industry trends. Giving customers the options to make the purchase either online or offline gives a retail company an added advantage compared to others who offer to sell only on either one of these channels.
- Ecommerce capabilities on social media: Retail companies have increasingly started targeting customers on social media platforms to make purchases. Some popular social media platforms are now also offering e-commerce capabilities such as shoppable tags which allow users to view the price or product name. Although this is not yet one of the popular retail industry trends, retail companies can expect shopping on social media to go mainstream over the next few years.
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