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Three Key Trends That will transform the Retail Space
As consumer needs continue to change, and with ample choices at the hands of customers, brands need to begin restoring their loyalty by improving two significant influences: confidence and trust in customers.
Fremont, CA: 2020 has been one of the most catastrophic years in history, and many companies have faced obstacles requiring businesses to change rapidly in ways they never expected or anticipated. In particular, the impact of the global pandemic on retail has intensified market changes that have developed around customer preferences and operational efficiencies. As we step forward into the new year, retailers and brand owners will continue to deal with supply chain instability, low inventory accuracy, and consumer demands.
Here are three key trends that will transform the retail space
Embracing Digitization and Technology
As the retail space continues to evolve and adapt to new challenges, to remain influential in one of the most dynamic environments to date, brands need to recognize these developments and implement new strategies that address them.
The global pandemic has clearly left its mark on the sector and changed the strategy of brands of all sizes, but those that remain resilient and embrace innovation now will be much better placed to meet customer demands in the future.
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Understanding the New Consumer
It will be difficult to encourage customers to return to in-store shopping and volatile store operating hours. Also, traffic in the first half of 2021 will make it more difficult for retailers without proper preparation procedures in place and inventory management technologies such as RFID at item level, and the enhanced visibility of inventory it can offer. In turn, retail real estate will need to adjust more to these adjustments. Brands will need to re-evaluate physical footprints, build e-commerce strategies where possible, the technologies they use, availability of inventory, and eventually competitive price points that will keep consumers coming back.
Personalizing Experiences and Aligning With Values
As consumer needs continue to change, and with ample choices at the hands of customers, brands need to begin restoring their loyalty by improving two major influences: confidence and trust in customers.
Immersion and personalization will be crucial in order to drive interaction and unforgettable moments. Although in-store purchasing may still be limited this year, brand owners can still accomplish this through their website, ads, and goods, down to the very label and tag used, allowing customers to feel exclusive and individualized.