Here are the Top 13 Trends for the Retail Industry in 2020
- Customers will seek to buy significantly more in bulk in all segments of the retail industry, particularly groceries, household items, beauty supplies and accessories, driven by value-conscious millennials
- An increasing number of retailers will seek to experiment in rentals, targeting customers who are always interested in new fashions and trends
- Retailers will heavily focus on supply chains and make investing in supply chain a targeted objective which will give them an edge to come up on top
- Sustainability is more than just good marketing, so it will remain the biggest challenge in the retail industry, as retailers come to realize that shifting to more sustainable practices is a move the retail industry needs and customers seek
- Health and wellness will be a substantial part of the retail industry’s business model
- Personalization in the retail industry will continue to be a challenge, as it hasn’t met the customers full expectations
- Technology, robotics and artificial intelligence will play a Significant role in the engagement of customers and the success of the retail industry
- Data exploitation will attain solid change in the way business is done in the retail industry
- In 2019, the electronics and apparel retailers dealt with the disruption in their industries. In 2020, the food retail and luxury segments will be the next disruption challenge
- The design and implementation of dynamic planograms will solely depend on the individual retail store needs and trends
- Consumer services will be based inside the physical retail store, such as Kohl’s packaging and returning Amazon orders on location
- Dynamic pricing will be projected and executed, based on accurate demand forecasting
- Immersive shopping experience using image recognition by providing a store-like e-commerce experience
Happy New Year –and I hope it brings Clarity, Positive Energy, Harmony, Peace of Mind, Good Health and Great Prosperity.
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“Happy Sailing, Grasshoppers”! ☺
Chris Abbey
