What’s Happening with Retail in 2020

Let’s start with how 2019 ended, we’ve seen brick and mortar retail in decline. With stores closing left and right, from big box retailers to small businesses, thousands of stores shuttered in 2019 and big chains, from Macy’s to Target to Starbucks, have plans to close hundreds more this year. Those are very scary numbers, and when faced with these facts, we jump to the conclusion that retail is dying, but I don’t believe that is true. Consumer preferences are changing, but retail isn’t dead.

The changing retail landscape

The truth of the matter is that the retail landscape is evolving. Success at the shelf is no longer about the depth and breadth of inventory, but rather creating engaging experiences for customers. Many of the organizations that are struggling today were at one point very established brands who dominated the market by offering customers a plethora of products to choose from. They relied on their size and scale as advantages to win customers and chose to ignore indications that consumer behaviors were beginning to change.

Advancements in technology have allowed consumers to decide how and when they shop and have created ecosystems where frictionless experiences are rewarded more so than assortment of SKUs. By the time many of these monolithic brands realized these new technologies weren’t just fads, but rather fundamental shifts in how consumers were shopping, it was too late to try and adapt.

What it comes down to is that the definition of the table stakes that businesses built their retail strategy on are no longer valid today. For example, many shoppers prefer to shop online and can easily do so, which has certainly hampered in-store retail sales. However, that doesn’t mean give up, it means find a new table stake to continue to grow in that environment. Merge the physical and digital worlds. Link the shopping experience in any way to the customers’ smartphone. Embrace augmented reality. Allow ‘virtual shelves,’ the ability to try it on in the store and have it shipped directly to the customer’s home. What we’re seeing is that features that seem like a ‘nice to have’ are quickly becoming a ‘must have’ pillar in a successful retail strategy.

Global eCommerce retail sales to hit $4.9 trillion by 2021. New studies projected that the worldwide retail eCommerce sales will reach a new high by 2021. Ecommerce businesses should anticipate a 265% growth rate, from $1.3 trillion in 2014 to $4.9 trillion in 2021.

What are the current trends in retailing?From innovative retail technologies to surprising new sales channels, here are 10 of the top innovative retail trends to keep an eye on in 2020

  • AI
  • Physical stores for digital native brands. …
  • Shopping with AR. …
  • Product customization. …
  • Visual search. …
  • Omnichannel experiences. …
  • Pop-up shops. …
  • Same-day delivery. …
  • Social shopping.

Thanks to NRF for the data.

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zerrys.com

Zerry Rue

Zerry's aspires to be the place you go when you want to switch off and see the world for what it is. We are a Concierge of Clothing & Travel Company. We Make Clothing, Sell Clothing and accessories and provide you special services to travel and take care of the clothing. My Primary responsibilities include making major corporate decisions, managing the overall operations and resources of our company.

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