Starting a retail business can be challenging nowadays due to the amount of competition you face, especially in online sales.
Read on to learn more in our guide to 7 trends you should try and tap into when starting a retail business today.
- Creating a Seamless Omnichannel Customer Experience
The omnichannel customer experience provides customers with a simple, easy-to-use shopping experience, regardless of whether you choose to shop online or in brick-and-mortar shops.
Retail customers today are after a seamless shopping experience that integrates their customer data, providing a continuous journey where they can easily switch from one device to another.
People nowadays are hooked to their smartphones, which are full of apps and gadgets. Creating a mobile-friendly online shopping experience is vital for retailers in 2022, particularly for retailers who solely sell products and services on the internet. Online retailers must ensure their company website and apps are mobile-friendly and easy for customers to navigate. Making it easier for customers to buy products and services while using their smartphones should benefit online retailers and increase their profit margins.
Creating an omnichannel experience for customers is not a retail trend that will come and go; it’s here to stay.
2. Providing Customers with a Personalised Retail Experience
A hot trend in the retail industry in recent years has been personalising the shopping experience for customers.
You can personalise the experience in physical stores, for example, by giving customers loyalty cards on which they can accrue points whenever they purchase products/services from a retailer, to help them access various discount offers and promotions.
The personalisation of the online shopping experience is a consumer trend that retailers in today’s market shouldn’t overlook if they want to make profits. Retailers can increase conversions for people visiting their website and online content by providing consumers with relevant suggestions based on their order history. Providing helpful live chats with a member of the customer service team is a way to provide personalised customer engagement and support. If customers decide to opt-in, they can also receive up to date messages on the progress of orders they have made to their personal email address or telephone number.
3. Relaxation Products
Staying in touch with the latest consumer trends is essential for modern retailers. Falling behind the times and getting out of touch with consumer trends will make it difficult for you to increase sales. Given the fast relentless pace of life in 2022, products that help you to chill out and wind down, such as scented candles and CBD products, for instance, have grown in popularity. If you want to sell relaxing products while also tapping into a current popular consumer trend, you may want to consider buying CBD wholesale for your business at an affordable price from JM Wholesale and other retailers in this market.
4. Embracing Advanced Technologies
Retailers who were behind the times and mainly focussed on sales through brick-and-mortar retail stores are currently playing catch up and recognising the importance of online sales to their business.
More and more retailers are embracing online shopping. This was accentuated during the pandemic when non-essential shopping outlets were closed, and lockdown legislation encouraged the public to stay at home to limit the spread of the virus. The popularity of online sales was already rocketing before the pandemic due to the rise of online shopping platforms and more retailers offering a mobile-friendly shopping experience. However, since the pandemic, online shopping has become more popular with consumers than ever before.
Retailers must embrace advanced modern technologies such as Artificial Intelligence to improve the quality and seamlessness of the unique personalised online shopping experience they offer customers. Investing in AI for their online shopping platforms may cost retailers a bit, but it’s a worthwhile investment that can help them to learn more about customers’ personal shopping preferences.
Exploring methods for energy conservation is crucial for retailers aiming to meet the evolving preferences of consumers who prioritize sustainability. By identifying ways retailers can conserve energy businesses can significantly reduce their environmental impact. This initiative not only addresses customers’ growing ecological concerns but also demonstrates a commitment to sustainable practices, reassuring consumers of the retailer’s dedication to contributing positively to the environment.
5. Drop Shipping
Consumers today quickly become disgruntled with an online retailer when they are dissatisfied with their delivery service and won’t shy away from leaving negative reviews over online platforms. Therefore, any individual or company wanting to set up an online retail service today must ensure items arrive with customers quickly and on time, undamaged and in good condition, and any delays to deliveries in transit are minimalised.
Drop shipping allows retailers to accept orders without having to keep the sold goods in stock. Therefore, drop shipping is beneficial to retailers as it enables them to deliver items to customers almost immediately.
6. Pop-up Shops
Pop-up shops or ‘flash retailing’ is a retail trend whereby brands open up an ad hoc sales space for a short time before closing it. Pop-ups build excitement amongst consumers about a product and help retailers learn more about trends and improve their brand awareness.
Pop-up shops are an ideal trend that small businesses could tap into, as well as e-commerce stores; you will be giving your customers a taste of what to expect should you open a physical branch of your store in the future.
Therefore, modern retailers must be aware of current consumer trends and grasp the importance of providing a seamless online shopping experience.
