Working in retail is always a big challenge. You have to find new ways to delight customers and stand out from the competition to secure your place in the market.
With an increasingly competitive landscape, one of a manager’s responsibilities is to keep an eye on what’s new in the market, getting to know retail trends in order to adapt the company and offer interesting, differentiated solutions to its audience.
In this article, we’ll look at six of the main retail trends for 2018 and see how they can, and should, be applied to your business to improve results even further! Read on and get ready to boost your company’s results.
1. Channel alignment
One of the key points to watch right now is the importance of keeping all of a company’s channels aligned. This means that physical stores, e-commerce and social media should not (and cannot) be treated as isolated sales platforms.
It’s essential for your customers to perceive them as a unified whole and feel comfortable moving from one to another. Today, it’s practically impossible for a customer to walk into a physical store without having done some prior research online or read other users’ reviews and impressions on social media.
So why not simplify the user experience and offer full support and efficient integration across channels? You could, for example, let customers look up styles and sizes on digital kiosks available right in the store. Or you could let them buy online and pick up the product at a physical store (where they can discover new products and end up making additional purchases!).
What matters is understanding that the structure is one and the same, and that a purchase made on any platform is a win for the company. In other words: stop competing with yourself!
2. Niche stores
One business model that keeps gaining ground is the niche store. It’s based on the idea that you don’t always need to focus your business on a narrow type of product; instead, you can expand your portfolio of products and services around a specific customer profile.
That way, in a single space, you can offer clothing, food and beverages, books and other products and services aimed at a particular type of customer: young entrepreneurs or children, or whoever your target audience may be.
Creating a niche store, also known as a hybrid retail strategy, is a great way to build customer loyalty and increase each customer’s average ticket. People who identify with the brand’s proposition tend to buy there more and more, recommending the company to their peers and making it even stronger. Pretty interesting, right?
3. Sustainability
Sustainability is a concept that has been discussed for quite some time. Fortunately, it’s becoming increasingly tangible, moving from theory into practice.
Today, especially with so much choice available, customers look for brands they can deeply identify with. In other words, offering a quality product at a competitive price is no longer enough. You need to show respect for your customers, responsibility toward the environment and real care for the planet.
Therefore, companies that fail to present real, effective strategies to reduce the environmental impact of their activities are likely to keep losing ground.
4. Personalization and customer service
One of the fastest consequences of increased competition, as we’ve mentioned, is greater customer power: customers become more demanding and selective and, as a result, want to feel more and more special.
When they walk into a store, what they’re looking for above all is excellent service. They want a sales associate who can answer their questions about the product and the brand, even if they end up buying online later. That’s why it may be time to rethink how teams are hired and compensated: tying pay to immediate sales can end up hurting customer relationships.
Good service is often key to winning the loyalty of customers who will make many future purchases. That’s why an engaged, motivated team that constantly works to provide high-quality, personalized service, always offering the right solutions for the customer, is essential.
Without a doubt, the future of retail calls for a different approach.
5. Customer and employee experience
For many years, whenever retail trends and the challenges of growing a company were discussed, the one and only focus was the customer experience. No wonder: customers are the most important part of the equation. After all, no company survives without them.
That’s why it’s essential to think through every detail to always deliver the best shopping experience, from the look of the store to the team’s service, including how products are organized at the point of sale, how easy returns and exchanges are, and many other factors. A positive experience is indispensable for building customer loyalty.
But you can’t forget another audience that’s essential to success: your employees. Keep in mind that they are the company’s main interface with customers. Proud, motivated employees who believe in the company’s values will convey that image effortlessly.
So it’s also very important to make sure you provide a good work environment for your team. Share your goals, offer rewards, recognize achievements and celebrate wins. Together, you’re much stronger.
Now that you know the main retail trends for 2018, it’s time to think about how each of them can fit your business’s needs. From there, get ready to make changes to your company’s day-to-day operations and reap the rewards!
Customers will certainly notice the changes and, as they see the brand’s care for their interests and for the shopping experience, they’ll become increasingly likely to stay loyal, becoming more than customers: ambassadors for your company.
Remember: to succeed in retail, you have to keep reinventing yourself. Count on an experienced, qualified partner in this process. How about getting in touch with Alice Wonders? We certainly have surprising, innovative solutions for you and your customers. Talk to us!
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