Top Retail Trends to Watch in 2020
A new year is an exciting time for many organizations and 2020 is no different. However, the start of a new decade means a new era is about to begin across the retail industry. In fact, total global retail sales are projected to reach nearly $28 trillion by the start of the new year.
As we take our first steps into the third decade of the 21st century, here are some of the top retail trends both consumers and retail organizations should be familiar with:
Increasing Popularity of Ecommerce
Technology giants such as Amazon have paved the way for a retail revolution. Less and less people are visiting brick and mortar retail locations while more people turn to the power of the internet to fulfil their shopping needs.
Not only can shoppers spend as much time as they would like in the comfort of their own home to buy items for themselves, their households, and their families, many are leveraging the retail trend of online grocery services to get fresh foods delivered. The power of the internet has taken the shopping experience to a whole new destination and there is no end in sight for the possibilities that ecommerce can bring the retail world.
Sustainability is no longer just a marketing ploy to make customers feel good. It has truly morphed into something that many organizations have prioritized into their business plans and models.
Many organizations are aware of the need to take care of the planet as well as the people and resources contained within. Various measures such as avoiding single-use plastics, reducing high pollution methods of transportation, and adding organic products not only entice customers, but are also the way of the future for many retailers.
Resale and Re-commerce
Similar to sustainability, resale and re-commerce are expected to be a top retail trend in 2020. Thrift stores give consumers places to shop and purchase goods in a resale market rather than purchase something new. Many of these organizations, such as Goodwill and Salvation Army, also benefit charities—which make consumers feel good about their choices.
Re-commerce is another budding retail trend that will be big in 2020. Services such as Rent the Runway allow customers to essentially borrow high fashion items that are returned and rented out again. This prevents consumers from spending large sums of money for an item they may only use or wear once.
Have you ever gone into a store and wondered what it might be like to try a product for yourself before you make a purchase? That’s what experiential retail aims to solve—plus so much more. Intuitive, meaningful, and immersive experiences can help retailers connect with their customers in ways that haven’t been thought of before.
Clothing stores such as LuluLemon are offering classes in an in-house yoga studio so customers can come to appreciate the brand and what it stands for. Vans shoe company has its own skate park in London where people can gather to take part in skateboarding while also being able to enjoy music, socialize with friends, and even grab a bite to eat.
Expanding Power of Data
Depending on who you are talking to, the idea of data collection or “big data” can be exciting or maybe a little intimidating. No matter how you put it, though, data collection is everywhere. Retailers can position themselves to create a better experience for their customers in 2020 with even more data.
More retail organizations are taking advantage of the internet of things and customer management tools, including loyalty and rewards programs, to collect and use information to better market and close sales with even more customers. Retailers can also use data they glean to strengthen relationships, increase store revenue, and expand their customer base.
Leveraging the Retail Trends
Trends in the retail industry are ever-changing and move at the speed of light. Your retail organization needs a technology partner to help guide you through the noise and help you find the trends you can use to cash in.
Discover how retail technology tools from The General Store can help your set your establishment up for success in 2020 and beyond. Contact us today!