If You Rely on Brick and Mortar for Your Business, You May Have Some Good News
The last few years have been rough ones for retailing. Big names like Toys R Us have been shutting down as their profit share shrank. We’ve seen a hybridization between offline and online stores that have been particularly interesting.
One of the most exciting crossovers was that of Alibaba’s new Freshippo offering. The online giant has expanded its offline offerings by providing a more immersive experience.
It seemed that consumer trends were moving us away from the traditional offline models of shopping. Many predicted the end of traditional retail shopping environments. And, for a while at least, retail industry trends seemed to back them up.
But is this still the case? And how are the retail trends in 2020 taking shape in North America? We may not have robotic restaurants yet, but could Freshippo offer us insight into our future?
The answer is that we haven’t seen anything yet. Businesses will need to adjust their business models if they want to survive. What are the current trends in retailing? Buckle up; it’s going to be a bumpy ride.
We’ll See More Hybridization
Shoppers increasingly want more from their retailers. The lines between retail and entertainment will continue to blur. Retailers will be expected to offer new and exciting experiences, and brands will need to match.
Think in terms of offering cooking classes in addition to the traditional retail experience. Naturally, brands will use product placement as a means of marketing. The difference here will be that you can attend the class, and then buy everything you need to replicate the experience at home.
Marketing is Going to Take a Left-Turn
Over the last few years, marketers have emphasized that digital advertising is going to overtake traditional advertising. But, if we examine the current trends, it’s clear that a backlash is coming. As brands fight for space in a highly cluttered arena, traditional marketing makes a return.
Smart and unusual product displays in-store are going to become even more critical if brands want to stand out. Catching the consumer’s attention while they’re in-store is going to become more critical than ever.
The Multi-Channel Experience Becomes Even More Important
Customers want options. They want to be able to walk into a brick and mortar store when they like and get the products they want immediately. They also want to have the option to buy online, as well. Brands that don’t offer multiple purchase options run the risk of being seen as dated.
Part of the problem with this approach for retailers is that it’s logistically challenging. Consumers are becoming more impatient and less willing to accept delays. If they order a product online, they expect prompt delivery.
As a result, end-to-end solutions are going to become more critical to businesses hoping to streamline their logistical offering.
Where are current trends in retailing taking us ?
With the digital landscape becoming even more cluttered, brands will see a resurgence of interest in more traditional marketing media. The difference now is that brands must create more innovative in-store displays.
Are you ready to meet the onslaught?