The year 2020 proved to be one of the most unpredictable years in history. Numerous natural disasters hit the globe and then came the Covid-19 recession. Some major industries took a standstill. Even the retail industry was affected. But with the current situation, there was a major shift in how consumers find the products and services they need and how they complete their purchases.
As we now live in unprecedented times, the competition became the battle of the fittest. Retailers don’t have much choice but to adapt to the new normal. If you intend to take the opportunity to start a business or reopen your brand by 2021, here are some early predictions we expect to find in the retail industry.
Faster or Same-day Delivery Options
Both online and offline retailers are embracing delivery as the new normal. We can expect this to continue for more years to come. Some are embracing faster delivery options while others are not offering same-day deliveries to their clients.
If you want to keep up with your competitors, make sure you also offer faster shipping and delivery. Consumers are no longer willing to wait for far too long especially now that they have more store options to choose from. This is another reason why some online retailers are opening their brick-and-mortar businesses.
Aside from having a trusted shipping partner, there is also a need to make sure you have a reliable inventory system in place. Invest in the right equipment and always have a backup plan in case your bar code scanners require a Psion repair or maintenance. Make sure you always have stocks ready for shipping and to update your website in real-time.
Second-hand Commerce on the Rise
ReCommerce, also known as second-hand commerce will rise again in popularity thanks to the Covid-19 crisis. One can attribute this to the consumer’s shift in priorities. More people want to make sure they get the best value of every purchase while supporting a more sustainable way of life.
Many will still want to enjoy luxurious things but will no longer be willing to pay the full price. Instead, they are diverting their attention to hand-me-downs. Aside from supporting sustainable practices, consumers also find this as a great way to enjoy great deals.
Retailers can use this opportunity to build their own second-hand commerce or join the ReCommerce marketplace. One can choose to join numerous marketplaces, including the all-time favourite eBay. If you can entice your target audiences with an extraordinary shopping experience, this can be a great way to enter a new market venture.
Online Stores Merging with Brick-and-mortar Brands
Brick-and-mortar businesses had to shift their marketing efforts online. This is after consumers stayed most days at home and opted to do their shopping online. To make sure they can continue client engagement, many had no choice but to boost their online presence.
Earlier this year, some online brands already opened their first brick-and-mortar branch. They may have experienced success selling their offers purely online. But even online stores know that consumers still want to experience real-life interactions with the company they are doing business with.
This may come as a surprise considering everyone expected eCommerce to be the future of retail. But it becomes clear that nothing can replace in-person experience. Online stores are taking advantage of this fact and are opening their own physical stores to provide better service.
The crisis may have slowed the openings of other offline outlets. But we can expect more online businesses to take their brand offline. If you’ve been debating if you should open a brick-and-mortar business as well, this can be the sign you’ve been looking for.
Smart Home Shopping Assistants
More households are embracing smart devices and are taking advantage of smart assistants. They are using such smart technology to enjoy the ease of convenience at home. But such innovations do more than just turn on your lights on time, play your favourite music or adjust your indoor temperature before you arrive home from work.
Now, you can also do your shopping online with the help of your smart assistants. While such technology has limited features, this proves to be a fun and effortless way to shop. If you wish to leverage such technology, then it is time to optimize your process for voice hopping.
Now, we can expect consumers to do voice shopping even after the pandemic ends. Smart assistants can now help you do your shopping by making product suggestions and alternatives. Once you found the right fit, you simply need to voice out the command and they can place the order for you.
There is no denying that the pandemic caused a massive shift in how consumers do their shopping. Businesses can’t help but give what consumers want and try to keep up with their target audiences’ needs. Updating yourself with these predicted trends and adapting the strategies that will best suit your brand is a good way to stay relevant in the competitive world of retail.