The retail industry is the engine of the economy, driving up to 70% of growth. Even before the upheaval of 2020, the industry was undergoing many changes.
From digital sales to dealing with the ongoing pandemic, what will the future of retail look like? How will it affect the economy and what can your business do to adapt?
We don’t have a crystal ball but we have enough trends to give us good insight as to what the future holds. Let’s look at what’s coming down the road in retail and what you can do to stay ahead of the curve.
Online Sales
If you don’t have a strategy for online sales, you’re at a huge disadvantage. The majority of Americans shop online, a trend that shows no signs of slowing down.
This is especially crucial in a post-pandemic landscape. Make sure your website is mobile-friendly and that your site makes it easy for customers to find what they need and purchase it.
Brick and Mortar Survival
That being said, if you’re a store that can’t easily pivot to online sales, you still can adapt. Your store needs to be the ultimate destination for your customers.
Create a unique experience and up your customer service. Up ad spend to promote your location as a convenient place to get up close and personal with your products.
Even a few small changes can give your store the edge it needs to seem fresh and exciting to new and former customers. Bring in a retail consulting firm if you need an outside perspective.
Health and Safety
COVID-19 continues to have an enormous impact on the way we live our lives. You can’t afford to resist changes or anticipate how the shopping experience will be altered in the future.
Stores need to offer health and safety measures to put their customers at ease. This includes masks, social distancing stickers, Plexiglass partitions, and more.
Does your business offers curbside pickup, online delivery, or contactless shopping? Expect consumers to still want to shop this way long after things start returning to normal.
Omnichannel Retail and Advertising
You create ads that are tailors to a specific medium, like television or social media. You need to craft an omnichannel retail strategy as well.
It’s not enough to make ads that take consumers to the same place. Make shopping easier, like allowing customers to swipe up on Instagram posts to instantly make a purchase.
There’s more than one way to meet your customers’ needs. Start with the top three highest ROI methods and go from there.
The Future of Retail
Digital sales, health and safety precautions, and customer service plays a larger role than ever in the future of retail. Your business needs to be flexible enough to survive and thrive.
Now that you’ve had a glimpse of what’s coming, start making changes now. You’ll anticipate what your customers want, be there to give it to them, and stay ahead of your competition.
Still have room to grow? Check out our other growth articles to learn how to expand your business year after year.