Trends to Take Into Consideration before Starting a Retail Business In 2018
If you are considering to start a retail store in the coming year, welcome to one of the most diverse industries in the world of business. The combination of technology, critical thinking, and consumer research has led to the re-invention of the consumer shopping experience by the retailer that is irresistible to the customer. The creation of an exciting experience for the consumer while inside your store for the traditional brick and mortar stores has earned customers that were thought to have been lost to the online stores. On the other hand, online retailers are devising new ways to expand their current market share and win over more and more customers.
Financial analyst’s survey says: No more duct tape omnichannel in the retail industry. In this article, we have compiled the retail market trends that any prospective retail owner should take into consideration in the coming year of 2018.
On-demand delivery for consumers
Although instant delivery is not always essential for all consumers, the provisions for lifestyle and improved convenience are acceptable worldwide. For instance, a Dubai based delivery service known as Fetchr finds your location using your smartphone and delivers the purchased product to your exact location. The largest chain retailer in the world, Walmart, has consistently continued the improvement of their in-store and online pickup and ordering systems. The consumer is allowed to designate a favorable pick-up time depending on the availability of the on-demand services. The customer then proceeds to pull into kiosks or other stations where Walmart associates are waiting to load up the purchased products.
Offering delivery for products on the same day they are purchased offer the consumer convenience and instant gratification. Such incentives go on a long way in improving the consumer brand experience for your retail store which in turn leads to increased sales volumes. With increased sales comes a bigger profit margin and huge returns on investment.
Lifestyle and wellness programs
The traditional brick and mortar retail stores are now offering nutrition and wellness programs in addition to the immersive consumer experiences. To achieve this complimentary program, retail outlets are learning a lot from the hospitality industry. For example, Westin group of hotels initiated a wellness program which they called RunWESTIN which comprises of a balanced plan where participants would run through a route three to five miles long.
Another retailer, Lululemon, offers a unique offer of free yoga outfit for consumers who visit them for running clinics and yoga classes. When services are expanded, retailers can enhance the customer shopping experiences and increase the connection between consumers and the retail store. Increased interactions mean that customers will develop a sense of identity with your business which promotes the creation of a loyal clientele. Retailers put the welfare and relaxation of their consumers first when they incorporate wellness programs into their shopping routine.
3D printing enables your retail business to offer a fully customized and unique product by reducing your inventories. One of the leading retail stores in 3D printing is Shapeways which is proud of more than 50 materials. The retailer creates a marketplace where both consumers and brands design and process the original products that they desire. For instance, the clothing and shoe designer Nike can design the prototype of a new sports shoe and implement a go-to strategy to market the shoe. The custom accessory firm, Accent based in California, converts the descriptions of the design the consumer wants into a piece of art that is wearable. 3D printing technology converts the consumer tastes and preferences into a whole new level and is expected to continue evolving as technology continues to grow.
A single point of contact. While the traditional brick and mortar retailer continue to have the largest market share, a sizable number of consumers are also being channeled to other forms of business. For instance, retailers like Saks are increasing their market share by providing their customers with a one-point contact through another firm known as Salesfloor.net. With the use of a storefront application, the single point of contact can sell goods and services on behalf of the parent company.