Trends either bombed-out nest eggs (dotcom bubble) or exploded savings accounts (multi-million acquisitions). But a well-timed move is always worth a gamble. Here are top retail trends that small businesses should keep an eye on.
New Technology
Technology can either be disruptive or helpful, depending on where you stand. Small businesses should watch out for these developments to keep up with competition:
- Universal shopping cart that enables customers to purchase from different online stores
- A single view inventory that enables customers to transact and track orders
- Mobile payments have been around for years, but Apple Pay is a significant step in making it mainstream albeit its limitations.
- Data-driven decision-making through Analytics to gain customer insight.
- Visual search apps enable buyers to find similar products using a photo.
- Beacons will become more popular as customers become more comfortable in providing their current location to receive relevant information.
New Buying Experiences
As a small business, you have to find new ways to steer the consumers away from that big store at the corner to your door. Target has a Curbside app. Iconic lets you pick up an order you made after lunch at 5pm. You can put your own spin on these trends:
- Consumers can order online and pick up at a preferred time (Click and Collect), drive by the store (Curbside Pick-up), or go to collection points in transportation hubs (Click and Commute).
- Nike was light years ahead when they used interactive window and in-store displays. This will continue as other global retail stores think of new ways to attract the tech-dependent millenials.
New Ideas to Lock In Customer Loyalty
There are many ways to reach customers. The problem now is how to make them come back. Here are trends that can help you make a lasting impression:
- Brands give a post-purchase bonus through a Last Touch Service.
- Brands use social media platforms to connect with customers and highlight their ideas.
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