Retail markets have existed since ancient times. Archaeological evidence for trade, presumably involving trade systems, dates back more than 10,000 years. The modern era of retailing is defined as the period from the industrial revolution to the 21st century. During this period, retailers worked to develop advanced retail marketing practices.
Moving fast in the 21st century, we have indications suggesting that large retail stores have come under increasing pressure from online sales models and that reductions in store size are evident. The retail market rapidly changes, and consumers no longer see a distinction between online and offline shopping. Searching on the laptop for a new T-shirt, or hanging out in the shops, it’s all shopping. Smart Retailers who want to conform to the aggressive new reality, use as a cornerstone, classic retailing methods of the past, tailored to modern times. These Retailers use digital technology to extend their storefronts to the new shoppers’ generations.
The most important trend of recent years among all age shoppers is the growing use of mobile apps for purchases.
According to surveys, approx. 88% of shoppers intend to use a mobile app for their shopping in 2019. Additionally, more than 30% of shoppers say they are more likely to shop a specific brand or from one particular Retailer if they have a mobile app. It becomes then a necessity for brands and Retail Stores to acquire a mobile app to benefit from the ever-increasing trend.
Introduction of Social-media Influencers is another trending tool in retail advertising & promotion.
A recommendation or trial from a famous Influencer seems to persuade over 20% of consumers to make purchases based on their recommendations. However, the use of Influencers involves risks – how remarkable they become behavioral matters, new trending Influencers e.tc.
Omnichannel is the desired experience among consumers lately.
It involves a cross-channel content strategy that businesses- brands or Retailers- use to improve their user experience. Rather than working in parallel, communication channels and their supporting resources are designed and orchestrated to cooperate. Omnichannel implies integration and orchestration of channels such that the experience of engagement across all the channels someone chooses to use is as, or even more, efficient or pleasant than using single channels in isolation. Consumers are looking for the best of both physical and web world. Providing an omnichannel experience that includes a physical store, a website, and a mobile app offers advantages over the competition.
Moreover, what consumers want from their Retailers, include:
- Customer loyalty discounts
- Competitive prices
- Product variety
- Size variety
- Friendlier & direct customer service
- Quality products while maintaining a reasonable price
- Lower delivering costs to motivate online purchases
- Faster and more efficient check out and return processes
Both in-store and online Retail is continuously changing as new trends and technologies are introduced to the market. It can be challenging to keep up with these trends and customer demands.
Since early times, Retail is an on-going trend, continually adapting to the changes in the environment and the needs of Consumers.
As digital experience penetrates more and more in Consumers life, modern retailers understand making the most of new opportunities is about how well they can interlace digital media like mobile, context, and video with superior sales, marketing and customer service. Customers always prefer Retailers who are excellent in providing them with precisely what they want. Balanced approaches between consumer desires and business requirements will overwhelm competitors and place a Retailer on top of Consumer demand.