Top 5 Retail Trends For 2017
U.S. e-commerce sales reached $396 billion in 2016, and are predicted to grow to a massive $684 billion by 2020. According to Forrester Research, “more brick-and-mortar-focused retailers are stepping up their online game and increasing the percentage of their sales that come from online channels, and Web-only retailers have been growing at an impressive clip, too.”
What does this mean for retailers? Competition is fierce and won’t get any easier. To succeed, retailers need to leverage five trends that are currently transforming the retail landscape. Retailers that embrace these trends can achieve higher sales, and ultimately, better customer loyalty.
1.) Omnichannel retail is now the standard. Retailers will need a kind of “mission control” center where they can see and control every activity across all channels. The big winners will be the retailers that can blend the online and offline – the digital and the physical – into one seamless, omnichannel shopping experience.
2.) According to Chain Store Age, “brick-and-mortar stores will add fewer new outlets as they take a ‘hub and spoke’ approach, acting as pick up and fulfillment centers with the ‘endless aisle’ concept extending shelf space to the brand’s full catalogue of products.” Want to learn more about how SalesWarp helped Zumiez turn their stores into mini-fulfillment centers? Just ask.
3.) Real-time inventory visibility will dominate as retailers strive to keep their customers informed of stock levels at all times. Retailer winners will control inventories by applying technology like SalesWarp that shows real-time inventory levels across all channels.
4.) Retailers will realize that they’re all competing with Amazon. That means sellers will continue to face an extremely high bar when selling, fulfilling, and delivering products to consumers on the Amazon marketplace and elsewhere.
5.) Retailers will harness data. Amazon has perfected the art of anticipating customer wants and needs. The company monitors what customers buy, as well as what similar people buy, and then uses an algorithm to predict what they may want next. As average retailers gain access to data and software, they will do what they can to make the same technology work for them. Retailers who make data-backed decisions will outperform those who don’t.
The retail industry is evolving. Are you? Let SalesWarp help. Learn more about our advanced order management system and try it for free today.