Trends in Retailing Retail Trends 2019: 9 Predictions for the New Year 2019 - PowerPoint Presentation

Trends in Retailing Retail Trends 2019: 9 Predictions for the New Year 2019 https://www.shopify.com/retail/retail-trends-2019

                                                                                   This view will never change. Whether you shop on-line or visit your local retailer, there will always be a rack of clothes to flip through.  People crave interaction with people. Even home-parties have portable racks. But a new way of doing business is on the horizon, with the focus on brand loyalty.

1. Retail as a Service                                 What is being offered for sale?

        What do you see offered for sale?                               How many bikes could one need to purchase in a year?                              How many tops or bottoms does a cyclist need?                   I see a bike rack but no bikes inside?                                 What is upstairs?

Location: London Services: *A place to watch races *Group rides organized *Addressing consumers shopping patterns & needs, as they evolve.

2. Customer Experience *Must be the same whether a customer is shopping online,   or in the store. *It is about the experience a customer has that will bring them back in to the store, or an online site.

Will the customer come back if they are not "WOWED"?

Do you want to test that theory?

3. Quality Data will Replace Big Data 2019 is a great year to get their customer relationship management system in top shape. Actively engage with customers. A customer visits your website or store frequently searching for particular items. Create meaningful relationships. You may reach out and ask them if they require assistance in their shopping experience. Maximize revenue opportunities. You can offer suggestions for the customer, either by narrowing the search or utilizing a "Do you need help with your purchase pop-up"

4. Data Will Get Put To Work 2019 will be the year data delivers in  order to create a plan for higher in-store engagements. Expand the business based on data collected. Retailers will open stores based on past foot traffic and the revenue trends. And close stores that do not deliver. More that ¾ of purchase decisions are made after looking at or trying on a product in person. Retailers must track what products are being featured to track revenue. This data will determine what the marketing message will be in the future. All data collected will be considered when creating the marketing message.

5. Artificial Intelligence Retailers  may use software that guides a customer down a buyer's journey that is tailored specifically to them. Use conditional logic, in using pre-loaded questions that will determine whether the customer is actually ready to purchase, or if they are merely researching a particular product. Anticipate the answer, and react accordingly.

6. Evolution of Fulfilment Customers demand more of retailers. Fast & Free Ecommerce is pushing retailers' offline business and brick-and-mortar stores to be more flexible in how they do business. Remove friction from the customer's purchase Creative purchase and fulfillment options are becoming popular. Buy online, pick up in-store. "Self-checkout is another example of fulfilment.

37.6% of retailers offer the Buy-online and pick-up-in store because it adds to the customer experience and it a fulfilment for the customer. Target, Kohl's, Walmart and Home Depot are already utilizing this service.

7. Navigating Logistical Compexities of Omnichannel Ecommerce and brick-and mortar stores are no longer in a battle with each other. No longer simply to exist and sell via one-channel. But how will the Ecommerce store function as a store?   They will need to have sufficient product in each location. Companies need to use their store-level data to customize supply to match the local demand, in order to be successful. Lawnmowers do not sell in Wisconsin, and snowblowers do not sell in New Mexico. With data analysis, brands and retailers will capitalize on the opportunities to maximize their sales. What sells best in La Crosse may not sell well in Minneapolis.  By watching the trends and revenues, a company is able to keep a handle on their business.

8. Emphasis on Retail Employees Is this the year the employees are eliminated? No, employees are an expansion of the store. Emphasis on the employees behind the brand is expected to be a big trend in 2019. Employees keep the customer coming back. "Happy employees equals happy customers". A happy experience is reflected in the revenue.

9. More Transparency & Corporate Social Responsibility Consumers have been putting pressure on companies to take a stand on real-world issues. Are they contributing to pollution or are they sourcing from factories with slave labor? Child labor? Not only are consumers looking at how the companies stand on world issues, they want to know how products are being sourced. Are they using products that are harmful to the environment, or are they depleting the rain forest? Zero-waste packaging. We do not need a box that is 10X larger than the product, or non-recyclable. Consumers want brands they can respect. "Company X gives back to their community and they are ensuring that no product is purchased from a country that uses slave labor."

It is not only to offer a product, but to offer a quality product that someone will come back for more. "The customer is always right!" I will not shop in your store if you have Ivanka Trump's label in it! You only get one chance to make a great first impression! A company that  listens to the consumer, reacts to what their data tells them and is willing to grow their business in the best way possible will do well in life. To Ecommerce or not to Ecommerce, that is the question! To err is human, to forgive, is divine", said no unhappy customer ever! I want what I want and I want it now!