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Retail trends come and go, and many of the more recent innovations have come from technology use and the rising need for faster delivery. With eCommerce and social commerce on the rise, many retail trends will revolve around innovative platforms and sales channels to stay relevant. Be sure to include the following retail business trends in your marketing budget.
5 Retail Trends You’ll See in the Next 5 Years
In a time where experimentation is risky, retail has seen a lot of growth thanks to their creativity, adaptability, and resilience in uncertain times. Let’s look at 5 examples of ingenuity in action.
Retail Trend #1: Same-Day Shipping
Customers expect shipping times to get faster in the next 5 years, and in the age of instant gratification, same-day delivery will become the norm. Take Bouqs, for example. Their inclusion of same-day shipping made it possible for forgetful gift-givers to shop local florists online, which guaranteed the receiver got their Valentines' or Mother’s Day flowers on time.
While same-day shipping isn’t a new concept, more and more eCommerce retailers are adhering to better order fulfillment standards and buying into advanced technology sources, including delivery robots, to compete. In a few years, next-day delivery may become obsolete.
Retail Trend #2: Value and Ethical Based Brands
Gone are the days of faceless brands. Millennials, who spent an estimated 1.4 trillion in 2020, are the most impulsive and influenced generation of shoppers, but they still want to know their dollar is going to something impactful. 71% of Millenials in a 5WPR study stated they would pay more if proceeds go to charity, so it’s crucial for brands to have a positive identity.
Brands that are less forthcoming about their values need to become more transparent to compete. Otherwise, their customers will think they’re untrustworthy, unfriendly, or even criminal. In the end, a brand has to pick a political side, regardless of the type of product they sell.
Retail Trend #3: Social Commerce and Influence Marketing
Brands are starting to understand the value of being transparent in more ways than one. Influencer marketing is shifting from carefully constructed captions and edited product shots to selfies that are raw and full of aesthetics. Influencers and brands are working together now more than ever to make social media a native and seamless shopping experience.
The partnership between Shopify and TikTok, the creation of Facebook Shops, and the rollout of IG TV has seen these two platforms, social and commerce, combine into one. Video is becoming the next best way to try on clothes, browse for entertainment and entice shoppers.
Retail Trend #4: Online Stores Exploring Brick-and-Mortar
Whereas brick-and-mortar stores have had to close down their offline stores to compete in the online sphere, the reverse is happening with select retailers. Having a physical presence isn’t always a bad thing. Retailers like Casper and Glossier, previously online-only stores, are seeing the benefit interacting with their products can bring to their bottom-line in 2021 and beyond.
Although the traditional mall is dying a slow death, technologically focused retailers can breathe new life into businesses that can’t close their doors. For example, grocery stores are offering faster check-out cues, more sophisticated self-checkouts, and fast product delivery.
Retail Trend #5: Chatbots That Improve Customer Satisfaction
A trend built from necessity from the pandemic lockdowns is set to continue into the next decade. Chatbots were used pre-COVID-19, but cutting costs has manufactured the need for sophisticated digital shopping assistance that leads to shorter wait times. Some are so advanced that they provide shoppers with personalized gift or service recommendations.
In a digital space, a website can read an individual's IP address and search history to come up with the best experience catered to their needs. Once chatbots partner with social media websites, it’s possible that shopping could become a hands-off experience for many.