Every year, new retail trends surface. Knowing these trends and staying in touch with them will help your business thrive in today’s dynamic times. Here are the top trends to keep up with this year:
1. The rise of artificial intelligence
In the domain of retail, artificial intelligence (AI) is everything. From setting prices for products based on market trends to forecasting what each individual shopper is likely to buy, AI is only going to become more and more dominant in shaping the future of retail. AI is used to show customers the most relevant ads, making advertising much more efficient. It can also take over the job of customer support, and most retail websites employ chatbots to help buyers with their queries. With the advent of the Internet of things, AI is becoming ubiquitous. In some fully automated homes, orders for restocking supplies are starting to be placed without the owner even knowing.
2. Making use of big data
Similar to AI, big data analysis is another one of the trends that are here to stay. Data collected on consumer purchasing habits can be analyzed to find and target specific segments of the market. Accurate competitor monitoring software also makes use of big data analytics to monitor competitor’s pricing and marketing strategies. Big data can also be used for analyzing supply chains. It can reveal where supply chains need to be strengthened.
3. Custom-made products to fit any taste
Another big trend right now is to have customized products that suit each individual’s unique taste. As the market is saturated with too many shops, it only makes sense that digital and physical stores want to set themselves apart from the rest of the businesses. A good way to do this is to sell customizable options, from clothes to home decor ideas. With digital shops replacing traditional ones and one-day home delivery becoming even more achievable with advanced technology, it is becoming easy to place your own custom order online and get it delivered fast.
4. Subscriptions over purchases
A great new trend has been the proliferation of subscription services for almost anything. Whether you need a razor or a selection of snacks to keep your bored palate entertained, it is possible to get a subscription box to fit your taste. There are boxes for pet supplies, beauty products, books, and wine. This trend really embodies the carefree spirit of young shoppers. You can simply sample a number of products without having to make a big commitment to one.
5. Businesses are more driven by values
Every year, we are seeing more and more businesses coming out to make a stance on a political or social issue. Be it an issue of social justice, going green, or ethical production, businesses are starting to appeal to a niche by showing that they care. This is reflected in various marketing strategies.
There are many more changes happening every day. But not all of them are significant or possible to keep up with. It’s good to at least know how markets and tastes are changing if you want your business to continue to appeal to young people.