Every year Vend (www.vendhq.com) create a white paper detailing their retail predictions for the year. This blog presents a brief overview of this year’s predicted trends.
- Retailers will give consumers more payment options.
The rise of mobile payments has put added pressure on retailers to allow and utilise to their benefit, payment methods such as Paypal, and NFC payment systems such as Apple pay, Samsung pay etc.
2. Mobile will play a bigger role in click-and-collect initiatives.
Basically mobile is gonna be big. But you already knew that.
3. Retailers will unify their online and offline data collection.
Using online AND offline data together means retailers can gain a more complete picture of the shopper journey… which ultimately means a better experience for shoppers.
4. Retailers will continue to remove friction from shopping.
Omnichannel convenience is coming and it’s travelling towards us full steam ahead. Companies such as Amazon have worked on streamlining their shopping experience, offering customers the chance to reorder with just one click.
5. Merchants will adopt in-store mobile devices.
In store tablets have been on the rise for a couple of years now, and Vend predict that this trend will only get stronger, with retailers utilising the mobile devices to deal with long queues and allow customers to check out in a more convenient manner.
6.Old school loyalty programs are on their way out.
Mastercard conducted a study which found that customers prioritise value and convenience over more traditional promotions, also noting that simply implementing rewards will not be enough to remain competitive in coming months.
7. Retail pure-plays will disappear.
With omnichannel retailing on the rise, it is evident that pure plays are going to have to adapt in order to keep up. E-commerce stores will need to follow bricks and mortar stores in implementing cross channel designs to bridge different shopping channels i.e. through Pop Up Stores (See our Twitter for more details on innovative stores).
8. More retailers will opt for single-view and cloud-based solutions.
This is now viewed as being essential in order to develop a successful retailing strategy… mainly for any the reasons listed above which talk about omnichannels.
9. Retailers will invest in omnichannel fraud management.
This isn’t as scary as it sounds… Omnichannel retailing comes with a huge amount of complexities and the most pressing for retailers to deal with is fraud, with Forrester claiming that 65% of retailers believe they lack the tools to effectively manage omnichannel fraud.
10. Social will grow as part of the omnichannel mix.
Social media has played a huge part in the shopper journey in recent years and Vend predict that it will continue to do so, with retailers utilising initiatives such as the buy buttons on Facebook and Pinterest.
11. Stocking up on more merchandise won’t cut it anymore.
Remember the old idiom “less is more”? Well that is what Vend are suggesting retailers will learn to follow in coming months opting for smaller product ranges so as not to overwhelm the customer.
12. More retailers will look into the Internet of Things to enhance the shopping experience.
A study by McKinsey found that the uses of IoT in retail could have an economic impact of $410 billion to $1.2 trillion per year in 2025. This takes mobile devices in store to a whole new level and is seriously innovative… Consider Dixon’s smart home as an example.