2020 has started with a bang. What’s in it for retailers? Um, we’re not magicians to exactly tell you what is going to happen in 2020, but we do have some predictions in hand. Our predictions are based on various studies on trends that are emerging.
It would be interesting to note that many of the predictions mentioned below are the way forward and are much more required for you to run your retail business. Let’s look at some of the interesting trends that are meant to happen this 2020.
- Emerging trends of private labels
It has been found in the past year that private-label sales are skyrocketing. It is important to note that these private labels are selling at least 3x more items than regular ones. All the big players in the retail market have plethora of private labels. It is essential to look at why these private labels are now soaring?
The ability to meet different customer expectations and at affordable costs give the competitive advantage to these brands than the retails. Private labels are targeting customers based on their needs and have varieties to offer them right from affordable ranges to luxury ones. Safe to say, private labels are here to stay.
Environment friendly and sustainability in the longer run is something customers are keen on now. And, retailers do not seem to have a problem adapting changes to make their brands sustainable to attract more customers. Retailers today are all about minimizing wastes and increasing sustainability.
Technically this also increases the scope for circular economy. Retailers who reduce, recycle, and remanufacture are said to be using their products and closing down their system to third-parties. Needless to mention, this approach is way more appealing to the Gen Z people more than anything. We don’t see any reason why retailers won’t give it a go.
- Social media and retail will be even more hand in hand
From the beginning, social media has definitely played a key role in the retail industry. This relationship is expected to get stronger three to four times in 2020. Social media does not only offer marketing exposure, you can also now shop on social media.
Insta shopping and facebook shopping has now become a thing. Consumers don’t even have to leave their screen to go to a web browser to look for brands. Many brands do offer shoppable links on the product itself, and all you have to do is click on the link. How easy? Now who will not want this? All the more reason that this beauty stays on trending this year.
- Retailers will promote more subscriptions
Subscriptions in the e-commerce industry are said to have grown by a whopping one hundred percent. This includes media subscriptions like Amazon Prime, Netflix, etc. The past five years has seen a tremendous growth in subscribers.
Subscriptions are here to stay mainly because of the comfort and affordability it offers. You can subscribe for your medicines, sanitary napkins, toiletries, and whatnot and forget about it. You will get them delivered every 2 months or 3 based on your preferences. Isn’t that easy and time-saving? Why would customers not want to make use of such a boon in the retail industry?
- Fitness & health will make its way through retail
Fitness and health mean different things to different people. We mean the fitness and health products including but not limited to protein cookies & brownies, gym items, organic makeup, organic supplements, etc. People seem to be buying them on a large scale.
Some of the products mentioned-above are hot selling because people have become much more conscious about their health and fitness more than they used to. If you are in this business already, we’re happy for you to brace yourself for a crazy and rewarding year. And if you are not, it is time you gave this one a thought.
- Time is equal to money
Yes, you read that right. Not only have the retailers realised the importance of time now customers do too. They have become much more time-sensitive, thanks to companies like Dominos pizza, who introduced free pizzas if the order was not delivered within 30 minutes from ordering.
Amazon offers one-day delivery to its prime subscribers. So this is the way forward. Retailers can no longer take their own sweet time in everything they do. Time to get things moving quickly. Time equals money in the service industry but in the other way round.
- Flexible Payment Options
Customers are now used to the various payment methods available today. All the UPI payments, Google Pay, Amazon Pay, Apple Pay, etc seem to be making a huge impact in the way people shop.
To stay in the game, it is necessary that you offer different payment methods to your consumers to make them stay.
We have laid out some of the interesting predictions for this year. If you have anything new to add or if you agree with us, do leave your comments on the comment section below. If you have any queries, you can always reach out to us. Go to Contact us to find our contact information.