The retail industry will continue to exist and thrive as long as there’s one constant factor – the consumers. The public consumers always have something they need that retail companies can provide, no matter the types of goods or items being offered.
In the UK, however, the health of the retail industry has dwindled over the past few years. Given the uncertainty brought by Brexit and other major circumstances, both businesses and consumers are now wondering how the retail sector will perform this coming year.
Albeit many people do not know exactly what lies ahead for retailers, the latest researches and marketing experts are now looking at possible retail trends for this coming 2020. To help your business be prepared, here’s what you should look forward to this coming year.
Part of the circular economy
Today, consumers are more focused on environmental impact and long-term sustainability. In fact, a survey shows that 62 per cent of young consumers would consider buying from brands that are more transparent with their ecological impact when compared to brands that don’t. Another survey suggests that 63 per cent of consumers have stopped using brands that have proven to be harming the environment. For this reason, you should consider participating in the circular economy this coming 2020. The circular economy endeavours to eliminate waste and underscores the continual use of resources through reusing and recycling.
The importance of community-building
This coming year, every company should start focusing on the importance of community building. It’s apparent that retailers that create a sense of community can easily set their brands apart from the rest. They even have a greater chance of establishing engagement and building strong, long-term relationships with their customers. As a result, it will translate into an increase in lead generation, sales conversion, and customer loyalty.
The need for payment flexibility
When it comes to payment methods employed by the retail industry, flexibility is what will set them apart from the rest of its competitors. This means providing your customers with more options to pay as a retail company. Albeit cash and credit cards remain to be the common payment methods used, consumers will look forward to better ways and means to pay – something that’s more convenient and flexible!
The impact of social responsibilities
Corporate social responsibility (CSR) has been widely talked about in recent times. While retail businesses aim to earn more, it is also their social obligation to give back to the community. Upholding social responsibilities as a business should be inculcated in the core values, ideals, and philosophy of your business. By doing so, consumers will appreciate you more, and that can lead to brand trust and confidence as well as customer support and loyalty.
There’s no denying that the modern business landscape is ever-evolving. One way to thrive and succeed as a business is to keep up with the latest trends in the industry. As far as the retail industry is concerned, prepare to consider being part of the circular economy, participate in community-building, create a flexible payment scheme, and know your values and social responsibilities as a business. By doing so, you will get ahead of the competition in the industry.
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