What future for retail ?

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If before the health crisis the retail sector was already in full transition, the context has only accelerated this phase of change. What will it be in the future? Explanations.

Retail trade : where are we ?

In recent years, the retail trade has undergone a real restructuring. The acceleration of the digital revolution has turned the whole sector upside down. Already well established, the web giants have imposed themselves even more on the market. From now on, the challenge is no longer to predict how consumer behavior will evolve, but rather to adapt in real time to their mode of consumption. In a sense, this sudden retail transformation has allowed retailers to seize new opportunities.

The need to rely on e-commerce

In effect, during the health crisis, local merchants had no choice but to compete with the web giants by launching their own e-shop. Initially thought of as temporary, online sales have become the norm. As evidence, while many retailers say converting or expanding their business online during the pandemic was a big challenge, most continue to sell their products online today. It should be noted that despite the significant increase in online commerce, consumers still want to go to the store, especially since security conditions have been met. For example, visits to shopping centers are now more popular. The challenge is therefore to rely on the web to boost sales, while continuing to offer consumers a positive shopping experience.

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Retail : 4 trends that will shape the future

Although the future of the retail industry remains uncertain for now as new variants continue to appear, various trends are emerging for the retail industry.

Focus on convenience

If it is essential to offer your customers an excellent quality/price ratio, it is above all necessary to provide them with a certain convenience. The shopping experience should be as fast and smooth as possible. Every business must analyze the customer journey, that is, understand when, where and how consumers prefer to interact, in order to develop solutions accordingly. For example, if you have a website, it should be linked to supply chains so that customers know exactly what is in stock and do not encounter any obstacles when they go through ordered.

Ensure the security

Since the health crisis, consumers are more comfortable with new means of payment. However, they must be guaranteed a secure purchase in all respects. The latter have become very sensitive to the processing of their personal data. Retailers must therefore show that they take the confidentiality and security of this data seriously.

Adopt an ethical approach

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Another emerging trend for retail is ethics. Indeed, in the 2021 edition of the Responsible Consumption Observatory, 62% of consumers said they were more attentive to the environmental impact of what they bought, 45% said they were more attentive to the societal commitments of brands and brands, and 47% said they had decided to consume less. Based on these findings, it is clear that retailers demonstrating an ethical and social approach will attract more customers in the future.

Integrate technology

Finally, it is obviously necessary to take care of your e-reputation, by developing your online presence, in particular on social networks, but above all to integrate technology into the purchasing process. As explained above, live synchronized inventory management software, for example, is essential to ensure customer satisfaction. In addition, consumers are keen on new experiences such as virtual reality or artificial intelligence (AI). Mobile payment is also increasingly popular.

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Photo credit : https://www.ecommercemag.fr

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