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New Year, New Forecasts for the Retail Industry

Talitha Loftus
Talitha Loftus
Marketing Manager

2017 will favor retailers who come up with a unique in-store experience, have a mobile payment solution, pay attention to their store size, offer same day shipping, and have a thirst for transparency.

As we settle in to the new year, we are seeing major shifts in the retail industry. Thanks to Vend’s trends and prediction report on 12 forecast for the retail industry in 2017, we can gain deeper understanding into the mind of a typical 2017 shopper. 

Here are my 5 top picks of what you can expect in 2017.

Unique in-store experience will thrive

We can all agree, shoppers buy online because it’s convenient, quick and easy. What will pull shoppers to your store in 2017? Give them a unique in-store experience, it’s that simple. Put your creative cap on and think beyond vanilla scent, spa background music and smiley staff.

Let’s take Crate&Barrel, for example. The homeware retailer recently tested a program with RetailNext partner ClougTags called “Mobile Tote” in which shoppers browse shelves using store-provided tablets. Customers can use the tablets to scan barcodes and learn additional information about products, add items to wish lists, and enlist the help of sales associates in gathering those wish list items.

The CloudTags Crate and Barrel Store Installation from cloudtags on Vimeo.

Gone are the days of promo people handing out cocktail sausages in the aisles, so what’s your unique in-store experience going to be?

Have a mobile payment solution or take the risk of falling behind

At the end of 2016, there were an estimated 447.9 million mobile payment users worldwide. Still not convinced as to the importance of mobile payments? TechCrunch estimates 70 percent of all mobile users in the United States will make a mobile payment in 2017, and mobile payments in general this year are expected to total $60 billion.

Now do I have your attention?

Size matters

You are in a rush and need to find that weekend fashion piece and you enter your favorite department store, only to feel overwhelmed by the countless aisles and confusing floor plan. When it comes to store size, less will be more in 2017. We live in a fast-paced society where products need to be convenient and accessible; no longer will shoppers spend countless hours hunting down items, so keep your shop right-sized and gain big rewards.

Free shipping no longer provides an advantage

Speed is the new game and free shipping is no longer a value-added benefit. Shoppers want instant gratification and want to take their purchase home immediately. A recent study by Temando found that “80% of shoppers surveyed want same-day shipping, while 61% want their packages even faster — within 1-3 hours of placing an order.”

Time is money people!

Shoppers what to know everything

Wait let me Google that…

With information so freely available online, consumers are becoming more aware of what they buy and why. With a thirst for transparency, shoppers have begun gravitating toward brands who reveal all the inner workings of their operations. Everlane, for example, details the entire production cost of their products: materials, labor, duties, and markup, all readily on its website. This year, it’s the retailers who promote quality, transparency and suitability who will stand out.

Join the #retail, #inspiringretail and #SmartStore conversation on Twitter @TalithaLoftus & @RetailNext, as well as at www.facebook.com/retailnext.

 

 

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