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Retail Trends 2016
I have been dealing with the Retail Industry and over the past couple of months I have observed the following Challenges, Expectation and Strategies that the Retail Industry are facing and have decided to write this blog based on what’s trending today.
Challenges faced by Retailers in 2016
- Omni Channel Integration
- Employment productivity
- Inventory Management
- Price Transparency
- The Chase for Millennial ( Young techno savvy generation)
Strategies for Retailers in 2016
- Mobile: projected to increase e-commerce profits by 25% in 2016
- Omi Chanel
- Targeting the Millennial Generation: by targeting this market spending to be increased due to Millennial leaving home and starting careers
- Capitalizing on E-Commerce on Value Proposition- accessibility to consumers from comfort of their own home will increase revenue due to trading 7 days a week allowing for hassle free shopping and delivery of merchandise to home of consumers.
- Consumers Buying Journey: Retailers need to drive traffic to sites by making merchandise look more attractive to consumers online and focus on what consumers are more interested in buyer and then cross and up sell to those consumers.
Expectation for Competitive Retail Strategies in 2016
- Inventory Management: By ensuring stock is available to consumers on sales floor will minimize the risk of consumers needing to go elsewhere to by same merchandise
- Social Media Integration: Social media has to integrate with the brand. Sites Retailers can advertise on are like- Facebook/Pintrest and Instagram driving more consumers to retailer’s site increasing revenue.
- Consumer loyalty and Trust: Create loyalty and trust with consumers by allowing consumers to know how to seek your brand as well as how to use your brand.
- Online Consumers Experience: Consumers to engage with the brand by customising the e-commerce experience.
- Millennial Generation & “Feel Good Experience”: 3 components that are important to this generation of consumers are: Transparency, Authenticity and Personality and retailers must engage using cell phone applications or websites to increase revenue as this target market is familiar with utilizing electronics to purchase merchandise with due to convenience thereof.
I hope that information will allow all my Clients to have a prosperous 2016 and should you need any assistance with recruitment please contact Tina on 021.3001314 or firstname.lastname@example.org.
Looking forward to hearing from you soon.