The survival of the retailers depends on their potential to offer innovative services to customers.
Retail Industry Overview
Recent studies on the retail industry overview show that this industry is highly competitive and mature in the developed economies of North America and Europe. On the other hand, the developing economies such as the Middle East, Asia-Pacific, and Latin America have been instrumental in driving the growth of this industry. Today, the spending of customers in this industry has grown substantially and accounts for around two-thirds of the total GDP. This has been a key index for judging the retail industry’s health. Additionally, an analysis of the retail industry overview unveils the fact that the strengthening of online shopping business also acts as a major growth driver for this market. Also, the increasing penetration of mobile devices, smartphones, and internet services has helped e-commerce to emerge as a major shopping platform all around the globe.
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Retail Industry Trends
Customization will Prosper
Personalization will be one of the key retail industry trends that will prevail in 2018 and the years to come. It enables the shoppers to build the order and customize them to the last detail. The value of customer experiences is one of the key components for the retail industry to succeed today. The buyers of today want the tangible products to fit into their lifestyle perfectly and to be unique. This is the reason why this trend of personalization will flourish even more in the days to come.
Robots will Gain More Popularity
In 2018 and the years to come, bots are expected to play an important role in supporting retail operations. Companies like Amazon have already started investing in robots to help them in packaging and shipping items. Therefore, this trend is expected to gain a high investment in the near future.
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Social Media will Drive the Retail Industry
Today, no one can deny the impact of Instagram stories, Facebook live videos, and messenger applications on consumers’ perspectives. Such retail industry trends will change the way retailers interact with their customers online. Simply posting photos and posts on social media profile won’t guarantee engagements with the customers in the days to come. So, there is a need for retailers to modify their social media marketing strategy and use better channels to engage with customers in real-time.