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The Future of Retail

The Fulure of Retail Retail isn't dead, it's evolving and for most retail businesses it's time to evolve or get left behind. It is forecasted that the retail industry will change more in the next 5 years than it has in the previous 100. Below are some of the biggest retail trends for 2014 and the retailers who are getting it right! Retail Trends 2014 1. Mobile Wallet Mobile Retail = Portability, Connectivity and Relative Affordability $3 * Cash and credit cards will continue to decline and many consumers are even steering clear of purchasing on their laptop or desktop and instead using their mobile phones and tablets. Forrester Research predicts that mobile payments will amount to $90 billion in the coming years. 21% of consumers search a product online before making an offline purchase. In 2013, mobile shopping accounted for 17% of Cyber Monday shopping. There are over 6 billion mobile phone users. Leading Retailers' Mobile Audience in The U.S. Mobile Audience includes those who visit on mobile and desktop, as well as mobile-only users. 90- 60% 80 - 50% 70- 60- 40% 50 - 30% 85 40 30 - 20% BI INTELLIGENCE 45 20 - 29 10% 10 18 18 13 10 11 0% Amazon e-bay Wal-Mart Apple Target Best Buy The Home Depot Ticketmaster Etsy Lowes Mobile Audience 1 % of Total Audience That Visit on Mobile 2. The Business of Privacy Shopping online is still a cause for concern for some. Consumers worried about their details being used online will start paying for services to protect their details and ensure their anonymity. BUY M Retailers are going to have to work even harder to reassure their customers that their online channels of payment are safe and secure. 3. Social Media Shopping Retailers are going to start stocking what is being tweeted about and pinned on social media sites. Social media offers a real time insight into what consumers want. Some stores like Nordstrom have even started adding stickers to product to indicate if an item is popular on Pinterest. 2009 2013 350 350 1250 2013 = 2009 = Twitter 1000 340 million 4. 300 300 2.5 million 750 tweets a day, 35% of 300 250 250 tweets a day, 23% of 200 the world was online, Million Billion 200 500 the world is online, 2.5 340 1. 300 million 1 billion Million 150 150 Million 250 100 Facebook users. 100 Facebook users. Twitter Facebook Twitter Facebook 400 Almost 370 Million Online retail sales in 20% of online 300 facebook Ewitter Linked in the U.S are purchases are made as a result of browsing through social media sites. 200 expected to reach $370 billion by 2017. 100 2017 facebook. Cwitter 42% 77% of online consumers use Facebook, with Twitter ranking 2d. of consumers expect a reply from a brand on Twitter within an hour. 30% There was a 30%+ growth in e-commerce in 2013. 4. Instant Delivery Gone are the days where a consumer would happily wait 3-5 business days for their order to arrive. Patience is no longer a virtue in the future of retail. Amazon Drones Amazon have released their plans to launch a drone delivery systems for small items, with a delivery time of approx. 30mins. Founder of Amazon, Jeff Bezos hopes to have this idea literally off the ground by 2015. amazon > Free shipping will also be a tactic used by retailers to increase the size of customers shopping baskets. > Free Returns are also becoming the norm, 66% of consumers look at the returns policy before they buy online. Retailers who are Doing it Right EITNES PARABLE PRODUCTIONS Brown Bag Sr. 1922 BISTRO FIREHOUSE FITNESS FUN FACTORY 318 24 3ox OFFICE OPEN 312 316 These stores have Users of their mobile app are able to view past purchases, read and write product reviews, create shopping lists and access reward points. web-facilitated in-store pick-ups, site to store delivery and same day delivery options. SEPHORA Walgreens Macy's stores act as fulfilment centres so online customers are The body heat of people queuing for the checkouts are detected by infrared cameras which signals how many checkout lanes need to be opened. (Kroger *macys able to get their items faster. Walmart's mobile app is able to detect when a user in near a store and switches to in-store mode so customers can view store maps and find products by aisle. Walmart Save money. Live better. Top 5 New Retail Careers. 1. Marketing Analysis 2. Email Marketing 3. Natural Search 4. Paid Search 5. Social Media References: CCOLOURSAST fldd5c73-de94-5bec-ae79-7efef8072ff0/5233b1d4b7a50.preview-620.jpg Printing (Millions)

The Future of Retail

shared by chrislandry on May 06
Retail isn’t dead, it’s dynamic. Consumers are always going to want to buy, but in an increasingly digital world how will the retail industry adapt?




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