Going forward, retail in 2021 will be an even more challenging play for small retailers and brands. They need to adopt a new way of working keeping in mind that consumers’ basic idea of shopping is completely changing post this pandemic in terms of selecting and purchasing a product. There will be new market trends that will take place to solve the new challenges in the retail sector.
Customers will start thinking twice before spending a penny on any brand or product of their choice and following new trends is expected to take place in the overall customer retail cycle of the purchase decision.
1. The Brick & Mortar Stores still matters & is always here to stay
Nowadays Shoppers are shopping with the help of their knowledge, intellect & emotions more instead of their wallets.
In Reality, millennials’ shifting choices and attitudes regarding product choices and brand preferences basis social consciousness and usability, and likewise have already impacted how retail brands present and place themselves in the coming times doing retail in 2021.
The trend has pushed retail brands having to adapt their corporate culture in line with their exterior identity, turning companies into more responsible towards the younger Gen-x.
Brands are progressively engaging consumers outside of their comfort zone and becoming more oriented toward a new set of target groups.
2. The Growth of the Experiential Retail in 2021
The old model of exclusive and multiband retailing was primarily focused on product selling. However, consumers have long back started slowly but certainly been moving away from just shopping for products, instead of seeking a more engaging experience with value addition in terms of after-sales service.
This trend has been motivated mainly by millennials and their inclination for unique value-based experiences over just products.
Even so, simply remodeling a store isn’t enough. Nearly 2000 stores are expected to close their doors by year’s end of 2020 in various domains and categories, and the brands that do survive will have done so by creating engrossing experiences.
The rise of virtual reality augmented reality, and improved mobile technology will continue to harvest and move retail brands to enhance business line and new practices to their old-fashioned retail sales models.
3. Omni-Channel is the Way Forward Doing Retail in 2021
One of the “blessing in disguise” of the current retail scenario is that despite their alarming closure rates, small brick-&-mortar stores still play a crucial role in the retail sales process.
However, it has progressed from the prima facia purpose of offering retail solutions to be important for a more extended retail environment. Instead, a single interface for shoppers, the pattern in retail in the course of recent years has been to extend the internet that brands use to generate footfalls and awareness to later convert them into customers.
This is largely a result of the changing mindsets and preferences of consumers to make shopping choices. Millennials, in the meantime, prefer to browse and buy merchandises they discover on Instagram and Facebook.
Omni-channel is crucial for engaging consumers and keeping them busy from the first buying phase to the ultimate point of sale and till delivery.
Aiming at delivering outstanding hassle-free service across the entire sales value chain will pay big dividends in the long run for retailers.
4. Purposeful Retail in 2021 Takes Lead to the Front
It is clearly seen from the beginning of COVID-19, the vast majority of retailers want to reflect their values in alignment with the social and geopolitical environment.
As result, it is visible that customers also prefer and want to purchase from brands & companies take a position for something bigger than profits and keep purpose before making just money.
Brands will get a lot of purposeful opportunities to prove their intent in social cause and community building across the market.
Brands were already being judged by consumers on their focused market activities, going forward, more will be on those actions that help society and their purpose in long run.
The market is expected to see retailers start to focus on improving government response and requirements for financial packages, it will quickly become more transparent across the businesses they are into.
5. Evaluate & Review the Cost of Doing Business
Retailers take new approaches to cut costs and driving profitable growth with the help of keeping a check on the following major cost centers:
Margins – Already razor-thin across many parts of all retail sectors but still can be renegotiated in the alignment with sales projections in new normal.
Opex – The operational cost can be re-look at and must design in a new way. Given the huge recent market changes in customer expectations, retailers identified that regular practices of cost and expenses will need to be reviewed with an objective of expected sales figures in the coming times.
Unwanted Cost-cutting – Should be avoided & are no longer enough to save retail margins and restructure Stores business that was profitable before (pre corona) may no longer be so in the business if pushed away.
Retail Math – Do the retail math of store business at the extensive and micro level to come up to the exact sales vs expenses
Invest in Your Staff – Rather than simply selling products and overseeing cash further if retailers hope to return their business to profitability, employees will be given primary focus and needs training with new skill sets that engage the valuable customer in the coming time.
6. Invest in Digital Marketing
With the world moving towards digitalization quickly, the significance of Digital Marketing has been expanding respectively. In fact, post this pandemic role of DM will be even more crucial in terms of promoting business and taking your services and products on the customer’s doorstep while retail in 2021.
SEO – Search engine optimization – SEO, stands for Search Engine Optimization. Once you take your business on the digital platform it is extremely important for a business to attract customers traffic.
Affiliate marketing – The idea of promoting your products, often through an associate network, giving a commission and sharing profits if people/ associates actually end up selling your product or services to their customers.
Content Marketing – Content Marketing lets you show a side of your business your customers wouldn’t usually realize. You’re hitting your views and thoughts on the line and expecting shoppers to respond.
Social Media Marketing – In today’s time Social media is not an alien term & many people define social media as apps on their smartphone or tablet, but the truth is, this communication tool is a virtual world where presence became mandatory.
Email Marketing – Best value practice for small retailers – Email marketing is a practice of sending commercial messages directly to the consumer’s mail inbox. It is one of the age-old and very effective methods of connecting with your customers which comes really handy with extremely low cost to operate.
Dynamic Retail Math Kit For Retail Success
Dynamic Retail Math Kit Includes:
This downloadable product is a complete guide to provide you the handy and applicable knowledge on retail math skill sets, which is one of the most important know-how in the retail industry and in-demand skill set.
- E-BOOK (PDF)
- RETAIL MATH EXCEL SHEET (WITH EXPLANATION)
- INVENTORY ANALYSIS SHEET (EXCEL)
- SALES ANALYSIS SHEET (EXCEL)
- HOW TO IMPROVE RETAIL MATH SKILL SET?
- ROI SHEET – (EXCEL)
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