A new decade has got people reflecting on the last 10 years in retail and looking back on the great high street brands that haven’t survived the tough times such Toys R Us, Tie Rack, Maplin and of course BHS. You can read more about what went wrong on the BBC website here.
There is also plenty of research and analysis available and experts are now focusing on what the future holds for retailers. And a new year is the perfect time for everyone - business, branches or individuals - to think about their goals and plans.
Below is quick look at some of the trends industry experts and retailers are saying will be big in 2020. Links are also provided to the full length articles.
Environment and sustainability
This isn’t new, and many business and retailers have already started to make good progress but according to Modern Retail, there will be a greater focus on reducing waste and protecting the environment. Why? Because today’s customers are more environmentally conscious and only want to shop and spend with businesses that are taking steps to be more green by becoming plastic free and setting up more initiatives which encourage people to re-use and re-cycle.
Experience is key
Digital and online shopping is here to stay and stores will continue to exist but their prime function will be to offer an experience – that’s according to innovating platform experts at Plug and Play. Even e-commerce retailers like Amazon have evolved their business models to physical stores. Many customer journey’s start online but stores can stimulate customer senses and give customers the human touch which online simply can’t do.
Winning new customers
Having the right products, at the right value and giving customers greater choice and convenience is a now a given in the sector, but keeping up with trends will be key to winning new customers. Convenience Store have profiled retailers across the country about their focus for 2020 and in one interview, a retailer shares how they will focus on promotion and online presence moving to newer social media channels being used by the younger generation.
Unfortunately there isn’t a winning solution, but a combination of factors will see stores better placed than others and keep customers coming through your doors and even win new customers.
What will you focus on in 2020? Let us know in the comments below.