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By James Benson

In today’s competitive market, the retail industry is constantly changing and evolving. To stay relevant in this digital age, it is necessary to take a look at what your competitors are doing, as well as what new technology is emerging in order to make strategic decisions for your business. This article discusses some of the latest trends that retailers need to be aware of when making business decisions. Read more below!

Subscription services are on the rise

Subscription-based services are gaining more popularity as they provide convenience and value to customers. For retailers, this means that tech-savvy consumers aren’t just satisfied purchasing items from their local stores. Now, they want products delivered directly to them on a regular basis. The subscription model is also beneficial for companies because it creates a built-in audience and establishes trust with customers. There’s no doubt that subscription services are here to stay, and retailers need to adjust their business practices accordingly in order to stay ahead of the curve.

Buy now, pay later

It is clear from recent trends that a smarter BNPL service is emerging, one that considers more than just goods and examines things like bills and everyday expenses. For many years, retailers have offered services like layaway that allow customers to make purchases over time. Now, they are seeing the benefits of buy now pay later services. These trends take into account the ever-increasing popularity of e-commerce, which allows consumers to purchase items without leaving their homes or offices.

Click & collect

Today, more and more people are online shopping from their homes, offices, or from any location where they have access to the internet. This means that retailers have opened up a new sales channel by allowing consumers to purchase goods via the web and pick them up in-store. Click & collect services allow customers to take advantage of a physical store’s inventory and provide convenience and efficiency for busy consumers.

Online shopping

This is an obvious but extremely important trend. The growth of e-retail has had a huge impact on the retail industry. More and more consumers are buying their goods online, which leaves physical stores with less foot traffic. It is essential to recognize this trend in order to decide how to respond accordingly. Retailers need to be aware of how consumers are making purchases online, where they are purchasing online, and what trends are happening with regard to mobile usage.

Automation 

Shopping is already becoming more and more automated. The best example of this is Amazon Go, which has fully automated stores that allow customers to shop without the need for a cashier. Having the ability to track purchases and monitor inventory with artificial intelligence will help retailers run their business efficiently and provide convenience for consumers.

These are just some of the latest retail trends that retailers should be aware of. In order to compete in this highly competitive market, it is important to stay informed and understand the changing business landscape.

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For many years now, James Benson has specialized in management consultancy. James focuses on real estate, and so if you have any questions on the matter, he’s your go-to man for the job. James is upfront, will respond to you ASAP, and is easily contactable