The 6 Retail trends in 2021

Retail

The 6 Retail trends in 2021

The year 2020 has marked us all, a year in which, for the first time in history, the whole world has experienced a real suspension of the normal life we are used to. Distinguished by a universal pandemic that struck the world, 2020 was a challenging year, simply a year unlike any other.  

Unfortunately, the “war” continues to this day and this unprecedented “paralysis” continues to take over our daily lives in various degrees. On both the macro and micro levels, the entire world is living at the pace of COVID19.  Economic recession (4.3%: Source: World Bank), deep social impact and unpredictable health consequences. What will be the scenarios and their impact on businesses’ continuity?  

How will businesses deal with it and what alternatives can be put in place to survive and not be hit hard?    

Declining incomes, worries and disrupted lifestyles, individuals are faced with compromises and sacrifices for which they have little choice, adapting would be the only alternative.   

In order to keep up and avoid a negative impact on sales and market share, businesses are faced with a unique choice: accelerate their digital transformation via e-commerce, digital commerce, livestream shopping. Thus, by using digital, businesses can  

We can see that 2020 is the year of all records, a rise in power of the e-commerce sector (the year 2020 has given 5 years of advance to the e-commerce sector) and online business especially during the periods of confinements but not only. New habits have been established in the daily life of end customers, allowing them to move away from physical stores. Thus, the online purchase is generalized, the companies should adapt to it and offer to the consumers, who became very demanding, an alternative that best answers their expectations.   

Today’s buyers are looking to protect themselves, but this does not necessarily eliminate their willingness to buy

These behavioral changes related to instructions dictated by governments have made the use of digital more mature, which is becoming unavoidable today and will be increasingly so in 2021 without eliminating the need / desire to buy.  

According to a survey run by Salesforce*, 63% of millennials indicate that they are more likely to support a small business if it has a strong online presence.  

The year 2020 has turned out to be the year of digital transformation for the retail industry as the health restrictions that have pushed stores to close have accelerated their digitalization and retailers have consequently taken advantage of the only channel available … the DIGITAL … we’re talking about the triumph of digital right?  

A radical change that disrupts roles and forces companies to respond to changing behaviors, reinvent the shopping experience and satisfy the needs of buyers, who have opted for new habits and have integrated new rituals into their lives. This change was beneficial for e-commerce, which grew worldwide, and retailers were able to overcome the difficulties and consequences of covid-19. Retailers have thought of new approaches to get closer to their customers such as the e-wallet*, payment through a QR code, virtual showrooms, etc… All these innovations aim at making the shopping experience unique and convenient.  

With the demands of customers and the emergence of new technologies, what are the new trends that we expect?  

The retail market is adapting to consumer habits, becoming more omnichannel. Indeed, retailers, shopkeepers or small businesses should follow the trends to stay on track and to make sure your business is on the right track. Here are the 6 trends of this year that every business owner should take into consideration. 

Omnichannel:  

The need to make your services digital and ensure an online presence to leave a good impression in the minds of consumers. If not, you will risk being punished by your own customers who have become more and more demanding. 

Click & Collect:   

With the evolution of e-commerce, orders placed on the web are more numerous and this clientele is very demanding. It is therefore necessary to focus on satisfying and retaining these customers.  

Quick & Go:   

Contactless shopping is the new form of shopping. It is important to reduce the time spent in store and to make purchases quickly. Therefore, retailers must rethink the customer experience within the point of sale.  

The circular economy coming into its own: 

Think about sales strategies and partnerships to diversify revenue sources.   

Employer Ambassador: 

Store salespeople are the intermediary between you and your customers. It is well advised to train them in the new digital practices  

Develop your community:   

You need to align yourself and develop a common focus with your customers. Having an army to defend your products and brand helps your business overcome all types of challenges. 

 

The rise of online sales has naturally impacted in-store sales, with a decrease in frequency, the use of home deliveries and fast pick-ups that are carried out physically.   

This only accelerates the exponential rise of digital which goes hand in hand with a change in consumer behavior (security, obtaining advantages (discounts, flash sales, free services etc..), well-being etc…)  

The new normal in retail: The return to normal will be done gradually, businesses will have to continually adapt, we even talk about “phygital”.  

“We are entering the world of “Physical and digital” at the same time, where there is not the physical world or the digital world but a completely connected world. Éric Hazan.  

Omnichannel shopping in 2030 (McKinsey April 2021)   

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