The wide availability of high-speed internet has already brought about lots of changes in the retail industry and 2020 is likely to bring about even more transformations – here are some trends to prepare for:
- The power of communities – one of the most innovative ways for retailers to set themselves apart is by building a community around their brands. The process will help retailers distinguish themselves by adding specific values to their products, thus building customer loyalty. Social responsibility is also becoming an aspect that is coming to the foreground, the retailer’s commitment for important causes being an aspect that customers are paying increasing attention to;
- The importance of social media will increase – there is no better tool for building community and for raising brand awareness than social media. Given the low costs of running marketing and awareness campaigns successfully on these platforms, 2020 is likely to see a boost in importance for retail;
- Increasing demand for payment flexibility – in the past, offering the option to pay by credit card and through one or two major online payment processors was enough. Nowadays there are so many mobile wallet providers, so many payment options available that the retailers who cannot or don’t want to integrate those options into their websites are likely to lose customers. Shop wholesale companies like Creager Mercantile for some of the best brands available.