As the retail industry continues to mold itself to fit evolving consumer needs, brands must stay up-to-date with the latest trends and technologies. Having this information, will help your brand keep relevant and stay ahead of the competition.
By weaving consumer-first technology into both your brick-and-mortar storefront and online platform, your brand will drive more sales revenue, while attracting new consumers and maintaining returning consumer loyalty.
Based on some of the industry’s leading news sites, our team has compiled a list of the three trends dominating the current retail market:
1. Get In Touch With Your Touch Points
Offer multiple channels for consumers to shop through
Consumers are doing much more today than simply walking into a storefront and purchasing products. Whether it be the physical store, a computer, a smartphone, or a voice-controlled device, shoppers are taking advantage of the multi-channel shopping experience.
When consumers were asked about the top reasons they shop across multiple channels 29% said they shop online to browse for items, 25% said they shop on mobile to browse, 42% said they shop in-store to purchase, and 10% said they shop via voice to conduct research, according to Walker Sands’ 2018 The Future of Retail report.
Tech savvy consumers want to be assured that they’re getting the best deal, in the most hassle free fashion.
2. Check-In On Your Check-Out
Avoid cart abandonment with multiple payment options
According to a 2017 Braintree Study, a company owned by Paypal, almost 77% of e-commerce shoppers abandon their carts. While many just change their minds, 27% cited a checkout process that takes too long or is too complicated, and 8% said they were dissatisfied with the number of payment methods.
Brands are suffering from cart abandonment all too often, due to lagging or complicated payment options. By making the check-out procedure a top priority, brands can remove unnecessary friction from the consumer buying process.
This is why many brands have started to implement new payment options such as mobile pay, scan-and-go, and voice interface modes equipped with personal assistants, and a wireless speaker engagement to make payments. Consumers expect a seamless checkout experience with the same level of security across all devices.
3. Feel Fulfilled By Your Fulfillment Process
Help consumers receive products faster with innovative fulfillment options
Order fulfillment is another key element in the buying process that is all to often overlooked by brands. The fulfillment process, offers an opportunity for brands to embrace new technology and improve the way consumers receive orders.
According to a 2018 Radial report, 39.7% of global online shoppers reported challenges when receiving their online orders, with cost and speed being the biggest factors.
Many forward thinking brands have begun testing a wide array of delivery strategies to help reduce both shipping time and cost. Curbside pickup, warehouse pickup and merchandise pickup at third party locations, such as lockers with a private access code, are changing the way consumers receive products.
Implementing order status communications is just another strategy brands can use to appeal to the consumer, and enhance the buying experience. Email and text notifications proactively engage the consumer, and alert them as to the whereabouts of their order.
Although this advice is keen, the number one strategy a brand can do today in order to stay relevant, is to give consumers what they want. Consumers want to be able to not only interact with your brand on multiple levels before making a final purchase, but have the opportunity to pay in a variety of payment options, and also receive the products they love in the most efficient manner possible. Brands today must capitalize on cutting-edge technologies to meet consumers where they’re at.
Who We Are: Quivers is an omnichannel solution for brands that fosters the collaboration with brands and retail partners to efficiently allocate orders to enable in-store pickup, ship-from-store and consolidate inventory. Our solution lets your brand have complete control over order-distribution and allocation to resolve major industry challenges including: channel conflict, out-of-stocks, same-day in-store pickup, and global distribution.