An overview of the top 12 retail trends and predictions for 2015 from the latest Total Property Magazine.
1. Boomers and millennials will continue to heavily influence retail practices
- Boomers want shopping made easier, and specific to their pending or post-retirement needs
- Millennials (18-34-year olds) want speed and mobile accessibility
2. Social will get more “shoppable"
- Social networks will serve as shopping platforms with merchants using the likes of Facebook and Twitter to proactively market goods, and adding ‘buy now’ buttons to these platforms for instant transacting.
3. Brands will invest in corporate social responsibility
- Greater use of ethical and good deed initiatives
4. Decline of the ‘points for purchase’ aspect of loyalty schemes
- A move towards loyalty programmes which reward shoppers for their actions and engagement rather than just their purchases
5. Retailers will adopt and experiment with technology to improve the shopping experience
- Cloud-based point of sale systems to streamline transactions
- Customer engagement via wearable mobile devices
- Augmented reality applications like virtual fitting rooms, interactive window displays and 3D printing
6. The growing importance of capturing data
- Data will become more accessible and powerful in order to get to know customers and provide customised shopping experiences
7. Better risk and protection management
- To ensure safe and secure transactions
8. More retailers will take control of their value chain and improve order fulfilment
- The most successful operators will be the ones with complete control from creation to consumption
9. More e-commerce sites will set up ‘bricks and mortar’ stores
- The benefits of cementing a digital and a physical presence cuts both ways
10. Retailers that localise their product mix and store formats will win
- The rise of neighbourhood-specific merchandising
11. Mobile use will continue to grow in all directions across retail
- Loyalty apps, mobile ordering, mobile payment solutions
12. Stores with omni-channel strategies will continue to thrive
- Spreading the retail opportunity across multi-channels will ultimately capture the most customers
Source: Global cloud-based point-of-sale software company, Vend, established in New Zealand by entrepreneur Vaughan Rowsell.