While we are probably all tired of hearing about the pandemic, its global impact on the retail sector cannot be overlooked. The covid epidemic continues to hang over us. New variants of the supply chain crisis are constantly emerging. Retail’s face will continue to change, and more coping advice is needed than ever.
Edited, a market intelligence platform for retailers, has identified four trends in both the digital and physical landscapes that could determine the year ahead. This is in the hopes that it can help retailers navigate these difficult times.
Data driven and Omnichannel strategies
The pandemic and digital innovation seem to have been hand in hand for the past two decades, changing the way brick and mortar is operated. Edited’s report calls for retailers to rethink store spaces. This includes offering customers experiential retail and taking to the digital realm in order to allow alternative online activation such as live streaming shopping.
It also asked retailers to offer more flexible payment options to increase in-store traffic. Additionally, they were encouraged to use artificial intelligence (AI), learning to provide a more personalized experience for customers. These enhancements give customers more ways to interact with the brand and allow the retailer to gain more insight into customer behavior.
The metaverse is rapidly approaching
It was clear that the virtual world is coming at us fast and thick after the announcement by Facebook that it would now be Meta, a metaverse first company. Retailers have been adopting elements of the new digital world, such as non-fungible tokens (NFTs), cryptocurrency, and gaming, more frequently. Edited says digital fashion is more common as retailers use it to decrease the amount of physical goods. The increase in NFTs, crypto and crypto also aid in transparency and authentication.
Cryptocurrency was accepted as a payment method during covid. This was prompted by Philipp Plein and PacSun. Gen Z also introduced 5G technology to vision. It supports augmented reality (AR), virtual reality (VR), and in-store customer service.
The return to the supply chain
Edited noted that supply chain problems are “plaguing” the industry and that retailers need to be able to manage logistics effectively this year. Click and Collect is one of the many solutions offered by the platform. This will save you money on shipping and returns and allow you to choose the right size clothing for your needs before placing an order online. Both offer many benefits. They can help you avoid over-ordering, and provide a pleasant customer experience.
A pre-order model is another suggestion, which was already adopted by Telfar & Kitri. This business model focuses on ordering on demand, which prevents over-ordering and minimizes waste. Local manufacturing is another option that allows for greater control of the supply chain and reduces lead times.
Rejuvenated high streets
The pandemic has encouraged a trend of high street revitalization. The data platform shows that 63 percent of respondents said they would shop more locally. This has led many retailers to shift to high streets in the area and away from city centre centres. Others are also starting to think about the new remote working lifestyle. Some even consider developing commercial spaces for this purpose.