The Trend of Retail Industry

                                        
The global epidemic in 2020 has changed the trend of the retail industry. Offline retail explores online channels to seek for development. For those who engaged in the e-commerce industry, physical stores are opened to gain competitive advantages. 

No matter online or offline stores, only those keep up with the times that can grow in a sustainable way. The followings are the four major trends of the retail industry. 


Integration of online & offline

The boundary between online and offline retail is no longer as distinct as it was before. Online platforms such as Amazon have set up physical stores. Traditional offline retail brands have developed online channels as well. For example, Walmart and Costco have introduced online strategies to keep their competitive advantages. 

The retail industry pursues a whole experience for consumers. Therefore, an integration of online and offline will be the main trend.

Reduce delivery cost

The rapidly changing market trends have placed pressure on the retail industry. Reduce the delivery cost will save money for many retail brands. Measures such as online shopping and get goods offline on the same day will be popular. 

Moreover, artificial intelligence and machine learning shall be utilized to promote sales volume. 


Experiential retail 

Experiential shopping creates interactions among consumers, by which the competitiveness will be increased. 

Experiential retail is well-accepted at present. Great experience such as recreational activities, simplified processes of purchase and return will be more attractive.  


Customized sales

Customized products are far more welcomed among consumers. Uniqueness is what consumers seeking for nowadays, youth, in particular, are enthusiastic about it. 

Big data tools can be used to do research on what kind of products are popular and welcomed by consumers. In this way, customized recommendations can be conducted. 

The retail industry has paid more attention to the service, experience, environment and other things now. Youth are the main consumer groups for the retail industry. Accordingly, adjustments shall be made in accordance with their behaviors.