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5 Key Retail Trends to Watch in 2020

5 Key Retail Trends to Watch in 2020

A new decade is here — and retailers are facing a quickly changing industry. Businesses that stay on top of the trends, however, can capitalise new technology and increase customer base and profits. So what trends are experts predicting for 2020?

The gap between online and in-store is all but gone.

E-commerce and in-person shopping in 2020 will no longer feel like entirely different beasts. Online stores now have pop-up physical stores — Like Amazon’s cashier-free stores, for example. And traditional brick-and-motor stores have almost all jumped on the online shopping, offering multiple ways for customers to buy and convenience like in-store pick-up. Local stores are also beginning to use delivery services to allow for local same day delivers for a fee, including grocery stores and restaurants with platforms like Door Dash. Many stores blend the online and in-person experience with an app that allows customers to shop online, located items in-store and check stock, and clip and save coupons and offers.

Speed is key.

Watching giants like Amazon is a good indicator of what trends are coming up next — and Amazon Prime now offers customers two day shipping, allowing online shoppers to receive their items faster than ever before. Other major retailers have followed suite. Small businesses should take note of this trend and brainstorm ways to offer customers additional speed. Along the same line, customers appreciate other changes that help save time, like in-store pick-ups and a well-built app or website that offers fast load times.

Subscriptions are making huge growth.

The number of customers subscribing to a service has skyrocketed in recent years. From clothing, food, and nappies to ebooks and photo books, subscriptions are convent, hands-off and fast options for customers. Even small businesses can brainstorm subscription options and auto re-fills.

Experience is paramount.

Along with speed, customers are looking for a shopping experience. Companies that have been able to brainstorm ways to improve customer experience, or even offer something entirely new, have seen major benefits. From the experience of niche pop-up stores to in-app augmented reality tools to try before you buy, businesses should consider the experience that they are offering customers, both online and off.

Social shopping is growing.

Customers today often use more than one platform for shopping or browsing products. Chief among them is social media. Users can now buy directly on some platforms, such as Pinterest, while others are continuing to grow in helping customers discover new products and research others. A social presence has long been important, but 2020 could be the year that a social prescience isn’t enough, but social shopping drives growth.

Following retail trends can help small businesses look for new ways to grow and spark ideas for how to better reach customers. From speed and experience, to subscriptions and social shopping, there’s likely a trend that could help your business grow.