Travel Retailing, Mobile Retailing, Faster Retailing, Experience Retailing and Innovative Retailing are the top retail trends for 2015 identified in the latest Deloitte Touche Tohmatsu/Stores ‘Media Global Powers of Retailing’ Report.
The trends are shaped by the disruptive changes in the marketplace, says the US National Retail Federation.
“While these trends are not new, what is interesting for 2015 is that even though the advances in technologies available to consumers and retailers have been exponential, consumers and retailers are more and more willing and quicker to experiment with and adopt the latest technologies in more creative and innovative ways.
“With market disruption comes opportunities; obviously, the retailers who can be nimble, adapt and innovate in the face of these changes will be in a better position for success than those that cannot.”
Travel Retailing is redefining notions of customer base and transforming the role airport retail plays in a company’s strategy. International tourism continues to rise above expectations despite continuing global geopolitical and economic challenges.
Half of that growth has come from an increase in travellers, especially from emerging countries like China. Much of the rest is due to the willingness of travellers to shop en route and abroad and retailers’ improved capability to serve them.
As a result, airports have become retail destinations and airport retail design has evolved, now dominated by luxury fashion trends rather than the duty free shops of the past.
Mobile Retailing is a rapidly growing business.
Retailers will need to respond by offering free in-store Wi-Fi and mobile-friendly retail websites optimised for different kinds of personal devices.
Mobile payments will play a large role along with location-based marketing.
Trust, transparency and protecting customer information will be critical in retaining loyalty, as mobile retailing becomes the norm.
Faster Retailing is about speed to market, speed to respond and speed to deliver.
In 2015, expect retailing to get even faster to meet consumers’ desires.
Millennials will be driving much of this as they are the largest generation, have a great deal of spending power and carry a lot of influence.
While same-day product delivery will not likely be the norm for everyone, instant availability of information will be.
Consumers want shopping to include entertainment, education, emotion, engagement and enlightenment. As a result, retailers are exploring innovative ways to enhance the buying experience for their customers.
Personalised websites and emails have become the norm and consumers are looking for this personalisation to extend into their in-store experiences.
In 2015, the retail industry will continue to be disrupted by new technologies and innovative competition. There will be no single formula for success, which will come in all shapes and sizes, formats and channels.
To thrive in this environment, retailers will respond quickly to threats and opportunities with innovations of their own. This requires connecting strategy, capabilities and specific initiatives, guided by the insights provided by market data.
The above article appeared in Retail News, a web-based newsletter and communication service from Wellington and has been reproduced here with the permission of its Editor Mike Booker. Retail News supports the Indian Newslink Indian Business Awards, especially the ‘Business Excellence in Retail Trade’ category.