Indeed, it’s a market always met with new demands, entrants, and technologies causing disruption on a regular basis, so this is important to bear in mind as we gaze at 2017 retail predictions with our crystal ball.
2016 saw the launch of Amazon Dash and Programmatic Commerce, taking shoppers’ one step closer to a more automated way of purchasing, as well as the recent unveiling of Amazon Go, which has the potential to transform the face bricks and mortar.
Looking at the year ahead which fast approaches, there are multiple 2017 retail predictions we expect will be factors that retailers are going to need to face and adapt their businesses to for success in the New Year.
The increase in the Living Wage
Next year the Living Wage in the UK is set to increase, which will affect retailers’ bottom line and the way they run their business. Consequently, retailers will want to be sensible with their purse strings, particularly during turbulent economic times.
As a result, our 2017 retail predictions expect that the more administrative and time-consuming tasks will become automated to make them more efficient and tap into their workforces other talents due to an increase in productivity
It will present employees with the opportunity to adapt their roles, providing a higher level of service to their customers. Such services could be more personalised and curated shopping experiences, more shop assistant availability, and an improved experience in-store.
It is services such as these which will help retailers stand out from their competitors and help to drive customer loyalty.
How to make it personal
Making 2017 retail predictions, we expect retailers to return to the traditional days where shop keepers used to know their customers
It won’t quite be like the TV show of the 70s and 80s Open All Hours where Granville and Arkwright knew their customers personally, but retailers will be able to learn about their customers preferences and create a personalised experience through harnessing technology.
Loyalty today amongst consumers and retailers is not what it once was, with consumers choosing to shop wherever they please depending on their needs at the time, switching from brand to brand.
What retailers should aim for is integrating their online and in-store offerings, joining up a customer’s journey from their searches and preferences online to their movements’ in-store creating one unified and personalised experience.
In doing so retailers can send customers offers and suggestions through their mobile applications, or share the information with staff on the shop floor, enabling them to upsell in a much more tailored and effective way.
On the next page, read up on how a united front fits into 2017 retail predictions, as well as how the shop floor itself will change entirely.