Close

Choose a country

United KingdomEnglish
South AfricaEnglish
IndiaEnglish
InternationalEnglish

What are the key trends that will shape retail in 2018?

Blog
2nd November 2017

Brian Solis is an analyst and futurist who often have interesting views that challenge conventional wisdom. I saw an article he published a few months ago focused on the retail industry where he listed eleven trends reshaping retail globally and what caught my attention was how few of the trends I had seen commented on by other analysts.

Take a look at three of the eleven trends he mentions.

  • Invest in the trust economy, be transparent, and earn reciprocity through facilitation of open engagement and commerce.
  • Balance webrooming and showrooming by investing in mutually-beneficial experiences and outcomes on both sides.
  • Take a fresh look at space and consider it a blank slate. Ask yourself and your team, what if we could build a physical store that brought the digital and real-world together to deliver intuitive and indispensable experiences? That’s what Amazon is doing.

Just consider how different this advice is when compared to what the retailers were focused on just five years ago. In fact, building on what Brian says, I think there are questions that retailers need to ask today about their entire business model. We are no longer just talking about how to improve the customer experience – changing customer expectations may in fact be redefining how your company lives or dies. To start with I would suggest thinking about these three topics:

  • What are you doing? What products do you sell? Is there a better way for customers to engage with your products than through a retail store? I’ve often talked about Dollar Shave Club in the past, but it’s always worth exploring how they turned the men’s grooming market upside down by shifting from retail to a subscription model. Should you be exploring similar innovations in your own area of retail? If you sell shirts, couldn’t that also work as a subscription business?
  • Accept that customers use mobile devices. The omni-channel customer is a reality. Customers research products online, then come to stores to see them in person and they also carry out research in-store. Accept that webrooming and showrooming happens. You can’t fight it. Blend the online and in-store experience so you embrace how customers research and purchase products today.
  • Create relationships. Customer service now is not just transactional and based on a customer contacting a brand because they have a problem they can’t fix. Customers actually want a better relationship with retail brands and they will engage in social discussions if you provide the opportunity for them to say something.

The future of retail is not just being defined by drones and mobile payment options. It may be that you need to entirely rethink your business model because what has worked for decades no longer works when customers have unlimited information and choice in their pocket. Take a look at the complete list of trends Brian Solis wrote about and let me know what you think might be important in 2018 by leaving a comment here or get in touch on LinkedIn.


Helen Murray
Article by: Helen Murray

News & Insights

Webhelp Payment Services
Solution Designer
Service Provider
Technology Enabler
News
Webhelp response to the Covid-19 Coronavirus

Webhelp Business Continuity in a responsible manner How we respond to the Covid-19 crisis to ensure the continuity of our business for the benefit of our people, our clients and their customers. We face an unprecedented time of stress and uncertainty. From individuals, to families, to companies, we have all been impacted by the effects of the virus. We recognize that the global landscape of...

Read 212CAAF2-CC0E-4D90-9134-028C45BDF837 Created with sketchtool.
Blog
How COVID-19 will create a revolution in flexible working

Preface 01/04/20 Since the time of writing this, just a few weeks ago, the world has changed dramatically, with entire countries entering strict lockdown periods and large regions operating under shelter in place instructions. My thoughts below on the importance of flexibility and looking after...

Read 212CAAF2-CC0E-4D90-9134-028C45BDF837 Created with sketchtool.
News
A message from the Founders

  ​​​Hello, We are facing an unprecedented situation today, which requires that we take an exemplary citizen's approach to protect the most vulnerable people and to do everything we can to limit the spread of this pandemic. Thank you for your mobilization in recent...

Read 212CAAF2-CC0E-4D90-9134-028C45BDF837 Created with sketchtool.
Whitepaper
#4 OneShot – Culture

Table of Content: A Word : Location A Figure: 32% stock market valuation for companies with a strong customer culture Three Opinions: Culture, what impact does it have on your performance? A piece of information: At Renault, design has become THE cultural priority. A Demo : Cultural...

Read 212CAAF2-CC0E-4D90-9134-028C45BDF837 Created with sketchtool.
Case Studies
[Fashion] Fifty Jeans – Launch your brand without cashflow problems!

...

Read 212CAAF2-CC0E-4D90-9134-028C45BDF837 Created with sketchtool.
Load more
×

Webhelp Cookies Preference Centre

Strictly Necessary Cookies
The website requires the use of cookies for essential functional requirements and these are outlined in the cookies policy.

Enhanced Functional Cookies
Some features of this website use services provided by third parties websites. These features use cookies to implement their services on this website and may collect data about your visit to help them optimize their functionality. The Webhelp cookies policy outlines the cookies used by these services.

We have links to social networking such as Twitter, Facebook and LinkedIn.
These websites are third party sites. We do not place cookies on their behalf, and do not have control over the way they collect or use your data.
We encourage you to read more about their policies:
Twitter
LinkedIn
Facebook