It’s safe to say that the world of retail has changed dramatically over the past decade or so. Consumers are now more connected than ever and are able to buy products from all over the world, whenever they want, with an internet connection and a few taps on their smartphone screens.
This is great news for consumers but it hasn’t been so good for brick and mortar stores and traditional retailers, who are having to rethink how they go about doing business if they want to stay competitive in this new digital economy.
Physical stores are not dying, they’re changing
The state of brick and mortar is changing, but that doesn’t mean physical stores are dying. In fact, according to recent statistics, the retail industry is growing. Here are some of the top retail statics for 2022. -Currently, the average amount of square footage per person in the U.S. is about 240 sq ft, this will decrease to 217 sq ft by 2020.
This shrinking can be attributed to two things: a decrease in shopper visits and an increase in online shopping which requires less space per person.
In the next five years, the state of brick and mortar retail will continue to experience changes as shoppers’ preferences evolve. Stores will need to focus on specialization in order to remain competitive. For example, some stores may specialize in eco-friendly or sustainable products, while others may focus on providing a unique customer experience.
Whatever the speciality, it’s important that stores provide an enjoyable shopping experience and meet the needs of their target market.
It’s not about sales anymore.
In the United States, the retail industry is changing. The rise of e-commerce has forced brick-and-mortar stores to change the way they do business. In order to stay relevant, retailers must now focus on creating an experience for shoppers. This means that the state of brick-and-mortar is changing.
Shoppers’ motivations change by generation.
In order to stay ahead of the curve, retailers need to understand what motivates each generation of shoppers. Here are the top three motivators for each generation. Millennials (born 1980-2000) want to make an impact on society; Generation X (born 1965-1979) want quality products and a good deal; Baby Boomers (born 1946-1964) want convenience with lots of choices.
Social Media Shapes Shopping Habits
In a recent study, it was found that social media shapes shopping habits more than any other factor. This is because people are constantly exposed to ads and promotions from brands on social media, which leads them to make purchase decisions.
Artificial Intelligence Improves Customer Experience
In a study done by Forbes, it was found that 86% of customers are willing to pay more for a better customer experience. This is where artificial intelligence comes into play. By using AI, businesses can create a more personalized experience for their customers which in turn, will result in higher customer satisfaction rates.
In addition, AI can help businesses save time and money by automating tasks such as customer service or product recommendations.
Personalization Becomes One of the Biggest Trends in 2022
In 2022, personalization will become one of the biggest trends in the retail industry. This means that retailers will need to focus on creating a unique and personalized experience for each customer. There are several ways to do this, such as using customer data to create a more personalized shopping experience, offering exclusive products and services, and providing a more personalized customer service experience.
By personalizing the shopping experience, retailers can create loyalty among customers and stand out from the competition.
The fake spot takes over store prices (Not free!)
In just a few short years, the landscape of retail has changed dramatically. With the rise of online shopping and the fall of brick-and-mortar stores, it’s no wonder that many retailers are struggling to keep up. However, there are still some who are thriving in this new landscape.
One such company is Fakespot, which has taken over store prices by offering discounts on items that are typically more expensive online.
Mobile devices + machine learning = fashion fitters available 24/7
Mobile devices are becoming more and more advanced, and with that comes new opportunities for businesses. Machine learning is one of the newest technologies being used to change the way we shop.
By 2022, it’s estimated that mobile devices will be equipped with machine learning capabilities that will allow us to have fashion fitters available 24/7. This means that we’ll be able to shop for clothes no matter where we are or what time it is.
AI will alter visual search results (so we may need more product photos soon!)
In just a few short years, artificial intelligence will have a big impact on the retail industry. Thanks to AI, retailers will be able to provide more accurate visual search results to shoppers. This means that if you’re looking for a specific product, you’ll be more likely to find it online.
However, it also means that retailers will need to have more product photos available. So if you’re selling products online, make sure you have plenty of high-quality photos!