While it’s true that managing brick and mortar retail grows consistently more challenging each year, and more long-respected brands continue to shutter their doors, it’s important to note there are still many retailers who are thriving.
Businesses who are winning are those who have worked to re-invent themselves, accommodating changing expectations and customer shopping behaviors to create in-store experiences that matter.
Some trends and topics that are shaping retail in 2020 and beyond:
1. The Ever-Changing Landscape of Retail.
Contrary to popular belief, shoppers are not completely abandoning brick and mortar stores for the convenience and vast assortments of online shopping. Customers still enjoy the tactile experience of shopping the retail store – being able to touch, taste, or try on are all still important to shoppers in their decision-making process. Recognizing that as a fundamental need state for their target customers, brands that began online have started opening pop-up shops or physical stores, to help seamlessly bring the online and in-store shopping experiences together.
2. Delighting Customers in the New Brick & Mortar Reality
In the new reality, customers have more choices – and power – than ever before as to where, when, and how they want to shop. A great in-store experience is necessary to draw loyal customers who are likely to become repeat buyers, and ambassadors of your brand.
It will, however, take it more than gimmicks to convert potential buyers. Shoppers appreciate brands who are authentic and have a clear mission. Creating true authenticity and delivering omnichannel experiences to delight shoppers at each touchpoint will help meet the lofty goal of gaining loyal customers. Retailers should strive to create thoughtful, unique customer journey that makes the whole shopping experience more enjoyable.
3. Technology-Driven Compliance is Growing.
A lack of compliance and poor retail execution are responsible for millions of dollars in lost sales for retailers every year. Visual data and verification from software is promoting retail compliance and streamlining retail operations. These features are helping to reduce time-consuming administrative tasks, human error and fraud. By maintaining retail compliance, brands and retailers can ensure happy employees and happy customers.
4. Actionable Store Data
Along with the adoption of technology to improve instore execution, comes a mountain of data points to be captured. When you suddenly have millions of files available to you, tracking your projects and promotions from locations across the globe, it can be hard to know where to start. Rather than looking at the cumulative batch of data, it’s important to focus your efforts on identifying the gaps or outliers, so you drive the most impact – quickly pinpoint what’s not working or celebrate stand-out performance.
5. Retail execution software is critical
In a competitive retail environment, improving staff and store performance is a priority. Brands and retailers are using retail execution software to verify proper task completion and accurate brand representation. Companies that deliver stellar retail experiences are using technology to better instruct staff and collect employee feedback.
6. Mobile Devices Matter
Staff engagement is a challenge, but it’s really important to provide tools they need to succeed in order to staff your stores with knowledgeable employees who will earn your repeat customers. We’ve seen cases where sometimes staff is putting better technology away in their lockers than they are given to use on the sales floor.
It’s because technology ages so quickly – typically becoming outdated every two years – you might want to consider how to approach your Mobile Device Management. Consider a BYOD model in your business, rather than investing capital in a product that may not be helpful (or fast enough) after a matter of months to help your reps to be successful.
7. Working together to win
Some of the most impactful changes in the retail industry in recent years can be credited to the forward-thinking teamwork and innovation, where retailers have worked closely with manufacturers, 3rd party staffing agencies and technology companies to create new paths forward. These teams have helped improve the way we do business, move product, or perfect how product makes it to the shelf or display. From the early collaborations - for example when Walmart moved to direct their supplier partners to utilize Retail Link for item management - those moments of connection and clarity in business have helped change the face, and pace, of retail.
In the rapidly changing terrain of retail today, businesses need to constantly seek meaningful change, invest in and employ initiatives to remain competitive – as well as create an agile store that keeps up with consumer needs. Following the trends discussed here can help deliver the specialized and improved customer experience that today’s shoppers expect.
By Stefan Midford, Chief Customer Officer, Movista
We’re defining excellence in workforce mobility with our proprietary software, ONE by Movista Movista creates, designs, and builds powerful solutions to support and empower field teams and their managers in many industries including retail, brands, and service organizations. Whether you have 200 users or 20,000, our software is scalable to your business model and we work with all sizes of teams. We are completely committed to making sure you are pleased with the level of service you receive. Contact us today and see how we can change the way you see your business.
