The future is here: The top 5 consumer-driven trends in retail
To succeed, retailers need to leverage five trends that are currently transforming the retail landscape.
E-commerce has been steadily growing for several years, and it’s expected to hit $327 billion by 2016, up from $202 billion in 2011.1 More brick-and-mortar-focused retailers are stepping up their online game and increasing the percentage of their sales that come from online channels, and Web-only retailers have been growing at an impressive clip, too.
Retailers have spent these years honing the shopping experience on their websites. But just when they thought they knew their consumers, things are changing again.
The rise of social is shaking up things in surprising ways. The emergence of mobile as a major shopping channel is putting new power into consumers’ hands. Customers expect to use all channels as though they are a single experience, requiring tight integration across those channels. And big data now makes it possible to gain deeper insight into consumers than has ever before been possible.
What does this mean for retailers? Everything. It means the competition, which has already been fierce, won’t get any easier. It means there’s a huge opportunity to capture new market share—and a substantial risk of losing market share to retailers who can execute effective strategies that address social, mobile, and big data.