2017’s Retail Industry Trends

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When we say something is trending it can mean two things: one, that something is changing or developing; or two, that something is becoming increasingly popular. It’s 2017 and if you want your business to keep up with what is happening in retail, then you need to embrace the first (yes, embrace the change!) and become the second.

With so much happening at such a fast pace, it’s becoming increasingly difficult to keep up with current trends in the retail industry. And with larger corporations introducing things like voice activated shopping through virtual assistance, staying ahead is even harder.

But we can help. Below are some of the hottest trends in 2017’s retail industry. If your business can get on board with these, then your customers can get on board with you.

On-Demand Service

The on-demand economy is a retail revolution. It has completely changed the way customers shop and the way businesses function. Due to it’s quick and simple nature, it’s bringing in more revenue for businesses than ever before. That is, if businesses are embracing it to their full potential.

In this on-demand world, customer expectations are high. And so long as products can be purchased quickly and effortlessly, services for those products are expected to function just the same. By pairing up with crowd service companies, like Mila, businesses can more efficiently tend to their customers needs. This allows businesses to not only provide on-demand products, but on-demand customer service as well. No matter how many products a business is selling, it will not thrive long-term without easy-to-reach, affordable, transparent, and fast customer support options. These days, it’s all about giving customers little incentive to take their business elsewhere. Too many businesses and large corporation are offering immediate online and in-home service – via online chats, in-app chats, service call requests, etc. – to not embrace this will inevitably put your business at major risk.

Plus, on-demand customer service options help businesses save time and money. With crowd service, businesses can expand their workforce without expanding their salary pay-outs. Technicians work like freelancers, taking commission and responding via an app if available to make a service visit. They’re also more locally available to customers, which saves businesses money on gas mileage. Lastly – also because of locality – crowd service saves time, which means more customers can be helped per day. Get on board. Quick.

Contactless Payment

Contactless payment is all the rage today. It takes shopping both in-store and out to a whole new level of convenience. The seamlessness of contactless payment is beneficial to both customers and retailers in a variety of ways.

Customers, for example, no longer have to worry about the amount of cash they have on hand. Nor do they have to worry about remembering a pin number, or typing in their card number or account information. Contactless payment options sit beside regular payment options in stores, taxis, and even subway stations. But they’ve also managed to make their way into customer’s homes through voice activated virtual assistant devices, like Amazon’s Alexa products.

For retailers, it is always an advantage when your products can be sold seamlessly. When buying is easy, people spend more frequently. But contactless payment options also give retailers better insight into the desires, needs, wants, and habits of their customers. For example, Amazon’s Echo speaker connects directly to the customer’s Amazon account, allowing the customer to purchase nearly anything by simply speaking. With this interconnectivity, Amazon is able to better tailor to it’s customers by advertising or suggesting new products and updates that the customer might find relevant or appealing.

Same-Day Delivery

Yes, it’s 2017 and it’s an on-demand world. With music, movies, games, food, and transportation available for immediate purchase via smart-devices, instant satisfaction is becoming increasingly expected. People are flocking to retailers who have found a way for physical products to keep up with such instantly gratifying demands by using same-day delivery services.

Waiting more than two day for a delivery has pretty much become a no-no in the retail world. In fact, within time, it will probably cost your business the loss of many customers. This is because same-day delivery service is growing so rapidly it’s becoming the norm – and this is not something you want to neglect.

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