The past decade proved to be one of the most pivotal times in the retail world. Technology has taken over, experiences are king and online services have become the norm. Brick and mortar retailing has seen encouraging days and some less encouraging days (we're still rooting for Toys r Us!), but the future of retail is exciting, not dooming. As we enter a new decade, we anticipate what changes will take place in the industry and what new trends will take center stage. Here are a few of the key retail trends we are keeping an eye on in 2020:
Pop-Up Shops
Pop-Up shops are the latest rage in retail. These limited, immersive shopping experiences gained popularity amongst "fandom" merchandise, and are now commonplace events for even the most established brick-and-mortar retailers. These are excellent marketing tools and great events to showcase new and featured products. Click here for our guide to creating the perfect pop-up shop.
Digitizing
Part of creating experiences for customers is the way products, signage and logos are displayed and how customers can interact with them. Staying ahead of the game with retailing is almost impossible without incorporating technology. It is also notable to mention that with the growing rate of online shopping, brick-and-mortar retailers can benefit by providing services to customers online, while simultaneously encouraging physical store visits.
Concept Stores
Brands like Nike and Lulu Lemon have created retail spaces for specific purposes (Nike's store offers a virtual shoe customizer, for example). This is a smart move because it offers customers a unique experience with brands and products they are familiar with. These are very valuable in the ever-changing retail climate, because it encourages customers to visit stores in person for new, exciting ways to shop.
Awareness
The way your brand represents itself is important for many reasons. For one, your customers want honesty from the companies they support. Retailers have more social responsibility than ever before, namely due to social media's connection from stores to customers. It's crucial to be socially aware in order to maintain a level of integrity and agency in the retail world. This includes another growing trend, eco-friendly retailing.
Collaborations
Brands are connecting with other brands to create pop-up shops and other events to promote products and to attract a wider variety of customers. Brands that have even been in competition previously are finding benefits from collaborating in interesting ways. It doesn't have to be a specific product that you collaborate on, but even an event or marketing campaign will be good promotion for both brands.
The future of retail looks bright, and new practices and trends will continue to be a driving motivator for retailers as we shift from traditional brick and mortar to more experiential shopping. The next decade of the retail industry will surely be interesting to watch, and we look forward to inspiring you through this next chapter.
The visual merchandisers at Retail Resource are committed to inspiring retailers with the latest tips and trends, while also providing quality store supplies. For our full catalog, please visit www.retailresource.com or call 1-800-762-8186 for a free quote.
