In 2015, the outlook for the retail industry is looking strong. There are many exciting changes in technology and consumer demands on the horizon, and employment rates increased by 46,000 during the month of January. There’s no better time to be part of this exciting industry.
Here are some of the major trends to watch out for this year.
- Millennials continue to be a driving consumer force. They are young adults entering the workforce and developing high spending capacities in startups and growth industries like technology. Retailers who pay attention to the sales trends of millennials and their desired modes of shopping will see an increase in profit margins into the future.
- Mobile and online shopping is steadily gaining more traction. It is now expected that companies meet consumers where they want to shop. More and more customers want access to their purchasing history, products, and one touch purchases on all the devices they use on a regular basis. Retail companies that focus on delivering information through a variety of mediums will remain viable in the marketplace.
- Delivery is becoming even more immediate. Most large retailers offer free 24-hour shipping for products over a certain price point now. Amazon is taking its cutting edge delivery services to the next level by offering one-hour delivery in certain locations. Look for innovative ways that small, medium, and large companies are offering immediate gratification even when purchases are not made in the store.
- For many, the retail experience is everything. People want to go to into a store to look around to see the products showcased in a mastery of style and beauty. Store locations will be looking for ways to improve the customer experience from providing personalized customer service to offering added values for consumers who purchase through a store rather than online.
- Social media remains strong. Facebook, Twitter, and LinkedIn are all places where people browse, share, and discuss the day’s popular brands and brand experiences. Retail companies need to be engaged in these conversations to improve sales.