Top 5 retail trends for 2021
If this past year has taught us anything, it's that life is unpredictable and adaptability is a must. A global pandemic has pushed innovation to the forefront and is reshaping how we buy and exchange goods.
Here are the 5 biggest retail trends for 2021.
1. Contactless shopping
With the pandemic the driving force behind more hygienic retail processes, contactless shopping will be a top trend in 2021.
Consumers are hungry for simple, frictionless solutions that reduce physical contact between themselves and store associates.
2. Biometric payments
A follow-up to the 1st trend, biometric payments are already commonplace in Europe and Asia. It's likely to start growing in usage in the US and Canada this coming year, too.
Hi-tech payment solutions offer more convenience - no need to carry cards or wallets - while giving consumers greater financial security.
3. In-store digital solutions
Digital transformation is a top trend for 2021, as consumer demand for digital experiences such as AR solutions, touch screens in fitting rooms, and voice-controlled shopping are on the rise.
Although ecommerce has skyrocketed, brick-and-mortar shopping will continue to exist.
In an increasingly digital world, shoppers still crave physical experiences. That's why dollar stores and convenience store chains are experiencing rapid growth, and this will lead to more investment in offline digital solutions.
Despite the rise in mobile payment solutions, cash is still king.
Retailers are considering smart methods of tapping into the unbanked and cash-centric market. They'll utilize digital platforms to identify cash-paying customers and create sophisticated engagement tools to develop better customer experiences.
5. New partnerships for returns and exchanges
You know how you can order something on Amazon and return it to a Kohl's store? Brands are recognizing the huge potential for upsells with lucrative return and exchange policies.
This will lead to new partnerships between small brands and larger retail chains who can play off of each other's customer base, marketing, and omnichannel experiences for more growth.
Have you seen other changes in online or offline retail?
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