It’s the Small Things: Retail Industry Trends
From new strategies for perfecting the customer experience to high-tech innovations, here are seven trends impacting the retail industry.
1. Ding Dong! It’s an Avon Drone Calling
Retail is going high tech! Drone delivery, robotics, e-commerce anti-fraud tools, blockchain and bitcoin, and virtual/digital assistants are shaking up the industry. —Retail Dive
2. Hey Retail, You’ve Got Male!
American men drop $10 more than women on clothing and accessories each month, and they spend 20% more time shopping each week than women do. —Slate
3. Who Says Brick-and-Mortar Is Dead? Not Amazon
Amazon isn’t limiting its physical presence to Whole Foods. It has also opened bookstores, cashierless stores, pop-up shops and more, showing its faith in brick-and-mortar retail. —CNBC
4. A Little Nip and Tuck … And Hammer And Nail
With 15% of malls disappearing in the next 10 years, developers are transforming dead spaces into everything from office buildings to apartment complexes, medical centers and more. —Business Insider
5. The Customer Is Always Right
More than ever, customer feedback plays a vital role in success; 89% of companies say that they compete mostly on the basis of customer experience. —Forbes
6. Show. Me. The. Rooooooom (and the Money).
Showrooms are back in vogue, giving businesses like menswear seller Bonobos the benefits of a smaller store and increased brand awareness. —Shopify
7. A Blockchain Reaction
More than just the technology behind bitcoin, blockchain has the potential to disrupt many industries beyond e-commerce, including financial services, foreign currency exchange, supply chain management and identity management. —Forbes
This edition of “It’s the Small Things” originally appeared in the January/February 2018 issue of Middle Market Growth. Find it in the MMG archive.
Larry Guthrie is the director of communications and marketing for ACG Global and a regular contributor to Middle Market Growth.
