As a retailer, the focus is to supply & satisfy consumer’s demands. With the invention of the dot-com & the emergence of social media, the market is saturated daily with consumer products & services. In today’s society, consumers are more demanding, entitled & unpredictable than ever. As a result, retailers struggle to sustain consumer’s needs.
While there are fortunate & successful retailers who possess a strong brand, the rest must renovate & adapt their business strategy. Malleability in business guarantees the survival of retailers amidst the fluctuating needs of consumers & day-to-day trends. Additionally, it is not sufficient for retailers to simply supply demands, retailers ought to diligently create & maintain a market for the demands.
2019 Retail Industry Outlook
As retail collides with adjacent consumer-focused sectors, the industry continues to undergo constant disruption. However, amid the disruption, one thing remains consistent: Consumers are becoming more powerful, with expectations of having it all.
2018 left the industry with a lot to digest—a strong US economy, a record-breaking holiday season, mixed retail earnings, some high-profile bankruptcies, along with global trade and economic tensions.
Bolstered by a strong labor market, growth in disposable personal income, and elevated consumer confidence, 2018 experienced strong retail sales. But the economy may face some headwinds in 2019—making the year one of transition for retailers, who may need bold moves if they want to set themselves up for success in the future.
5 Trends That Will Redefine Retail In 2019
The retail industry has undergone a significant transformation over the past decade, and it continues to evolve quickly. Led by advancements in digital channels, 2018 has been kind to retail in the US, with the market reporting growth every month so far after a record-setting 2017. Even so, the face of the market is quickly evolving, and retailers must adapt to new shifts in demographics, attitudes and consumer preferences. In 2019, the market will be defined by emerging technologies that change the way consumers interact with their favorite brands, a shift in preferences, and the emergence of new battle lines for e-commerce. Let's look at five trends that will shape retail in the year to come.
8 of the Best Retail Blogs Every Retailer Should Be Reading
The retail industry evolves fast. Ten years ago, every town’s mall was a bustling hub of commerce, chock full of busy shops and pesky tweens. Nowadays, Cyber Monday generates $1.5 billion more in sales than Black Friday does. With the explosive growth of online shopping and 2017’s brick-and-mortar retail apocalypse, how can you, a retailer, adapt to the ever-changing preferences of consumers today? One of the first steps to take is staying informed. Retail blogs can keep you updated on the industry’s latest stories and prepare you for the upcoming trends that will transform the industry in 2019 and beyond.