The Latest Business News in Retail: Trends and Insights for 2021
The world of retail has undergone a significant transformation in the wake of the pandemic. With lockdowns and social distancing measures impacting footfall and consumer behavior, retailers have had to adapt to survive. As we move into 2021, it’s clear that some of the changes we’ve seen are here to stay, while others will continue to evolve.
Here are the latest business news and insights in retail trends that we can expect in 2021:
1. E-commerce will continue to grow
The pandemic accelerated the shift towards e-commerce, with online sales reaching unprecedented levels. Even as stores reopen, many consumers will continue to prefer the convenience and safety of shopping online. Retailers must prioritize their online channels to meet these changing consumer demands.
2. Omnichannel retailing will become even more important
Omnichannel retailing – where customers can shop online and in-store and have a seamless experience – was already on the rise before the pandemic. However, in 2021, retailers who don’t have an omnichannel strategy in place risk getting left behind.
3. Personalization will move beyond just marketing
Personalization – where retailers use data to tailor their marketing to a specific consumer – is nothing new. However, in 2021, we can expect to see it being used to personalize the entire shopping experience – from product recommendations to payment options.
4. Sustainability will become a fundamental concern for consumers
Sustainability has been a growing trend for several years now, but it’s expected to become even more important in 2021. Consumers are increasingly conscious of the environmental impact of the products they buy and the businesses they support, so retailers must prioritize their sustainability efforts to remain relevant.
5. Contactless payments will become the norm
Contactless payments were already on the rise before the pandemic, but in 2021, they’re set to become the norm. Consumers will be wary of handling cash and touching keypads, so retailers must ensure they have contactless payment options in place.
6. Health and safety will remain a top priority
With the pandemic still ongoing, health and safety concerns will continue to be a top priority for consumers as they choose where to shop. Retailers must prioritize safety measures and communicate them clearly to customers to build trust and confidence.
7. Localism will continue to gain traction
The pandemic has highlighted the importance of supporting local businesses, and we can expect this trend to continue in 2021. Retailers must consider how they can promote their local credentials and make themselves the go-to choice for customers who want to support their local community.
In conclusion, retailers must be agile and responsive to changing consumer behavior if they want to stay in the game. In 2021, the most successful retailers will be those who embrace the latest trends and insights in retail, prioritize their online channels, and focus on delivering an exceptional shopping experience both online and in-store.
