Retail is such a dynamic industry and even more now with online stores and social media. I recently found a report by NRF’s Retail Insight Center that spotlights the transformation shift in retailing.
If you would like to download the full report, you can click here NRFFoundation_InsightReportModernRetail
Here are five key points mentioned in the report:
1. Today in the U.S., e-commerce is a $200 billion industry.
“If you think modern retailing is only about the internet, you’re missing half the story. Online-only retailers are opening physical stores, from Warby Parker, to BaubleBar and Piperlime, just as brick-and-mortar companies, such as T.J. Maxx and H&M, launch online storefronts.”
2. The consumer is in charge.
“Consumers live in a multichannel world. Retailers that integrate their online with their offline, and their mobile with their in-store, have a major advantage.”
3. Retailers must pay attention to how each generation of consumers use mobile in-store.
4. Social Media is key when it comes to in-store traffic and sales.
Through constant feedback on social media consumers drive what goes onto, and flies off of, retail shelves. This is specially true for apparel and electronics purchases.
5. Learn from the best.