One of the recent studies on the retail industry shows that this industry is extremely competitive and mature in the developed economies across Europe and North America. On the other hand, developing economies such as the Asia-Pacific, Middle East, and Latin America have been helpful in driving the growth of this industry. At present, in this industry, the spending of customers has grown considerably and accounts for around two-thirds of the total GDP.
This has been one of the main indexes for evaluating the retail industry’s health. Also, a thorough analysis of the retail industry overview reveals the fact that the proliferating online shopping business also acts as the main growth driver for this market. Similarly, the increasing development and adoption of mobile devices, smartphones, and internet services have helped e-commerce to become of the preferred shopping platforms, globally.
According to the analytics experts at Quantzig, “The survival of the retailers depends on their potential to offer innovative services to customers.”
Before the retailers determined what a customer might want to buy and how they should shop, it’s the customer who is describing the shopping experience. And when a retailer operates in the traditional silos that keeps selling channels and merchandise categories separately rather than coordinated, then that retailer starts missing out on opportunities for sale.
Today’s customers are extremely connected and expect immediate gratification, new experiences, and customization in retail. As a result, they’re bringing about a major change in the traditional retail landscape. Technology savvy businesses are now quickly implementing changes, forcing others to adapt or be left behind.
To view the complete list of the top retail industry trends click here.
