What will be the new retail business trends and tips for 2017? It is a question many business owners and entrepreneurs ask themselves. Even experts and professional marketers are invested into this question. So, let’s take a look at the retail business trends and tips for 2017.
Why is this important? Well, without knowing what works and what does not, retailers can drastically hurt their business. Successful sales and marketing efforts are critical to the success of a retailer. 2017 will benefit the retailers who continue to come up with better and smarter ways to personalize and improve their customer shopping experiences.
Retail Business Trends And Tips For 2017
Mobile Payment Solutions
In 2017, it will continue to be important for retailers to adopt mobile payment solutions. Business Insider’s statistics show that by 2020 mobile payments will account for over $500 billion in sales. It is clear that retailers have to adopt mobile payment solutions to stay competitive. Solutions such as custom payment applications, or third party apps like Apple Pay.
Personalization will become increasingly important in 2017 for consumers. Consumers already prefer a more customized shopping experience. Retailers that give offers specific to the consumer see already higher conversion rates and sales. Using purchasing histories, retailers can create a profile on the customer and tailor promotions specific to the consumer.
The shipping discussion does not seem to go away ever. Consumers love to be treated to special shipping deals. It is certainly a deal maker or breaker. Free shipping is not much an option anymore, but a requirement. Customers often change websites from retailer to retailer to find a better shipping deal.
The new standard in retailing is now Omnichannel. It is the investment of retailers into multiple shopping channels. Consumers are able to purchase products from retailer’s website, social media, and applications. In 2017, retailers will continue to push the boundaries of omnichannel tactics.
Data is still as valuable as ever. This is especially true in the retail world. In 2017, data will continue to be a significant aspect of retail success. Retailers that collect, analyze, and utilize data properly can see profits rise. Data is highly valuable for shopping customization, promotions, incentives, and customer relations.
Retailers that want to get additional help with sales and marketing should hire experts. It is the easiest and fastest way to make improvements. Experts that can be hired through consulting services or marketing services provide assistance immediately. For example, marketing consulting services can help retailers gain a better understanding. While Conversion Optimization services help retailers improve websites.
To have a successful 2017 in retailing, a business has choices. Each brand should carefully review budgets, internal skill availability, and company goals. Having the right resources for the job is always good business.