4 Trends Set To Transform The Retail Industry In 2021

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4 Trends Set To Transform The Retail Industry In 2021

There’s no denying that the retail industry has been moving more and more towards the
digital sphere. The ongoing Covid-19 pandemic has sped this trend up, closing the doors of
once-staple stores and forcing businesses to adapt to a more online-oriented world.
As the world continues to change with the pandemic and a burgeoning digital age, the retail
industry is on the brink of some important changes. These will not only enable offline shops
to target online shoppers, but also give shoppers even more accessibility and choice than ever
before. Here are the four big trends that are predicted to completely transform the retail
industry in 2021.

1. Omnichannel Product Research Purchasing

When offline is outdated and online feels too limiting, it seems now is the time to do both.
Omnichannel retail strategies involve combining several different (and once-thought
opposing) trends into an all-encompassing approach.
This often requires connecting multiple technologies, such as virtual and augmented reality,
ERP software and IoT. Through the omnichannel approach, offline businesses can now enter
the eCommerce market. On the flip side, online businesses can open pop-up stores or
collaborate with brick-and-mortar companies. Online retailers are also employing virtual
reality to bring the in-store experience to shoppers’ homes.

2. Personalised Retail Experiences

Personalised retail experiences were once considered solely for the rich and famous. Today,
technology has made personalisation an important marketing tool for the masses. Personal
recommendations are routinely used in eCommerce to upsell products more likely to be
purchased by the individual.
Personalisation is only possible with information. Both online and offline retailers are
collecting customer information and using it to market their products better. This “always
on”, targeted marketing approach has helped businesses reduce advertising costs by as much
as 20 percent.

3. Growing Culture of Immediacy

A higher demand for online goods has increased the need for fast and reliable delivery and
consistent accessibility to items. This culture of immediacy has prompted many businesses to
seek ways of cutting out the middle men to speed up transactions.
Consumers are now able to purchase products directly from influencers, TV shows and
online advertisements. Drop-shipping companies help make this possible, offering direct
delivery from manufacturers to customers. With so many supply chains available, it’s now
more important than ever for companies to track their orders and stock with efficient
inventory management software.

4. Environmental Initiatives

The circular economy movement is gaining momentum as brands recognise that a sustainable
environmental footprint is the new ticket to play in retail. This movement is underpinned by a
commitment to using renewable energy sources and is designed to create economic, natural
and social capital
The key elements of circular economy are:
 Prioritising renewable sources.
 Using waste as a resource.
 Creating joint value through collaboration.
 Focusing on the future.
 Incorporating digital technology.
 Creating a business model that provides economic, natural and social capital.
 Preserving and extending what already exists.
Through circular economy, there should be reduced pressure on the environment, increased
competitiveness and innovation, greater economic growth and more jobs. Businesses that
choose to ignore this movement may find themselves losing customers and profits very
quickly.

How an ERP Solution Can Help Your Business Adapt in 2021

An ERP solution is all-in-one software that businesses use to manage the data about products,
financials, sales, customers and supply chain. Our range of cloud-based ERP solutions will
help transform your retail or wholesale business. You’ll have the right technology to drive
efficiency and profit in 2021.
Whether you’re a multi-store retailer, pureplay retailer, franchise or wholesaler, we’re here to
help you do better business. Browse our plans online or request a free demo today.