Keeping up with the latest trends is hard whoever you are. In a world where we are ever growing, forever developing and continuously changing, it’s not easy for retailers to keep up to date. For them, it’s trying to suss out what other retailers are doing so they can do it better. Here are 6 top trends for retailers:
1. Pop-up shops
Pop-up shops have been... well, popping up everywhere recently especially if an online store wants to entice more customers to their shop. With the pop-up industry worth £2.3 billion in the UK, no wonder retailers are liking the idea. Alexis Eyre, director at marketing agency Five by Five, said “Pop-ups are the place for retailers to make mistakes, learn, evolve & test”. From small businesses to luxury established brands, retailers will take a dip into the pop-up market as a way to mitigate soaring rents and a slow recovery in footfall after the COVID-19 virus outbreak.
2. Last Mile Delivery
Within the retail industry ‘last mile delivery’ has started a race to get orders from the fulfilment centre to the owner in the shortest amount of time possible. Amazon is huge for their ‘prime’ service and is known for their speedy delivery. What you may not know is some items are eligible for same-day delivery. In the space of a couple of hours, consumers will have the item that they purchased in the morning later that day. Luxury brands such as Selfridges and Fortnum & Mason have also opted for same-day delivery on the majority of their items.
3. Resale Sites and Thrifting
We’ve blogged about it before, but another trend is retailers creating their own ‘reselling’ sites to help them become more eco-friendly and sustainable. The biggest brands and retailers that have already started this are Urban Outfitters, COS and ASOS. If you would like to find out more about ‘thrifting’, check out our other blog post here.
We may have already been subjected to this next trend. Retailers and brands are setting up subscription services on some products. It’s not subscriptions in a way like Amazon Prime or a Netflix subscription. We’re talking about things like Pret A Manger doing coffee subscriptions, e-commerce brands such as Fabletics and JustFab offering monthly subscriptions of activewear and shoes. In a few years, do you think that other massive retailers will start to provide the option for consumers to have monthly subscriptions to products or specific items?
5. Reclaiming Control
A trend that may not be as noticeable. Huge businesses have started reclaiming control over their products and the way they are distributed. Nike, the brand that you can pretty much buy anywhere, have started to pull their products from non-Nike e-commerce and high street stores. Bernard Arnault, from LVHM, said, “If you control your factories you control quality. If you control your distribution, you control your image.”
Nike have, however, piloted the concept of smaller stores called ‘Nike Live’ which aims to bring more local shoppers to their stores. At the moment, only Long Beach in California and Tokyo have these so-called Nike Live stores. Perhaps, in a few years we will be seeing a lot more Nike stores on the high street.
6. Conquering the High Street
To end with, another trend that Amazon seems to have started yet again is bringing e-commerce brands to the high street. Amazon have announced that they intend to bring a full on department store to the high street where they can sell their products physically. In hopes that it will follow the success of their ‘Amazon Fresh’ stores, it’s looking likely that they will be popular. However, e-commerce brand Missguided trialled physical stores in Bluewater Shopping Centre. After three years in business, they shut their doors permanently as they were losing money rather than making it. Sometimes, e-commerce retailers need to stick to what they do best!
Tell us what you think the next trend in retail will be. Do you think any of the trends will expire in the near future? Tweet us @goldlistapp