Learn more about the 5 retail trends you should follow in 2020.
The decade had started with a lot of expectations for new trends. The same goes for the retail and small business world also. Some may argue that the New Year is just another day, not everyone believes so.
- Complete domination of digital transactions
- Customer reviews over ads
- Social media and E-commerce
- Social responsibility
- Business Intelligence and Data Analytics
Many industrialists and experts believe that people expect changes in the New Year. However, the change will not happen in a single day. Industrial experts have predicted the upcoming trends and practices of the market. Now as a person who is into a retail and small business, you must understand these to race forward.
1. Digital transactions are the never-ending retail trends for 2020.
It is no new news that people and the authorities prefer digital transactions. Cash payments are only preferred for very low dominations; for instance 10 or 20 AED. The first one of the retail trends for 2020 is not digital transactions. But the advanced options for it.
We are accustomed to the magnetic strip or digital chip credit cards. People in UAE already use tap & pay credit cards for which you don’t require to enter pin every time. Studies show that we are moving onto the next level.
Digital payments! For example AliPay and Samsung Pay. Your smartphone ‘stores’ Credit/Debit cards and it can be used with a terminal that has NFC reader. We consider these methods more secure with advanced face recognition/fingerprint security. Currently being used by a few, the practice will soon spread to others as well.
As a retailer, you must be ready to accept all the methods of payments; from cash to these digital payments. Consequently, you require POS systems like POYNT (with the customized apps developed by Checkout Point) which is adaptive for these upcoming practices.
Otherwise, it can be difficult for your employees to update all the customer and transaction information without creating chaos. The vagueness can even lead to business loss.
2.Customer Reviews over Ads.
Certainly, this is not something new but will grow to be one of the retail trends for 2020. Simply because customers are now more intelligent. The millennial and Gen-Z realizes the difference between ads and original product. They do know the ads can be manipulative, hence prefer customer reviews.
In other words, they will prefer the words of their peer group rather than the words of a marketer. That is why you need to focus on customer reviews as a part of your business’ social media strategy.
The obvious fact that the higher the review ratings higher will be your sales. However, recent analysis is that the product quality doesn’t alone contribute to customer satisfaction.
A decade ago, customers would tolerate a slightly bad service for the product quality, now they don’t! Why?! You may ask. Because of the numerous options available.
With the wider use of e-commerce and the internet, they can easily find alternatives. Hence, customers won’t compromise. That’s exactly why you also shouldn’t budge from the efforts to keep the customers satisfied in every way. Critically in quick service, easy payments, hassle-free returns, etc.
3. Social media – a tool that grows stronger
We can read this along with the above point. When you think of social media connected with the business, you might think about social media ads or posts.
Well, the area isn’t limited. We are coming to an era where live streaming and stories are becoming more popular. They create more impact on business rather than simple poster-posts. As I said before, the generation loves to share and takes the peer’s suggestions.
As a marketer, what you can do? Make your product social shareable. For instance, If you are running a restaurant, focus on creating vibrant atheistic. Likewise, recreate nostalgia, boost social responsibility and so on. Urge your customers to share and post reviews.
User-generated contents are already on the key focus list of social media marketers. You need to focus on them too and follow the retail trend in 2020. Don’t forget that it all comes down to customer satisfaction.
4. Socially responsible products find a spot in retail trends for 2020
We are entering into an era where social responsibility is gaining high value. From QSRs to corporates, everyone focuses on the environment and other social aspects. Even the minor changes are noticed and appreciated.
The idea of being socially responsible is in rising with people. Therefore, every other marketer thinks of creating a social impact. A simple quote on your product label or some plants as a part of aesthetics, it matters. Customers feel more positive and inclined to your business.
5. Data Analytics and Business intelligence
Finally, Data analytics and BI! We often consider Data analytics and Business intelligence as big terms for big enterprises. The time had gone. Nowadays the small businesses use business intelligence to analyze the data they are collecting.
BI extracts, decodes valuable information from the data and turns it to a usable format. We can use it for different purposes. To understand the behavior of customers, to avoid distractions in the sales funnel, and to create contextualized sales strategy.
Since you are not the pioneer of technology, you need the best system for benefit.
There is another trend rising called hyper-personalization. People expected it to be a big thing in 2019 but it didn’t. Because big enterprises can benefit from hyper-personalization as they cater to a large range of customers with a variety of products. While we can agree that concept is highly beneficial for them, its effectiveness on small businesses is still skeptical.
In conclusion, the UAE is adapting to many changes and ready to accept much more in 2020. As the year’s theme is declared, we can expect the start of technological and social advancements for the next 50 years.
Surely, the changes will positively affect the business sector as well. That is why you need to study the retail trends for 2020, adapt accordingly and strategize your marketing plans.
Now choose the advanced ERP, customized POS for your business and smart terminal POYNT.
Checkout Point FZCO, as a subsidiary of WayPoint Systems, complements your business efforts with our Smart Complete Business Solutions. Operating in GCC since 2013, we fulfill the complete IT requirements of your firm with consistent backend support and upgraded technologies.