Looking forward to the New Year? So are retailers – As value, convenience, and selection will remain top-of-mind as the New Year approaches, retailers begin to look back on 2009, with an eye for growth in 2010. With that, Mike Kraus, Retail Advisor for AllBusiness.com, has the following predictions for retail trends in 2010.:
The Continued Rise of E-commerce – As consumers continue to be in value mode, they’ll continue to shop online for the best price. But price is only part of the equation. Convenience and selection will also help drive consumers to e-commerce.
The Sameness of Retail…Urgency to Retrench and Retool - As retailers continue to offer uninspired store experiences, and merchandise that is out of step with consumers, we’ll continue to see slow growth in the retail sector.
Social Media Becomes Key Driver in Retail Marketing – Instantaneous outreach to loyal customers will take hold and exponentially expand through Twitter, Facebook, and more. This not only allows retailers to stay in touch, but it allows them to stay up to speed and get involved in an increasingly open and honest dialogue with customers.
Crash-up Retailing – the economic expansion gave rise to the over-development of shopping centers, districts and streets, leaving every shopping area no different from the next. Crash-up retailers, those that combine more than just goods for sale, things such as gallery space, a cafe or coffee bar, a community meeting space, or a performance space are going to drive visits to their locations, simply because they’re offering something more – a place to experience versus a place to just sell.
Do you agree or disagree with these trends? Comments?
(Source: Mike Kraus, Allbusiness.com.)
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