Retail is an ever-evolving industry that is constantly changing, particularly in recent months. Brands and retailers are facing new challenges forcing them to shift their focus and adapt to survive. Here are some key takeaways from recent retail trends:
1. Focus on physical stores: With the rising cost of acquisition in digital marketing, brands are shifting their focus back toward physical retail. This is particularly important for retailers who are trying to establish a customer base. Brands are also looking for ways to identify optimal store locations without the need to open a physical store to gather this knowledge. As a solution, check out Leap. The Leap platform launches and operates insight-driven retail stores with better performance and less risk.
2. Inventory management and efficiency: One of the biggest expenses for any retail business is inventory. Retail leaders are relying on alternative funding with flexible payments to cover their largest expenses - inventory - and free up capital to invest in other activities to help the business grow. If cash flow is becoming a challenge, check out Kickfurther to help with inventory financing.
3. Omnichannel strategies: Multi-channel brands have found that an in-store-only customer is more valuable than an online-only customer, and an omnichannel customer is more valuable than any single-channel customer. Retailers are looking for ways to create an integrated shopping experience across all channels to enhance customer lifetime value (LTV). Brij helps brands create QR code experiences for their products, allowing customers to register, reorder, and more with a scan.
4. Sustainability: There is a real focus on innovative solutions that can enhance sustainability goals, especially if they can help grow the business overall. Retailers are looking for technologies that can improve the overall customer experience and increase their bottom line, such as branded resale. Look no further than Treet for your Resale-as-a-Servive (RaaS) solution. Reach out to us here to see how we can help!
If you are a retailer experiencing these challenges, feel free to reach out to discuss different strategies. We’d be happy to put you in touch with any of our partners listed above!
