In 2019, we will see retail market trends that change the way customers engage with brands. An estimated 3,800 stores will close by year’s end. Those that survive will do so by creating engaging experiences for their customers.
Here are some retail industry trends that we will see in 2019.
Selling Experiences Over Products
Our culture has a love affair with material possessions like shoes and smartphones. Most people value experience over a material possession. You’ve heard the term that people “are the sum of their experiences.”
Sharing experiences allows us to create relationships. Thus, experiences with a retail product allow us to share our story and bond with others.
One example of this experiential retail market trend is specialty shops by Nordstrom. These stores provide customers with an opportunity to sample services.
They receive makeovers without the pressure to buy. The result? Memorable experiences that leave an emotional impact associated with a brand. Customers leave with a story to share with others.
These pop-up shop experiences connect to the main stores through merchandising compliance. Customers have a styling experience at a Nordstrom pop-up store.
Later, they visit the Nordstrom department store. There, they see similar signage and product displays. They connect their experience to the products.
The Internet of Things
Billions of devices connect to the internet collect and share data. They form a network called The Internet of Things. This digital intelligence allows devices to communicate without human prompting.
The Internet of Things is one of the more sophisticated retail trends. It that makes shopping more convenient. TVs and refrigerators provide retailers with information about how you use your products.
Retailers can send you relevant marketing messages through digital promotions. For example, if you run out of eggs, your refrigerator can send a message to your phone. You also receive targeted ads from local grocery stores.
Messenger Bot Marketing
Facebook Messenger is one of the fastest moving trends in retailing. Consumers can research products and buy them in one place. Consumers are shopping with businesses they can message on Facebook.
Messenger bots handle these interactions. They allow customers to have conversations with their favorite brands. They can also send messages about abandoned carts.
Customers can buy those items from the Messenger app.
Cognitive Computing for Better Customer Service
Cognitive computing analyzes significant amounts of data in terms of how people think. People interact with technology through customer service. Cognitive computing is one of the customer service-oriented trends in the retail industry.
In-store computers and robots can answer questions. Human employees can handle more complex needs.
One example is the Hilton Hotel’s Concierge robot named Connie. She assists guests in finding restaurants and attractions in the areas. She is a physical robot who can move and gesture to direct guests.
Retail Industry Trends to Come
This article presented a few of the retail industry trends you will see in 2019. Technology has transformed the retail industry in ways one article can’t cover. 2019 promises to be surprising and exciting for retailers and consumers alike.
If you have questions about retail trends, or if you would like to see more articles like this, please contact me. I’d love to hear your comments and suggestions.