Retail is an industry that moves millions worldwide. Retail companies account for a large portion of market share, and this translates into huge amounts of money, both in terms of how much customers buy and also how much companies invest.
However, as this sector includes many different industries, all catering to very broad audiences with varied interests and origins, it also faces big challenges in response to changing market trends.
Industries That Grow The Most In Retail
In recent years, it’s been shown that there are several industries that are increasingly more competitive in the retail world. We’ve already talked about two of them, travel retail – with health and beauty brands as major players, and the food industry.
Both obviously show how retail closely follows consumer habits and lifestyles, reflecting two clear global trends: the growth of international travel, especially at airports, and healthy lifestyles, which directly affects dietary choices.
This last one is creating an even bigger presence at shopping malls, replacing the traditionally dominant brands, like those from the fashion industry.
Trends in Retail Investment
New consumer lifestyles have also changed shopping habits and the way consumers interact with brands. This has impacted the retail sector, as now attracting a greater number of customers isn’t just about offering a broad range of products at the best price or with the best quality.
What’s important nowadays for consumers is offering a differentiated experience and personalized products, and to do this, investments need to be made at points of sale so as to make them more attractive and innovative.
This is not only true when it comes to points of sale, but also at locations. The most competitive retail brands have invested heavily in approaching customers through new establishments that are more accessible to the public geographically, moving to or creating stores within urban business districts. In fact, real estate investment in this sector has grown considerably over the last few years, and this is something that’s easy to see in commercial areas in the world’s capital cities.
This isn’t the only area of investment within the retail sector. A more complete customer experience, integrating different sales channels and of course, technological innovations within points of sale, has also led companies to pursue customer service that’s more in line with current times. This is why brands are increasingly dedicating more resources to digital training for their staff, which based on ISDI (Higher Education Institute for Internet Development) increased in 2017 fivefold compared to 2016.
Given this, we know that customers recognize how companies and their staff are more committed to their needs, improving the global customer service experience with brands.
