Five Retail Forecasts for a New Decade
Retail is changing so quickly that it’s not easy to make predictions. It’s even harder to make predictions that are actionable.
Here are five actionable forecasts that I made in my recent blog post for Drug Store News. You can read excerpts below, and the full article here:
1-Technology Transforms: Technology advances will bring about more unique consumer experiences, from stores to homes. Especially on the radar now will be advances from augmented reality, or AR, to 5G technologies.
2-E-commerce on Steroids: Consumers are ramping up their expectations about the speed of product deliveries, now insisting on one-day or same-day delivery service, and even within hours. Retailers need to determine if customers will pay for the extra services, and if not, whether the investments still need to be made.
3- Sustainability Grows Up: Consumers are demanding more sustainable products, and this trend has moved well past fad status. The sustainability stakes in 2020 for retailers will become greater because it’s their younger customers who are the most insistent.
4-Health Care Accelerates: Many retailers will need to further accelerate in-store healthcare investments, from pharmacy to clinics. That’s because retail is on the front lines of making health services more available.
5- Physical Gets Experiential: Shoppers still want physical stores, but increasingly they want different experiences than before. We’re already seeing new store sizes, layouts and personalized retail approaches. It’s probable 2020 will bring new and innovative lessons for how in-store can transform in the age of e-commerce.