Shaping the Future of Commerce with New Retail Trends

Technology is evolving, and more businesses are adopting modern-day innovative strategies. If your retail business is going to stay current, these are retail trends to watch in 2021 and trends for the future of eCommerce in 2021.

Interesting developments in 2020 have toughened the resilience of the retail industry, which showed various adaptive innovations in response to the imposed new normal. Essentially, the fast adoption of digital tools was borne out of necessity for the retail industry in 2020. You can expect to see more in 2021

Omnichannel or Connected Sales Channels

Omnichannel retail is a unified brand experience across multiple channels where each seamlessly connects with the other. This enables consumers to discover, buy, and get post-purchase support using whatever channels they want at any time they want. This will continue to trend in 2021. Utilizing this form of tech will allow the smallest retail stores to offer their customers multiple convenient avenues by which to shop.

Social Commerce

Social commerce is revolutionizing the shopping experience. Retailers can take several steps out of the checkout journey, taking customers straight to their eCommerce shop with one click. Real consumers can tag their products, meaning retailers can sell more authentically. This trend will continue to grow. TikTok, the fastest growing social network, is testing interactive shoppable videos, and Facebook announced Facebook and Instagram Shops where transactions can happen directly on the app or the business’ eCom shop. In 2021 you can expect social commerce to be front and center.

Shopstreaming

Shopstreaming is the blend of shopping and live streaming which emerged with the COVID-19 pandemic.  It will continue in the retail industry.

Clickable Videos

The popularity of clickable videos has redefined how consumers shop by offering convenience and immediate results. When a viewer sees an ad, commercial, or video on their social media feed, they click the screen if a product catches their eye. This leads them directly to the product site and helps to streamline the advertising to purchasing path.

Mobile Payments

Contactless, mobile payments give retailers the freedom to accept payments anywhere in their store with one tap, swipe, or insert. The zero contact benefits of mobile payments have contributed to its popularity. Retailers need to adapt to this changing consumer behavior.

Digital Wallet

Digital wallets are one of the most convenient ways for consumers to pay. Transactions are processed quickly and safely with an app on your smartphone. Retailers can prepare for this trend by adopting smart payment terminals as it provides improved conversion online.

POS Financing

POS financing has grown exponentially in 2020 and is increasingly becoming popular in the retail segment. POS financing, or buy now pay later (BNPL), gives customers the option to purchase without making full payment for the product at the time of purchase. POS providers are offering this manageable payment schedule to support independent business owners in keeping up with the retail trend.

Subscriptions

Subscription programs in eCommerce are a convenient and personalized way for business owners to offer customers a new way to buy their favorite products and discover new ones at a lower cost. Starting a subscription program through monthly packages or membership fees will guarantee an increased customer reach, and retailers can receive recurring revenue through it.

Curbside Pickup

The curbside pickup was the lifeline between business owners and their customers when the COVID-19 pandemic temporarily closed retail doors. This will be part of the retail trends to watch in 2021

The retail industry has shown resilience, taken risks, pivoted, and reinvented quickly. Also, the trends that have emerged in 2020 will continue to change the way retailers do business and consumers’ shopping experience. Moreover, these digital tools will stay prime in 2021 and will help retailers thrive in this new world of retail.

At RMS Insurance, we understand that more retailers are adapting effectively to digital tools, and our expertly crafted policies are written specifically for small businesses. We offer custom-tailored solutions to meet any retail business need. Contact our experts today at (888) 359-8390 for more information.

Leave A Comment

Get in Touch with Us Today (516) 742-8585  Contact Us

COVID-19 UPDATE:

At RMS and associated firms, business continues as usual. Our staff is remote-capable and available to handle all partners, brokers, and insureds at the present time. Contact us today!