3 Cutting-Edge Retail Trends to Leverage in 2018
As the first quarter of 2018 comes to an end, now is a great time to assess the current retail landscape and identify emerging trends that possess the capacity to take your business to the next level. From building a community around your brand to employing artificial intelligence (AI) and cryptocurrency payment options, a new age of strategies and tactics are transforming retail. Take note of these three cutting-edge trends in the sector that are emerging with greater acceleration and profitability:
For retailers it's not enough to simply provide great products. Instead, they need to cultivate a feeling of community among their customers and the goods and services provided. In this effort, they nurture a genuine human connection that increases the likelihood of repeat business over time.
With the establishment of community, users can engage the brand, retailer as well as other customers in learning about the products and services and subsequent experiences. Social media and online channels can provide powerful means to build and strengthen communities and relationships with consumers.
Connect with AI
In an effort to develop community and, more importantly, personalization, retailers possess tremendous potential in driving sales through the application of artificial intelligence.
AI enables retailers to leverage the power of chatbots, image recognition and robotics, among other applications, to drive sales. Within in a retail context, AI can be employed in a medley of ways throughout the product cycle from manufacturing to customer service interactions post-sale.
Cash-in on Cryptocurrency
Many established retailers such as Overstock already accept cryptocurrency like Bitcoin and BitPay as a payment option for customers. As the year progresses, more retailers are following suit. Diversifying your payment options to include cryptocurrency enables you to expand your customer base, thereby offering them more opportunity to consume your products and/or services. It may well be that a customer will choose to engage in e-commerce on your site simply because of the payment options you offer.