Retail Execs on the Top Retail Trends of 2017
Retail trends are already starting to show, even this early into 2017. In the Winter 2017 issue of Total Retail, we asked our Editorial Advisory Board what they believed would be the top trend that would impact retailers most this year. Below are some of their answers (click here for a list of Editorial Advisory Board, including their titles and companies):
Lauren Freedman: I’ll be watching mobile shopping behavior, its revenue-generating growth and its increasing proportion of overall digital sales. I’ll also continue to monitor its role in research prior to visiting stores and how it’s used in-store to better the shopping experience. In particular, I’ll be watching how inventory transparency is now at the fingertips of in-store shoppers thanks to mobile, and how having this information creates a more productive shopping experience for consumers.
Mark Friedman: A continued move towards the use of mobile to shop. Also, reduced traffic to retail stores and sliding conversion rates. Even at certain times of the year, online traffic is tough to come by and perhaps more focus should be going to conversion as opposed to traffic — e.g., improving rebuy rates and units per order.
Jenn McClain-De Jong: With the recent softness in all retail, you’re going to see a lot of mergers and acquisitions along with new businesses thinking outside of typical retail (e.g., apparel companies bringing in coffee shops). Retailers must get smarter with data to really jump-start personalization. Big data is great, but are we taking action on it? The answer is no in most cases.
Aubrie Pagano: I’m totally biased, but personalization is a massive trend for 2017, and we’re at the forefront of it. From activations in-store to online iFrames, retail is trying to engage customers with customized experiences.
Peter Cobb: Continued migration of online shoppers to mobile, and the continued decline of brick-and-mortar stores.