The year 2020 saw shops and markets shut down as Covid-19 took a huge toll on the economy. Many retailers had to down their shutters, while others had to think of new ways to keep their business running, like taking their activities online.
Thanks to major changes in customer behaviour in 2020, retail business function might never be the same again. Although it’s hard to accurately predict what the future will bring, some new consumer trends are already emerging.
Let us see what they are, and how they could impact the way in which your retail business functions in the days to come.
- 1 1. Omnichannel Shopping Will Be the Way Forward
- 2 Get the best App for managing shop operations
- 3 2. Inventory Management and Billing Will Become More Efficient
- 4 3. The Use of Automation in Shop Management
- 5 Manage shop operations easily with Zadinga
- 6 4. Dramatic Shift in Marketing
- 7 The Way Forward
- 8 Where to begin?
1. Omnichannel Shopping Will Be the Way Forward
The growth in online shopping which was seen during the pandemic is expected to continue, albeit at a slower pace.
As more customers go online, either to find shops which store the products they need or directly place orders for goods, shops that still follow an offline-only model will realise the benefits of going online and make a gradual shift.
Retail growth strategy will have to include both, online and offline models. This means it will be essential to build a website to attract customers and sell your products. It will no longer be enough to focus exclusively on running an offline shop.
Retailers must learn to manage an online store and website, along with their offline store, to maximise sales and revenue and compete successfully in the market.
2. Inventory Management and Billing Will Become More Efficient
We can expect technology to play a vital role in many different areas of retail. Inventory management will be one area which will witness major change.
The arrival of shop management apps like Zadinga are already making inventory management more efficient by eliminating the need to spend hours, manually entering inventory details on registers.
The growth of cashless payment modes like credit card, debit card and UPI is already having a transformational impact on retail. With computerised bill generation already widespread, paperless billing (i.e., sending the bill to the customer’s email account instead of generating a paper slip, thus protecting the environment) could be the next big shift in billing.
3. The Use of Automation in Shop Management
The term ‘automation’ refers to the use of computer technology to perform all the different tasks related to running a business.
Automation will play a larger role in the retail sector in the years to come. Shops may use automation in different ways like document processing (purchase orders, shopping orders, contracts), improving shop security, providing store directions, sending automated reminders to customers and so on.
Globally, industries are using automation as a way of cutting down costs and improving business efficiencies. The retail sector in India could see greater use of automation for optimising costs, improving operations, and enhancing brand image.
4. Dramatic Shift in Marketing
Customers have been engaging with retail stores through online channels like Google and Facebook for several years now.
Social media channels like Facebook and Instagram will continue to be among the main platforms introducing customers to new shops and businesses.
The use of memes and hashtags for local brands may play an important role in attracting younger customers. Video platforms like YouTube and TikTok will also be crucial in reaching out to new consumers.
In the short term, marketing through messaging apps like WhatsApp will become increasingly important for neighbourhood shops like grocery stores and chemists.
Many retailers are already using messaging apps to inform customers about their products, and the trend will gain further momentum going ahead.
The Way Forward
Technology will be crucial to how your business grows and prospers in future. Now is the time to look at emerging developments in retail management technology to help you save time and effort and streamline operating costs.
A successful retail business consists of many elements like procurement, inventory, sales, marketing etc. Creating the right retail strategy, supported by state-of-the-art technology, will be key to deciding how your business will perform three or five years from now.
Keeping an eye on emerging trends, and preparing yourself to take advantage of them, will enable you to gain an edge over the competition, expand your business, and increase your market share.
Where to begin?
Simplify your retail business with the right online solutions. Perhaps you may be seeking an intuitive and easy-to-operate inventory management system, a user-friendly payment collection system, or even a reliable hyperlocal home delivery partner to transport your products to customers. Zadinga offers all these and more!
Learn how Zadinga can help your business grow by simplifying operations, improving productivity, and enhancing your competitiveness.