How To Change With The Changing Retail Landscape

'The massive changes that 2020 brought to the retail industry are here to stay. And now that parts of the world are opening up, and consumers are craving opportunities to shop in person, they expect the buying experience to be consistent both online and off,' states the latest report by Shopify titled 'The Future of Retail'. The report not only identifies trends that will shape the retail commerce business, but also provides recommendations that can help brands find the perfect balance between offline and online commerce.

Increased retail vacancies have created an opportunity for a new wave of digitally native brands to experiment with physical retail. The surge of brands into offline channels means retailers must focus on creating engaging and memorable experiences to win foot traffic. As a result, businesses must level up their omnichannel strategy to deliver a smooth shopping experience across channels. But to do this, employees need training in new technology like virtual shopping, live chat, and tools to manage alternative order fulfillment options like curb-side pickup.

According to Shopify's latest report The Future of Retail - as the role of the retail store employee evolves, staff are demanding higher compensation and better working conditions. Retailers need to adapt if they want to attract and retain employees who are happy, engaged and excited to meet customer expectations. These changes demand new retail strategies to thrive. 'The Future of Retail' is thus a collection a of global, data-backed insights from hundreds of retail brands and thousands of consumers to get the full picture of what's in store for 2022, as well as the strategies and products businesses need to succeed over the next year.

TREND 1: Digitally native brands drive retail competition

In-store shopping is ramping up again now that stores have begun to reopen following lockdowns, vaccination rates are on the rise, and consumers are hungry for in-person experiences. According to Shopify's eCommerce Market Credibility Study 2021, 32% of that they'd be establishing or expanding their use of pop-up and in-person experiences in the next year, while 31% say they plan on establishing or expanding their physical retail footprint. The study also reveals that to stay competitive, 40% of brands said offering experiential retail would be a top priority for them in the next year, something 32% of consumers say they are likely to engage with.