Future of Retail 2018: 5 industry trends and predictions

The retail industry is an experiential motley that is currently going through a robust transformation. Be it employing new technologies or exploring new store formats, revamping business strategies or creating personal experiences; retailers are indeed getting ready for the future by looking beyond conventional retail and evolving along with their modern consumers. While there are diverse catalysts driving the industry towards growth, we have delved into trends that we think will make the biggest impact on the retail industry come 2018.
Accessories and Beauty Growth
With a rising number of millennial warming up to the beauty and personal care regimes, a number of multinational companies have penetrated the Indian market making it a gold mine of fruitful opportunities. As the market size nearly doubled over 2011-2016 to reach US $12 billion, the phase of the cashless transaction in 2017 is sure to tune up the growth of this segment by 15-20 per cent, to say the least. The entrenched presence of dynamic brands leveraging digital platforms will further fortify the growth of accessories and beauty in India.
Value Fashion and Fashion Basics
There is an intriguing metamorphosis happening within the consumer’s mind. The more inundated they are with product choices, the more mindful they become of their purchases. The paradigm has shifted, giving way to experience and value over possessions. Retailers need to start providing value fashion in the coming year in order to become relevant to their business.
Food is the New Fashion
This doesn’t come as a surprise, as shoppers have already begun gravitating towards food trends that will liven up their senses and bring something they’ve never experienced before. Consumers are constantly looking for experiences that reflect global trends. Ingression of international cuisines, global cooking techniques fused with world-class presentation and a novel experience is what will define the proactive food retail in 2018.
Digital and Technology Play is Disrupting Retail to Offer Superior Customer Experience
While technological innovation has become the backbone, digital is emerging as a robust platform for any retail business model. With experiences becoming increasingly important to consumers, retailers are adopting play that will appeal to this desire. From exploring promising algorithms and evolutionary AI to employing apps that allow customers to order and pay before picking up in-store, are some remarkable ways retailers can streamline their strategies to boost their game in 2018.
Ecosystem Alliances and Partnerships Are Making Shopping Much More Delightful for Customers
2018 will see an inflation of business ecosystems joining forces not just to deliver the best to their consumers, but to gain a competitive advantage as well. This will help retailers expand their horizon, enable them to seize more opportunities and create their own unique ecosystem; thus providing a more thriving shopping delightful for customers.
The retail industry continues to strengthen, but the motion is for retailers to keep these emerging trends in mind as a cornerstone to boost traction in 2018.