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Retail Trends to watch

Shaping the Future of Commerce

Editorial Board

In today’s world, where the landscape of subscriptions and loyalty rewards is rapidly changing and evolving, it can be very challenging for SMB retailers to stay competitive. And with online sales expected to reach 16.4% of total retail sales in the US by 2023, according to Forbes, now is the time for small businesses to go digital. It is critical that retailers consider the following trends in retail and consumer behavior in order to adapt and strategize to remain competitive. 

young man holding a credit card completing an online transaction on his mobile phone
85 %
of consumers prefer apps to mobile websites

Shopping via mobile devices/apps 

Since the start of the COVID-19 pandemic, more and more consumers are shopping online from the comfort, safety, and convenience of their own homes rather than shopping in-store. According to CleverTap, 85% of consumers prefer apps to mobile websites. Furthermore, mobile shopping apps convert at a higher rate and have a much lower shopping cart abandonment rate than mobile websites. So while having a mobile-friendly eCommerce site is important, it may no longer be enough to be successful in the online retail space. And with mobile commerce growing at an annual average rate of 25% in the US, now is the time for retailers to take advantage of this trend before this space is saturated by competition. 

Shopping apps on the rise 

With advertising costs rapidly increasing, brands need better ways to reach consumers and provide them with the ultimate user experience that they expect to receive. Push notifications are one of the most effective ways to drive engagement, which is how mobile apps make it easy to reach shoppers in an instant. As a result, merchants see over twice as much revenue per session in their mobile apps compared to their mobile sites. With features like push notifications and one-click checkout, mobile apps allow merchants to provide consumers with the optimal shopping experience that they demand from retailers. 

Omnichannel mobile shopping 

Omnichannel retail means selling products through multiple channels (such as a physical store, eCommerce site, and mobile app). A whopping 73% of consumers shop using multiple channels, and the same amount of consumers are even willing to switch brands if they aren’t receiving a consistent omnichannel experience. This means that it is critical for retailers to treat their in-store shoppers and online shoppers the same, since more than eight out of ten customers use their smartphones to do research before they make a purchase in-store, according to Shopify. Fortunately, mobile apps can help retailers prepare for omnichannel shoppers in a number of ways, such as triggering a push notification to provide an app user with a promotion when they enter the physical store. 

Be where your audience is 

If you want to keep up with the competition instead of getting lost and falling behind, the best solution is to ensure you are where your audience (as well as your competitors) are - which is in the digital space. It is crucial for all retailers to give consumers what they want and are seeking in a brand by being adaptable and readily available for them in order to keep up with the competition.  

Contact the payments experts at Verifone to learn more about eCommerce and in-app business solutions for retailers of any type and get started today! 

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