There’ll be a few defining factors for the retail industry in the coming year. Here are a few of our retail predictions for 2017.
2016 saw chatbots and interactive stores emerge as retail trends. So, what does 2017 have in store for the industry? In addition to new technology, changing consumer behaviors will influence the way retailers do business, with both creating exciting new opportunities for the industry.
The rise of rental
With concerns about product shelf life, many consumers are opting to rent merchandise, rather than buy it outright. Noticed the rise in two-year phone contract pricing? Because handset pricing has gone up, many consumers are shifting to lease contracts in order to upgrade at the next product release. It’s currently consumer electronics phenomenon, but we expect it to become prevalent in many other industries in the coming year.
Not your usual revenue
In an effort to maintain profits during slow seasons, retailers are recognizing the need for non-traditional revenue. One source retailers will turn to in 2017? Credit protection and warranty solutions. Not only do these boost profits, but they also increase customer loyalty by giving consumers added value when factoring in the need for repairs or replacements.
The necessity for transparency
Consumers want to do business with retailers they can trust. And if they can’t get it, they’ll opt to do business elsewhere. Today, consumers are much more conscious of what’s in products and where those products are made than previous generations, making the availability of product information vitally important. Giving customers the feeling that you’re always open and willing to share this info will help build a loyal base full of brand advocates.
What else do you think is in store (pun intended) for retail in 2017? Tweet #Retail2017 @Fortegra to share!
