2019 started and end well, now the new year has begun. Staying relevant to the latest trends in the entrepreneurial world necessitates staying on top of the latest happening in the retail sector.
While some of these trends may likely be a carryover of the previous year, based on findings and research from innovative and successful founders in the sector, the retail trends Nigerian should expect this year are as follows:
Experiences will be Prioritized over Shelf’s Space
In 2020, people will enjoy prioritizing store with experience attendance who will give them warmth reception and introduce real chemistry of human connection. ln case you’ll be recruiting for your retail store, experienced workers will worth it more if you can sincerely swing it.
Similarly, don’t expect people to be filling real estate documents in an office with ordinary display shelves, experience and a client with adequate knowledge of the industry will be prioritized.
In the same vein, brands and companies investing in expensive robots or artificial intelligence for HR will stop as people will be reluctant to leave their homes only to be attended to by AI with no human connection or relation whatsoever.
Online Products will be Taken Offline in a Creative Way
Another retail trend to expect in Nigeria in 2020 is the attempt of e-commerce and online store taking products offline in a wonderful way. Why this looks like a carryover of the previous year trend where users buy products online only to resell them offline.
The trend may be in a reverse way this time around. The online store will try to have a physical store where users can visit to see their products in person.
Customers Will Be Open to Different ways of Payment
This trend has been in practice before and it doesn’t look like it will go away any time soon. More and more retail stores will be integrating digital wallets and Point of Sale (POS) into their business operations and this will grow the digital payment transactions exponentially.
Predict Recession Prices
Also, it is believed that time will come when recession prediction will try over the street and customers will be seriously thinking about any purchases they make.
So if 70 – 80 percent of your products are priced below the price point, you might want to get squeezed. So when the time comes, retailers should do their analysis correctly in advance, before it is too late.
Using Artificial Intelligence Perfectly
More companies will embrace the A.I. into their business but definitely use it in the right way. Other than using them for customer relations purposes, A.I will be used for inventory allocation and forecasting, restocking and some other heavy task.
While knowing fully what’s going or likely to happen is not enough like staying ahead of the trend. As such, take your time to digest the above retail trends to expect in 2020 and stay ahead of them.