It’s an exciting, brand new year. What are your goals to grow your business in 2020? Doubling sales in the first quarter? Increasing marketing spend on digital billboards? These plans sound great on paper but based on current retail trends, you need to anticipate change to stay ahead this year.
Today, it is critical for businesses to understand retail trends that are shaping their industry, especially if they’re seeking to drive sustainable growth and remain relevant. Trends help you plan for the near future; understand your customers better; make smarter decisions; and gain a higher competitive advantage. Trends help you do better.
Curious to know how retail trends can help you exceed your goals for 2020? Keep reading.
1. Gain more customers effectively
We’re glad you brought this up.
Here’s a fact we discovered: Majority of consumers prefer to visit merchants that accept digital payments compared to those that only accept cash. Why? The reason is simple: Consumers demand convenience and speed when making payments.
“At XIXILI, we are now seeing less than 20% of cash transactions.” - Tara Tan, Chief Marketing Officer at XIXILI.
Cashless is no longer just a trend — it’s the norm for the modern consumer today. Start accepting cashless payments today and get ready to win your customers.
Tip: The easier you make it for customers to pay, the more they’re likely to spend.
2. Spend money where it makes a difference
You want a higher ROI for your marketing spend — we hear you.
Based on insights we uncovered in the 2020 Retail Trends whitepaper, the best-in-class merchants gained up to 5X new customers to their store last year. Merchants realized that the majority of their potential customers were online, searching for their favourite restaurant, best offers on spa treatments and health screening packages.
These forward-thinking merchants were quick to act: they channeled their marketing strategy to reach millions of Fave users online. The results proved higher ROI for their marketing spend.
Tip: Extend your business online to reach out to millions of potential customers. Our Fave subscribers, your customers; it’s a win-win for your business and us.
3. Get customers to return and spend more
Customer loyalty is most talked-about among merchants. Recently revealed in the 2020 Retail Trends whitepaper, returning customers are fast becoming a steady revenue stream.
New customers remain a priority but — do you have what it takes to keep them coming back?
Remember: Better visibility into your consumer behaviour will drive greater efficiency for your business growth.
Customer loyalty will be more important than ever this year.
BONUS: 2020 Retail Trends — and its impact on your business
- How to gain the biggest ROI for your marketing spend
- The secret to turning customer loyalty into a profitable revenue stream
- How data analytics can help accelerate your business grow