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Future of Retail In 2021: How London Companies Can Fast Forward 10 Years in Terms of Growth

If you haven’t been living under a rock or in a cave in some remote mountain, you must be aware that the world as we know it has dramatically changed during the last year and a half. This is especially true for retail and digital marketplaces.

 

A study revealed that online spending by consumers jumped to 21.3 percent in 2020 compared to 15.8 percent in 2019. Thanks to the pandemic, online shopping witnessed an additional $174.87 billion in revenue in online sales last year compared to the year before.

 

It seems that this boost wouldn’t have been achieved till at least 2022, if not for the pandemic boost. As we advance, retail and e-commerce businesses would benefit by adapting to the changing trends in consumer behavior and adapting to the trends and technology to stay in the game.

 

Here’re some ways companies can gain ten years’ worth of growth in a short span during the pandemic.

 

Keeping up With the Changing Trends

The massive surge in e-commerce during the lockdown played an enormous role in shaping consumer shopping behavior. From boomers to gen Z, everyone is online now, and while the latter is well-versed in the schematics of the world wide web, the older generation has been forced to change their habits.

 

It’s not an exaggeration when we say e-commerce has evolved by ten years in just 12 months. The increased digital footfall has brought new challenges with it. To sustain the changing market, businesses must offer a superior user experience to help reduce the gap between offline and online channels.

 

Grapefruit Digital in London is one of the prominent digital marketing companies that work to help optimize your online presence for the folks in London. From on-page optimization to quality content on the website, these agencies do everything possible to drive customers to your page and increase the conversion rate.

 

Once you have a cohesive website for your business online, the next important step is to ensure regular UX and UI improvements to make every customer feel like they are shopping in-store and not online.

 

Adapt to Constantly Evolving Technology

Another way forward is to adapt to the latest trends and technology to get ahead in the race. One of the most significant deciding factors for customers while shopping online is personalization. Using AI chatbots and machine learning, businesses can predict customer behavior and offer a bespoke experience to customers for an excellent brand recall.

 

The next best thing to do is adapt mobility, which means developing an app for mobile users. Did you know that in 2021, mobile commerce is expected to make up for around 54 percent of the total online sales? Moreover, mobile commerce sales are expected to reach $3.56 trillion in 2021, 22.3 percent higher than 2020 sales.

 

With mobile commerce growing at a rate that’s never seen before, it only makes sense for businesses to adapt to mobility. The future will be all about mCommerce, and having an app for business will be helpful in the long run for any business.

 

Strike a Balance Between Offline and Online Channels

A connected online-offline experience or omnichannel approach has borne out of the pandemic and is being touted as the future of the retail industry. Omnichannel commerce means offering a superior customer experience, whether the customer is shopping from a laptop, smartphone, or physical store.

 

Businesses offering omnichannel experience enjoy more brand loyalty than two-dimensional businesses. Reports have shown that omnichannel businesses generate more revenue than single-channel brands. The same study also highlights that omnichannel customers are more likely to take a trip to the retailer’s store and likely recommend the business to other users.

 

Get Your Social Media Game Strong

Social Medis happens to be the most powerful tool for any business to grow within a few years. With channels like Instagram and Facebook shifting focus towards creators and shopping, the potential is enormous. According to Smart Insights, over 53.6 percent of the world’s population uses social media, and the average daily usage is 2 hours and 25 minutes.

 

Businesses that leverage social media platforms most effectively are more likely to stay on top of the game for a long time to come. There are several benefits associated with social media, like advertising, increasing brand awareness, generating inbound traffic, boosting conversion rates, and enhancing brand loyalty.

 

Currently, paid social media campaigns are also significantly cheaper than other options like Google ads, which means a higher return on investment. For brands, social media strategy is no longer a matter of choice but necessary to succeed during the pandemic and post-pandemic era.

 

The key takeaway is that brands that are willing to increase agility and do whatever it takes to offer a superior user experience to customers will sustain. Narrowing the gap between online and physical experience, utilizing advanced technology to build an interactive online presence, and being on top of the social media game will go the distance in the retail sector.

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