Here’s 5 retail trends to watch out for in 2021.
Consumer shopping habits have changed. This is because of multiple national lockdowns, fear of coronavirus and the need to shield vulnerable people. The results are a boom in online retail activity.
Many are now buying everything from the comfort of their own home. This includes the weekly food shop and a comfortable home office chair.
Accordingly, we have seen a rise in multi-channel shopping on mobile phones, tablets, laptops and desktops.
So a key takeaway is retailers need to develop their online, warehouse and logistics models to suit the new normal.
Info Source: Statistica.com, Nov. 2020
E-commerce is the process of buying and selling online. This includes browsing products, completing a monetary transaction and sending data online to fulfill the order.
Coronavirus restrictions mean people must stay at home. So this has naturally lead to a rise in shopping online for essential and non-essential items.
Finally, shopping online is a great alternative to physical shops because it reduces coronavirus infections.
Mobile shopping or m-commerce is a business model that allows people to buy things through the internet on their mobile device.
M-commerce is similar to e-commerce because both processes are online.
However, with m-commerce, the monetary transaction is completed on a mobile instead of a laptop or desktop.
The shops might have closed in the UK, but many retailers are expanding their reach abroad in multiple countries. E-commerce opens the doors to new revenue streams from new customer groups.
Below, many big name international retailers target audience needs tat are the same in every country: food and household goods.
The top 10 international retailers are:
Info Source: National Retail Federation
Importantly, you can target international markets to boost profit.
In brief, we recommend starting with creating an online platform to advertise your products and services.
Importantly, if you are interested in tapping into the massive Chinese market, contact us via email@example.com for marketing and payments expertise.
A retail trend to watch out for is home living. The more time we spend at home, the more valuable it is to invest in home living.
Since 2020, staying at home for entended periods of time has become commonplace.
Many people who cannot work from home are receiving furlough payments and test and trace support payments, encouraging them to stay at home.
During this period, it is important to stay occupied and comfortable within your environment. In conclusion, this trend will see new interest in home decorations, furniture and arts and crafts.
GlobePay Limited is an authorised payment institution (ref no. 930172) based in Canary Wharf, London. We specialise in innovative and user-friendly cross-border payments between China and the UK. Many of our clients are in education, hospitality, logistics, consulting and more. In short, our mission is bridge the gap between UK companies and Chinese consumers. Contact us via firstname.lastname@example.org to learn more!
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