5 Retail Trends to Keep an Eye on

The retail industry is experiencing significant transformations as economic conditions and consumer behaviors continue to evolve. To stay competitive, retailers must keep up to date regarding the latest trends and adapt their strategies accordingly. In this article, we will explore 5 of the most important retail trends to keep an eye on in 2023 and beyond.  

A review of these trends will highlight just how important efficient project management is for organizations to succeed. By leveraging a mobile project management software solution, retailers can drastically improve project efficiency, collaborate effectively, and stay ahead of the curve to meet challenges head-on in a rapidly evolving industry.  

Selling on New and More Channels

According to a recent survey, 81% of retailers indicated that they were planning to expand the number of digital channels that they sell on within the next 12 months. Online shopping was already becoming popular in recent years, but the pandemic made it even more so. An estimated 58% of internet users buy a product online each week.  

But the trend towards omnichannel shopping experiences has also had the opposite effect, leading more digitally native brands to enter the brick-and-mortar space. A Forrester study found that 32% of brands said they would be establishing or expanding the use of pop-up and in-person experiences in 2022, while 31% indicated that they planned on expanding their physical retail footprint.  

Self-Service Checkout Options  

The self-service retail market is expected to reach $88.3 billion globally by 2030. According to one survey, nearly three-quarters of consumers reported that they use or would like to use self-checkout options. Some of the most commonly used self-checkout options include kiosks, mobile apps, handheld scanners, automated conveyor belts, and in-store pickup.  

The Rise of Experiential Retail Experiences

Following the pandemic, more and more customers are seeking memorable in-store experiences. Some innovative methods that retailers are experimenting with include mobile checkout, QR codes, and even virtual and augmented reality (VR/AR).  

VR technology can be utilized in many different ways including:  

• Product Visualization. Customers can view 3D models or virtual representations of products. For example, a customer can virtually try on clothes.
• Personalized Recommendations. VR can be integrated with AI and customer data to provide recommendations based on past purchases, browsing history, and personal preferences. In addition to upselling and cross-selling opportunities, this method improves the customer experience.
• Enhanced Product Info. Allows customers to easily access specifications, customer reviews, and even product demonstrations.
• Remote Shopping. Customers can shop from anywhere and feel as if they are present in a physical store.

The Move Towards Multihyphenate Retail  

Multihyphenate retail stores offer mixed-use concepts. For example, a restaurant that sells branded merchandise or a retailer that sells digital subscriptions. This model can provide businesses with additional revenue streams as well as strengthen brand recognition. Retailers are turning to this model given uncertain economic conditions and increased competition.    

One recent survey found that nearly half of customers reported buying something outside of their standard meals at restaurants.  

The Adoption of Automation  

Automation technologies are being adopted in nearly every industry to help businesses increase productivity, reduce costs, and deliver memorable customer experiences. And retail is no exception. Retailers are adopting automation in a broad range of workflows. For example, automating inventory management saves time and improves the customer experience by letting customers know what is in stock.  

AI-powered chatbots can significantly improve the customer experience. They are available 24/7/365, can respond to many service queries and questions, and can capture customer data so that if human intervention is required the representative already has some background information.  

Managing Retail Capital Projects

According to a recent survey, only 25% of projects met their original deadlines within a 10% deviation over the past three years. Additionally, just 31% of projects managed to stay within a 10% budget range during the same period. As a result, business leaders have identified the measurement of time and costs in their construction projects as their most significant project management challenge.

While the specific causes of these issues can vary depending on project size and nature, the most common reasons for construction project delays include scope changes, problems with contractors and subcontractors, ineffective project management, and a lack of coordination among various stakeholders.

To address these obstacles and increase the likelihood of meeting project deadlines, retailers should consider investing in comprehensive planning, robust risk management, effective project management practices, and maintaining flexibility to adapt to changing circumstances. Additionally, cultivating strong relationships with contractors and suppliers can prove invaluable in helping retailers navigate these challenges more efficiently.

Accruent's Lucernex offers a purpose-built project management solution, enabling teams to:

• Monitor progress and accurately forecast openings with a single view across your entire portfolio
• Easily manage costs and resources and gain visibility into budgets at the line-item level
• Share project schedules and phases both internally and externally
• Create processes and templates that are repeatable and consistent
• Control multiple projects with workflows, automatic notifications, and customizable reports

The Next Step for Retail Organizations  

As the retail industry continues to evolve, retailers must respond quickly to remain competitive and adapt to changing consumer preferences. The trends discussed in this article will continue to reshape the retail landscape in 2023 and beyond. To successfully navigate these and other trends, an efficient project management software solution is crucial. With Accruent’s Lucernex, retailers are better equipped to adapt to the modern shopping experience, whether in-store or online, with an integrated and efficient system devoted to efficient project management.  

Interested in learning more about Lucernex? Click here to download our brochure or check out our solutions page for more information.