2019 is set to be a blockbuster year for online retail, despite issues such as US-China relations, and an expected stock market correction. We’ve identified key trends that are set to take online retail to heights never seen before. The question is, how you can leverage these market trends in order to maximize your business potential?
Modern consumers aren’t just looking for the best deal. There are other, bigger things that are just as important to them, issues such as sustainability, ethical practices, and environmental issues. A key trend is going to be brands touting their sustainability credentials. Sustainability is more than just a buzzword. It affects everything from sourcing to packaging, and consumers today are becoming more and more informed, and are demanding the relevant information before purchasing.
One example of a company that’s embracing this is Ethi, whose aim is to provide “a shopping destination for beautiful fashion and lifestyle products made sustainably and ethically”. Every brand will have to have sustainability and ethics at the core of their offering, including the biggest chains. H&M, as an example, is proud of their sustainability credentials, which take center stage both in-store and online.
Just a few years ago, online retail was by definition innovative. In today’s world, shoppers are used to this medium, and it’s the innovators that are capturing market share. Chatbots are one area shaping innovation, as these bots get smarter and more human-like, they become more user-friendly. Another exciting innovation area is Augmented Reality (AR). Adidas, for example, used AR together with consumers’ latest sneaker purchase to draw shoppers into an Adidas-inspired augmented reality world.
Personalization is becoming more important to consumers. Mass messages just don’t hit home anymore, and shoppers want something that “gets” their individual needs. Enter a brand like Very. Very actually recommends items to users based on the current weather in that user’s location. The result is a feeling of connection with the brand, allowing it to stand out and become an appreciated and important part of the shopper’s life.
Voice interactions are becoming commonplace, as people are busier (and some say lazier) than ever before. With voice search fast becoming the default way people look to access information, brands need to ensure that their product or service is relevant in this age of voice. Think of everything from audio logos to “the voice shelf” (that sound of pouring Coke is already making us thirsty!)
Across all of these trends, the need for accurate data on your own offering, as well as your competitors’ offerings, is key to assessing and driving innovation and taking advantage of these trends. When it comes to a partner that can provide you with the best actionable insights across the online retail ecosystem, look no further than Market Beyond. With everything from industry trends to granular, product-level insights in real-time, partnering with Market Beyond is the fastest way to transforming 2019’s hottest trends into success for your business.
Sign up to our newsletter to get the latest news about Market Beyond