Retail industry trends 2016
Retail industry trends 2016Retail industry trends 2016

Retail industry trends 2016

All industries evolve and change over time. Acceleration in technology growth and the integration of social media have made stark changes in so many industries, particularly retail. In this blog you will read about some of the things impacting the industry.

Retailers will give consumers more payment options.

The rise of mobile payments and the EMV mandate in the United States (requiring merchants to update their old payment terminals to new models) will not only help retailers with compliance and security, but also enable them to accept more payment options. Notable players include PayPal, which recently rolled out the PayPal Here Chip Card reader. PayPal’s device is compatible with iOS and Android devices, and is built to accept both EMV (Europay, MasterCard, Visa) and magnetic stripe cards, as well as NFC (Near Field Communication) payments such as Apple Pay, Android Pay, and Samsung Pay.

Loyalty programs are on their way out.

Modern consumers still value rewards and promotions, but they don’t matter as much anymore. According to a study by MasterCard, only 18% of participants considered promotions as important. Loyalty programs may still find success 2016, but it’s important to note that simply implementing rewards won’t be enough to stay competitive in the market. The retailers that will win over consumers will be those that offer personalized rewards, along with great products and convenient buying experiences. Traditional loyalty programs are slowly going to be replaced by mobile-based ones that not only make it easier to redeem rewards, but also enhance the consumer shopping experience.

Social Media Use Increase

Social media has been playing a big role in shopping for a while now, and will continue to do so in 2016. More retailers will adopt social selling solutions, and apparel retailer TopShelf Style is a great example of social selling in action. TopShelf utilizes Soldsie, a selling solution that allows the retailer to implement comment selling on Instagram. Whenever TopShelf puts something up for sale on Instagram, customers who want to buy it simply need to comment “sold” together with their email address. Soldsie then generates an invoice and sends it to the shopper, so they can complete their purchase. Apart from Instagram, none of the social networks has been able to dominate shopping just yet, and social media companies will continue to look for ways to generate revenue from ecommerce.


Update:

Since this article was published we have found a great article on how social media is influencing ecommerce. It discusses 5 important trends are influencing our online shopping.

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