THE EVOLUTION OF THE RETAIL INDUSTRY OVER THE PERIOD OF A DECADE

The evolution of the retail sector over a decade, i.e. last ten years, from 2012 to 2022, has been amazing. A huge involvement & credit goes to social media & online shopping. An environment that has helped boost sales in the retail industry. In the middle of this decade was the pandemic that started in 2019 and lasted almost two years, i.e. 2021. This period saw a huge increase in online sales & companies like E-bay & Amazon earned plenty due to the increased dependencies of the retail industry on online shopping.

As we try to predict what's coming ahead, i.e. in 2023, there is no better time to evaluate the drastic changes the retail industry has faced over the past decade. That is, from COVID to technology & online retail.

It's interesting that technology's contribution has increased significantly in the last decade. This owes significantly to payment technology, i.e. online payments, online shopping, e-commerce involvements, features like Apple Pay, online retail strategies, online tracking of deliveries & finally, the key involvements of social media, which includes Facebook. The consumer habits & expectations that shape the industry and the new & more enhanced CRM systems. Finally, the way consumers approach shopping is a distinctive contrast to how they did over last decade.

Moreover, the massive involvement of technology has drastically changed the way consumers shop, i.e. both in-store and online. However, to look more closely at how the shift has taken place in the last decade. Here are some of them below;

A MASSIVE SHIFT IN CONSUMER EXPECTATIONS:

Since the last decade, there has been a massive shift in consumer expectations as these expectations have increased on the part of the consumers. It's the technology, no doubt, which has more influence in consumers' hands ever before. Specifically, in the last ten years, it has seen many highs. Increased competitiveness is what has increased the fact that what customers expect from the brands. This thinking has increased while increasing the involvement of customer reviews & feedback more for the sake of a highly effective competitive strategy. These customer & consumer expectations relate to key & most vital issues, such as delivery & service.

The expectation of the consumers has increased as they expect to find the product they are looking for far more easily. Also, get hold of the products quickly as they are increasingly expecting the retailers to offer faster and cheaper delivery options.

PERSONALIZATION HAS INCREASED THAN BEFORE:

It's the personalization that has increased in comparison to what it was before. Personalization can help brands & retailers get more in terms of the magnitude of sales and reach out to a new audience.

These days, compared to the last ten years, the personalization of shopping experiences encompasses tracking consumer behaviours. A practice which is now a more common practice and increasingly employs technology for the sake of using the past patterns. These past patterns are used to make personalized suggestions and create a shopping experience that feels outstanding for every customer.

CONSUMER EMPOWERMENT HAS INCREASED:

Since the last decade, i.e. the last ten years, consumer empowerment has increased. This literally means that the consumers hold more power & the say of the consumers as good paying customers has increased more than ever it was before. These days, it's reviews and ratings online can either make or break products or brands while putting the power securely in the hands of consumers and buyers.

The usage of consumer's terms of the consumption of the online world has increased significantly to be more informed on real-life purchases. This is according to research, around 82% of consumers do online research before making a purchase. This is something which is rarely found these days in the modern era.

THE SOCIAL MEDIA & ITS INFLUENCE ON THE RETAIL INDUSTRY:

Its social media & its influence on the retail industry have increased to some drastic extent. This influence is in terms of the marketing influences as well as the customer involvement on social media regards to marketing campaigns & keeping themselves updated regards to the latest online shopping trends in the market.

THE REGULARITY IN THE USE OF DEVICES HAS INCREASED:

It's the regular use of technology, i.e. the devices which includes Apple products like I-Phone, I-Pad, and Samsung products, i.e. phones & tablets, that have increased with significant results according to the survey. The devices these days are an everyday essential for consumers who believe more frequently in online shopping than waiting in long queues. The thinking of time-saving has increased in the fast-changing world, which is highly synchronized with the internet. The apps like Google Pay or Apple Pay allow users to conveniently pay by phone. Amazon, which is a giant e-commerce company, has gone one step ahead with cashier-less technology, all increasing convenience for customers.

Therefore, in terms of consumer convenience, the trends have changed towards being more convenient in the last ten years.

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