Emerging markets are difficult to contain, especially in a retail sphere where everyone is warmly welcomed. But, not all adventure-seekers are created equal. There are those that will stand out from the rest and will struggle before disappearing before the public’s eyes. And, it’s a bloodbath out there.
The retail industry has experienced tectonic shifts within the last 10 years. Those who survived paid a good price, but are now enjoying success after success. Leaders equipped and empowered their workforce with retail resources and trainings to keep up with the competition.
This year, retailers are looking at market trends that will predominantly dictate the pace of the game. Here are the top trendsetting markets that will dominate the retailing sphere in 2014.
Fashion and Apparelk
Investing heavily in fashion makeovers is one of the main goals of top retail CEOs for 2014. The world embraces vanity and self-expression, from vintage to contemporary fashion. That is just how it is.
Macy’s and Saks Fifth Avenue’s success story were highly cultivated by fashion and apparel. J. Crew, the innovator that clothed America, has also established not only its stance in the fashion industry, but with retail realm as well. Zara’s founding father just climbed to the third place of wealthiest person in the planet in 2013.
Particularly in Brazil, the wave of shopping has picked up its speed alongside strengthening of middle-class economy. It’s the most attractive market in Latin America that comes with the privilege of hosting the 2016 Summer Olympics. A spike in consumer spending on fashion in India has been observed.
Amazon.com sells anything from A to Z. Arguably, the most sought-after commodities in their turf today would be tech gadgets. From iPhones, tablets, laptops to cameras – everything brandnew and used are here for disposal.
Trading escalates to greater heights when tech companies introduce breakthrough gadgets in the marketplace. It’s going to be a busy day for Amazon.com once iPhone 6 is launched.
Health and Wellness
Fitspiration and detoxification programs are plaguing online retail domain today. Looks like the world is getting (or wanting to be) sexier. There’s a niche that focuses on selling different brands of detoxifying juices, cleansing diet, weight loss/gain pills and supplements.
Shopping apps have just made things easier for both consumers and retailers. People can now shop at home or even when travelling. Moreover, intuitive sense embedded in these systems can trigger notifications for location-specific discounts, product recommendations, rewards and promos.
Whether it’s a pure-play or multichannel, spending behavior of a shopper would normally contain at least a single digital touchpoint.
Wireless, cashless and cardless shopping is booming. Mobile payments have been ushering consumers to settle the damage as quickly and as hassle-free as possible. This billion dollar industry is going to take digital shopping and retail into another level.
Which do you think will be the most successful of the five? Any other flourishing retail markets that we missed? Where will retail industry be in the next 5 years?
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Photo credit: TShops (Own work) and Nandaro (Own work) [CC-BY-SA-3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons