The changing face of retail: top trends and challenges

"If you were to believe the headlines, the death of the high street is imminent. Since the collapse of Woolworths in 2009 the UK retail scene has seen a wave of high profile administrations. For example, those Friday evening trips to the local Blockbuster are a thing of the past! However, in reality, retailers are learning to innovate - looking at new ways to engage with audiences and understand the changing consumer dynamics that are determining the way they shop."

"Born between the early 1980s and early 2000s, these guys are digital natives who have grown up and matured with mobile technology and as such expect to be able to use it in every aspect of their life. Constantly on a variety of social media platforms to document their every move, and updating their profiles to project how they'd like to be seen by the world, the convenience of the mobile device is paramount to this group."

"Improving the payment experience through self-checkout kiosks and advanced digital payment technologies is essential to keeping the millennial shopper. The relentless focus on perfecting technology has set a new standard across the industry that millennials now accept as the norm. Retailers must be able to provide streamlined, user-friendly systems and processes in order to retain the millennial. However, the challenge doesn't end there for retailers, as a personalised retail experience is equally key."

Headlines predict the demise of the high street, yet many retailers are innovating to engage changing shoppers. Retailers are exploring mobile-first strategies, new payment systems, and personalised product positioning to meet evolving consumer expectations. Millennials, born in the early 1980s to early 2000s, are digital natives who rely on smartphones for shopping and social presentation. Mobile devices increasingly function as wallets, making seamless payment experiences critical. Self-checkout kiosks and advanced digital payments are essential to retain millennial shoppers. Retailers must provide streamlined, user-friendly systems and personalised experiences to remain competitive and capture new retail opportunities.

Read at The Drum