High Streets Initiative · 16 January 2020

6 retail trends that will shape 2020

2020 retail

If the past decade is any indication, the 2020s are going to be huge in retail. The industry is radically and rapidly changing as consumers demand a more personal, social, and sustainable approach to shopping. According to a survey of 4, 000 consumers, the?Gensler Research Institutefound that just 56% of shoppers?enjoyedthe shopping experience. Here are just some of the trends that we can expect as retailers step up to improve the experience, in 2020 and beyond.

1. Delivering a better experience

In a world of Amazon Prime and next day delivery, shoppers expect their purchase within days of ordering. Studies show that?88% of consumersare willing to pay for same-day or even faster shipping. Farfetch has begun trialling 90-minute delivery in 10 cities, while Net-a-Porter has started offering a you try, we wait? same-day delivery option. In a further drive for customer convenience, Waitrose has partnered with Yale to trial a while you’re away? delivery option that drops off items inside of customers? homes.

Delivery is a crucial area for innovation, as customers remain frustrated by inconvenience, cost, and environmental impact of traditional options. One solution is toincorporate elements of traditional concierge services, which allow shoppers to try on their purchases at home with a stylist.Adopting this more personal delivery experience helps bridge the gap between shopping online and in physical shop locations.

2. AI-powered personalisation


 
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ABOUT THE EXPERT

Sueted, founder Dolapo Adeyemi, is a mother and tech entrepreneur who's entrepreneurial spirit, determination (she wrote the GMAT exam whilst 37.5 weeks pregnant with her second daughter), and STEM background has helped her set up a FashTech business that's looking to revolutionise the retail space. Sueted is a personalised retail delivery experience, designed to increase retail margins, reduce retail's impact on the environment and improve the experience of buying clothes online.

High Streets Initiative