How to increase sales as a retail business in 2020

In 2020 consumers are becoming increasingly demanding, requiring retailers to implement multiple product and shopping experience updates.

The retail sector expects to undergo a number of changes in the new year in order to meet changing customer needs. Here’s how to guarantee your business stays competitive. The goal? To increase sales in 2020!

Invest in new technology to increase sales

This coming year, retailers are expected to make numerous investments in the latest artificial intelligence, augmented reality, blockchain, and other technologies.

Consumers and retailers are paying more and more attention to technology, and businesses are expected to dedicate large budgets to digital enterprises in order to offer consumers a better customer experience and guarantee improved business management.

Focus on customer experience to improve shopping experience

Retailers offering the best digital experiences will undoubtedly climb to the top. Customer experience is at a critical point and retailers offering comprehensive customer-focused experiences will not only stand out from the crowd, they will also encourage loyalty and increase sales as a result.
The key concept here is to involve customers and make them feel like the focus is on them through storytelling activities and first-hand accounts.

Go beyond omnichannel strategies to increase online and offline sales

Omnichannel trade is set to further evolve in 2020. We will no longer have two distinct options that involve making a purchase in store, or online. Now, the customer experience is expected to evolve beyond these two channels and marketers and developers must continue to create personalized, immersive and interconnected experiences.
This will be a key factor guiding business decisions in 2020.

Focus on impulsive purchases to increase sales

The proliferation of the “on-demand” economy and smartphones has led to a consumer mentality that can be defined as “impulse buying.” This is why in 2020, retailers need to focus on technology to boost speed and efficiency in order to allow for impulsive purchases and therefore deliveries. Retailers will have to look at their warehouse supply chain management systems to ensure everything is running quickly and efficiently.
They should also plan to take advantage of mobile technology as an effective way to provide a real-time connection between their business and consumers.

So which strategic market trends should you focus on to increase sales in 2020?

• The increasing demand for on-demand services and customized products, which must be readily available within your customers’ desired timeframe.
• The importance big data plays in managing and analyzing consumer needs, expectations and actions. This will help to increase your company’s direct relationship with your customers and loyalty to your brand as a result.
• The promotion of new flexible and collaborative business models that focus on consumer and shopping experiences.
• Customized processes and software. 2020 will see processes evolve from simple automation to increasingly credible and “humanized” responses and language.
• Investments in new mobile payment methods.
• Targeting customers outside previous socio-economic marketing definitions. We’re living in a more open society with more fluid personalities, which creates room to develop new products and services.

Bizeta Retail Solutions always has its finger on the pulse when it comes to retail market trends, allowing companies to offer cutting-edge products and exclusive services.

Get in touch now for a tailored business consultation!

Last update of the article: December 2019.