Seven retail predictions for 2014 year

In the 2014 year, retail will face major changes, among which are personalization of the offer, increasing the popularity of virtual payment systems and improving the service. Experts are sure that we are on the verge of a technological breakthrough, and the retail industry is moving towards more customer-oriented sales and priorities in online trading. These and other no less interesting conclusions can be made based on forecasts of leading foreign trend bureaus and business publications.

All forecasts agree on one thing: adaptive personalization will be the key trend of 2014. Today's savvy shoppers are no longer dazzled by mere merchandise selection or discounts; they want to be personally addressed. In this regard, services for studying each shopper's preferences based on their online activity will be particularly active. Discount offers will become highly targeted, based on shopper preferences derived from their social media profiles, Facebook likes, and purchase histories. The use of modern technology should bring retail closer to the end customer.

Social media is what will drive retail. Underestimating its influence is short-sighted, to say the least. Every encounter with a product should be transformed into an opportunity to buy it. In 2013, services like Soldsie, Chirpify, and similar platforms gained popularity in the US. They work roughly as follows: a retailer registers with the service and connects it to their Facebook or Instagram account. They then post a photo of the product and its description. To purchase the item, the user simply comments with the hashtags "sold" or "buy." The program automatically generates an invoice for payment or immediately processes the transaction if a bank card is linked to the user's account. A message about the completed purchase appears on the user's wall and is available to all their virtual friends.

Experts also advise retailers not to neglect the power of social media to influence what people buy. It's important to keep a close eye on what people are tweeting about and what kind of pictures they save on the Pinterest app. This is especially useful for buyers: not a single trend forecast, compiled by professional experts, in reflecting the wishes of buyers, can compare with the top 20 images saved by users for the query “shoes”. Social media shopping communities can also be used as a tool to measure the popularity of trends and products. For buyers, the importance of recommendations is growing, that is, likes, reposts, posts in social networks. Now, when a person wants to choose a pair of boots or a TV, he asks for advice from his friends on Facebook.

The line between shopping and entertainment is gradually blurring, so wise retailers are already using multimedia contentto make the shopping process more entertaining. This is designed to distract the buyer from the thought that he is spending his money.

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In addition, now the buyer requires quality service not only from offline, but also from online shopping. He needs the opportunity to consult and ask interesting questions to a living person via chat at any time of the day. Among other important factors, buyers name the high quality of photos and product descriptions, the presence of an 3D review and the ability to examine the thing as closely as possible. When choosing an online store, the priority is delivery speed: people no longer want to wait for 2-3 days, they gave their money back, and they need the goods immediately. Buyers want to choose when and where to receive the goods - today, two hours later, home, at the office or in a restaurant.

Analytics should become just as fast in 2014. Forecasters recommend that companies learn to assess the situation in real time, quickly develop solutions, and implement them immediately . To adapt to the world of high technology, change must occur right now, this minute, and not six months from now based on the results of a dozen meetings. Therefore, small and medium-sized companies will have an advantage, as they can quickly change their operating principles much more easily than retail giants.

Another opportunity for small companies is the customizable goods niche . Buyers want to own something unique, something that reflects their personality. A custom-made product is a status symbol. Engraving on gadgets and bags, the ability to customize the color of sneakers, or a custom print on a T-shirt—all of this garners approval from potential customers.

Analysts also cite the need to unify website versions for desktop, tablet, and mobile devices as important trends . Users switch between platforms several times a day and don't want to have to adjust to a new interface each time. Virtual payment systems such as PayPal, Google Wallet, Yandex.Money, and others will become more popular. The internet is expanding beyond the confines of computers and smartphones. Nike+ Fuelbands, Google Glass, and anything innovative that gadgets can do, whether it's health monitoring or budget planning, are warmly received by customers.

As for offline stores, retailers should focus not on how to attract customers to the store, but on what to do with them once they're there. 2014 will see a massive improvement in in-store service , aimed at providing a personalized approach to each customer and increasing loyalty. Online retailers, meanwhile, will try to expand their reach into the physical world through pop-up stores and showrooms.