Key trends affecting the retail sector
Dive in to the key sector indicators and values as well as detailed trends in the full
Retailers today are creating strong brand and customer experiences for all shoppers, using the change as an opportunity to differentiate from online shops. Physical stores have also tightened their branding strategy to fit a specific customer and story. For instance, CVS is focusing on health, while Walgreens, has shifted towards beauty.
The rise of online retailing has changed the way shoppers interact with brands and the products they buy. But today, retailers have begun to capture the big data behind behaviors. This influx of new data on consumer buying patterns is being leveraged by savvy retailers looking to adapt to consumers’ shifting habits.
Renovation projects within retail have picked up as retailers aim to capture the increased consumer spending that has come with a recovering economy. Some retailers are also taking innovative approaches to expand their market share. Many online retailers are going to brick & mortar stores while several big box retailers are investing in last mile delivery efforts.