Small retailers are busy preparing for the holiday shopping season, but now’s also the time to reflect on the past year and to look ahead to the future.
In 2018, small business owners experienced many significant highs, including months of record-shattering optimism. Small business owners also saw a new tax law introduce a 20 percent deduction on qualified business income.
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Here’s what’s shaping the year ahead
However, the past year brought some challenges and anxieties for small retailers as well. With unemployment levels at record lows, many small business owners struggled to find qualified workers. Small business owners also wrestled to understand the new tax law while the impact of tariffs weighed heavily on their minds.
This doesn’t mean that all brick-and-mortar retailers are doomed to struggle in 2019. It just means that retailers must adapt if they intend to grow.
With an expected bright holiday shopping season, small retailers are poised to end the year on a high note. They can continue the momentum by examining these three retail trends that are shaping the year ahead:
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1. Giving customers experiences they can’t get online
People are increasingly moving away from material goods and spending more of their money on experiences. While online shopping is convenient, it can never replace the connection with a real human being. That’s why one retail trend to watch in 2019 is retailers creating appealing in-store experiences.
How you can tap into customers’ emotions? Can you give them something beyond products? Stores like Sephora and Nordstrom have experiences that provide makeovers, manicures and tailoring.
It’s worth exploring offering personalized styling services, special events, workshops, community spaces and other opportunities to give your shoppers more.
These efforts not only offer new experiences, but also give you the opportunity to add a new revenue stream.
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2. Multi-channel becomes increasingly important
This doesn’t mean that online selling should be counted out. Traditional retailers now recognize that they can’t survive with just a physical store — they need a multi-channel approach to reach new customers, generate more sales and grow.
A retail trend for 2019 and beyond is offering multiple retail solutions – both online and off. Although most shoppers still prefer buying in a physical store, many shop several outlets before buying.
Amazon, Walmart, eBay, Rakuten, Newegg, Bonanza and Alibaba all have marketplace programs for retailers to sell on multiple channels, while Shopify, Wix and BigCommerce offer easy-to-use online solutions for opening your own online store.
In 2019, savvy retailers will focus on blending their physical and digital presences to better serve customers.
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3. Surprise & delight in unexpected ways
Small retailers can impress customers in many ways. Elevated levels of personalized attention, smart recommendations and stellar customer service are just a few easy-to-implement ideas.
Thank-you notes to new customers and unexpected free products can take that to the next level
For instance, Suja Juice used Twitter to find people using the hashtag #MondayBlues, then offered free products to people who needed a pick-me-up.
When you take the time to care for and acknowledge your customers, they’ll reward you with repeat business.
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Revel in retail success in 2019
In 2019, retail’s reinvention continues. Look for a focus on experiences, meaningful connections and a multi-channel approach to reaching consumers.
Small retailers must recognize that success comes down to the customer.
It’s not about competing over price or offering the latest products. It’s about treating individual customers differently and adapting as their preferences change.
Retailers who seek to truly understand their customers and provide personalized value will thrive in 2019.
This article originally appeared on QuickBook Resource Center and was syndicated by MediaFeed.org.
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