5 Retail Industry Trends That You Need to Know About In 2021

These past two years have been an eye-opening experience for large and small businesses alike. However, those who probably felt the crunch brought about by the pandemic the most were local retailers trying to compete in an online marketplace. As more and more Shelter in Place mandates were issued by local and state governments, few shoppers were brave enough to make the trip to local businesses because not all locals were following precautions such as masking and distancing. 

This left the field wide open for the big corporate box stores to step in with online commerce and, as a result, many small local businesses were forced under. Even so, for those that survived, new doors flew open and finally they are in a position to earn back what they’d lost. These trends of 2021 will explain how they have managed to infuse new lifeblood into their struggling retail businesses. 

1. Land-Based Businesses Go Cyber

One of the things that has enabled local businesses to survive has been to open up to eCommerce. They have worked tirelessly to provide a more personal approach to online shopping, giving their customers the same level of service that they would provide inhouse. They didn’t close their doors locally; they just widened their horizon by giving shoppers the ability to order from the safety and comfort of home.

2. Same Day Delivery

This is, perhaps, the one thing local businesses can do far better than those corporate mega stores. By offering same day delivery, they are avoiding the shipping delays that have been plaguing the huge box stores. It is no secret that there have been disruptions in the supply chain, which has led to delays in delivery. By offering this service locally, customers can actually get their products as promised. In fact, this has led to the creation of local delivery services that are not affiliated with the merchants. They just provide transportation of goods.

3. The Creation of New Local Businesses

This is one of the trends to keep your eyes on if you are looking for a potential business to start up. Just don’t forget that you need special insurance, such as commercial insurance, if you are going to be transporting people or goods for compensation. If you find a company that also offers other types of business insurance coverage, you can probably get ‘bundle pricing.’ If you are looking for discount rates available for business insurance, you might want to look at all the essential coverage for your retail business at the same time. 

4. Local Retailers Go Social

Another advantage local land-based businesses have over the big box stores is that they are just what the name implies: local and already social online to stay connected with their market place. Now they can even begin to convert more than ever because their followers will see sales and specials posted on social sites. Facebook ads are especially effective for this purpose. As your following grows and as you stay connected to your followers, you will see your bottom line rise exponentially.

5. Real-Time Inventory Management

Not only are those mega stores having major disruptions in the supply chain but they don’t seem to have a very good level of inventory management. Some stores say it is because of theft, which indeed it probably is. Those items stolen off shelves are not rung through the system, so the ‘store’ still thinks they are available. Even so, smaller retailers are now also investing in inventory management software because they have grown beyond their physical doors. This type of inventory management enables them to keep everything in one box so that orders can be merged. Neither the local establishment nor the online retailer will suffer needless loss of business due to unexpected stock depletion.

While it is true that many local, land-based businesses were quite literally forced to close their doors forever, others survived by following the trends. From the money saving benefits of bundling business insurance to the creation of a cyber marketplace, these are the trends that will usher us into 2022 with great expectations of a profitable year ahead.