This year's retail trends are following in the footsteps of a year like no other. Last year has proved to be a tough one for the retail industry and while we look forward to a better year, there are talks of the third wave of COVID-19, which has already begun to push back the prospect of a consumer-led recovery in the second half of the year.
Despite the after-effects of the global pandemic retails sales and trends proved themselves as resilient in 2020. Costumers got used to shopping online and e-commerce has faced an increase in e-commerce sales, which are continuing to grow through 2021.
Let’s go through the latest news from the retail industry.
What’s new in the digital retail world
Luxury on-demand: Despite the post-COVID financial crisis being the talk of the town, there is still a high-demand for statement luxury pieces, such as the famous Hermés handbags. Compared to other "passion" investments, luxury handbags, wine, classic cars were the best-performing asset class in 2020, as their price doesn't decrease over the years, moreover, the value of statement handbags such as the famous Hermés Birkin actually increases over time. (Retail Economic Times)
Not everything is golden: Due to the growing demand of purchasing gold in Asia, we are seeing delayed deliveries for gold and silver in the global market. Jewelers in countries such as India, China, and Singapore are aggressively building inventory as prices are attractive and retail demand is robust. (Retail Economic Times)
Profitable software: A new software called Yakkyofy is revolutionizing the e-commerce industry as it releases a new drop shipping integration for eBay. Yakkyofy is a company that has been involved in the dropshipping sector for years, and that has created software that can automate the entire management of a dropshipping business. (PRWEB)
Cashless society: In the United Kingdom shoppers will be using digital "e-pounds" by the year 2024 as the cashless society and physical money will be slowly abandoned like in Scandinavian countries. (Charged Retail)
Buy now, pay later: More and more major retailers are adding the option of "buy now, pay later" to attract more young shoppers to their stores. The emerging payment option is a modern take on old-fashioned layaway plans, allowing shoppers to pay for purchases over time. The difference is they get the goods upfront. Chains from Macy’s to Gap Inc. to Neiman Marcus Group Inc. have introduced buy now, pay later options. (WSJ)
For a more comprehensive view of the changing face of retail and the way, technology powers its transformation, visit our Retail Reloaded series!