Few industries have been as revolutionised by digital as retail. Every week there's a new emerging trend or technology that brands can leverage to gain the upper hand. But what is real and what's just noise? To help you plan for 2018, let's debunk a few myths about what will impact retail next year.
1. Department stores won't be top of mind
Department stores are no longer top priority for Australians. Although revenue growth over 2015 and 2016 was strong for clothing (6% both years) and household goods (8% and 4% respectively), department store revenue increased only 3% and 0.5% over the same period.
Still, CMOs rate in-store service the second most influential touchpoint for purchase decisions, just behind digital advertising. That means bricks and mortar stores can survive – as long as they successfully connect consumer experiences on and offline.
Recommendation: Make your approach online and mobile-first, while using stores to strengthen the overall experience.