A well-known market intelligence company, Infiniti Research, has announced the completion of their recent article on the future of retail: top retail industry predictions for 2019. 2018 was a year of growth for the retail industry that showed an accelerated growth due to tax cuts and lower rates of unemployment. According to the retail industry analysis by experts at Infiniti Research, this year will be precarious for players in the retail sector. Infiniti's latest blog reveals some of the key predictions for the future of retail in 2019 and also explains how retailers can stay prepared for the upheavals in the market.
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Top predictions defining the future of retail. (Graphic: Business Wire)
The U.S. the stock market is currently highly unpredictable. As a result, the future of retail is expected to be dominated by steepening tariffs. Furthermore, emerging markets are taking on a greater share of global retail growth. Although these challenges may affect the U.S. retail sector to an extent, there are several opportunities awaiting savvy retailers who are willing to face the winds heads on.
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Top predictions defining the future of retail
Consumer centricity to go mainstream
Modern retailers are increasingly focusing on becoming customer-centric. But most companies have realized that holding a strong market position involves more than merely monitoring and connecting with customers on social media. The use of advanced technologies like Voice of Consumer (Voc) analytics will dominate the future of retail in the years to come. Such retail industry trends will allow retailers to determine what their customers want and deliver it with speed and at scale.
A business cannot exist without its customers, and this is why companies are focusing on how to win new business and perhaps more importantly, retain existing customers. Are you facing trouble in achieving this? Request a free proposal to know how our experts can help you.
Impact of increasing tariffs
The retail industry will begin to see the real impact of the Trump administration's tariffs on the Chinese exports. The tariffs are expected to increase steadily this year. A major portion of the burden of these rising tariffs will ultimately fall on the U.S. shoppers. A detailed retail market analysis that was undertaken by our experts also reveals that companies will be soon be required to make decisions to determine the categories and products where they can raise prices and push the cost increases onto the customers, and where they need to absorb the cost increases themselves. This may result in retailers evaluating whether it makes sense to exit certain categories which they are not able to sell profitably. The future of retail in the UK and EU will also face similar challenges.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit:https://www.infinitiresearch.com/about-us
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