2020 Retail Trend Report: Retail Isn’t Dead—It’s Evolving
A lot of doom and gloom has surrounded technology’s impact on the retail industry. With the emergence and proliferation of eCommerce, it was assumed that a retail apocalypse was near—but that couldn’t be farther than what we’ve seen manifest this past year.
According to Statistica, US retail sales reached 5.53 trillion in 2019, up 3% from 2018’s total of 5.35 trillion. In comparison, eCommerce sales grew by 9% over the same timeframe, reaching 547 billion.
While eCommerce sale’s growth trajectory surpasses that of retail sales, in-store shopping remains the channel of choice for American consumers. In other words, retail is far from dead.
Rather than stifle the retail industry, technological advancements have buoyed it to new heights, introducing new ways of engaging with, selling to and serving consumers.
To paint a clearer picture, Lightspeed partnered with brand strategy agency Folk to dive deeper into five of the most impactful trends emerging in retail, identify the cultural tensions that led to their development and how small and medium-sized retailers can leverage them to thrive in a hyper-competitive landscape.
The most impactful retail trends for 2020
- Next-level personalization
- Retail giants go small
- Discreet tech
- The future of pricing and payment
Download the full Retail Trend Report
Lightspeed and Folk have partnered to unpack five emerging retail trends, diving deep into secondary research and tapping internal experts to identify the cultural tensions that led to their development—and explore how SMBs can leverage them to thrive.