10 Retail Trends FOR 2021 AND THE NEW DECADE - BayBridgeDigital
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10 Retail Trends
FOR 2021 AND THE NEW DECADE
© BayBridgeDigital 2021
BayBridgeDigital is a leading provider of retail-
specific cloud and mobile software, driving digital
transformation for the world’s largest companies.
Awarded by Inc 5000 as one of America’s
fastest growing companies. BayBridgeDigital is
an “industry cloud” pure-player specialized on
Salesforce, the world’s #1 CRM provider.
Our product Bayretail increases sales, service
marketing agility, operational efficiency and
faster time to value for cloud and digital adoption
across the enterprise. The company is committed
to innovation, customer success, and a values-led
culture.
Bayretail’s mission is to empower next generation
retailers with world-class mobile-first, cloud-first
enterprise software that transforms the in-store
experience.
10 RETAIL TRENDS FOR 2021 AND THE NEW DECADE 2 BayBridgeDigital ©2021
BayBridgeDigital is incredibly fortunate to have the opportunity to work with some
of the best retailers in the world in the context of cutting edge digital transformation
technologies particularly on the Salesforce solutions suite.
In other words we are given by our customers the challenge to help them solve some of
the most difficult transformational problems they face, sometimes with stakes simply
related to their survival in this global economic context.
PASCAL LAIK
Executive Vice-President & CRO Beyond the pride we take in their trust, this is a unique position we sit in to learn from
BayBridgeDigital them and being able to identify strategic trends in the Retail sector. We can then evaluate
the related initiatives that represent the best returns which by construct will define
tomorrow’s survivors.
As a retailer, please consider the following as a lens given on what your competitors
somewhere are doing. And if you are already executing on all of them, then you are
definitely already one of tomorrow’s winners.
10 RETAIL TRENDS FOR 2021 AND THE NEW DECADE 3 BayBridgeDigital ©2021
SUMMARY
4 SUMMARY 11 ONLINE GOING BRICK & MORTAR
5 INTRODUCTION 12 SOCIAL COMMERCE
6 DEEP RETAIL USING AI AND AR 13 INCREASE IN DIRECT-TO-CUSTOMER
7 AUGMENTED OMNICHANNEL RETAIL 14 A NEW STRATEGY FOR INFLUENCER
8 EMERGENCE OF NEW PAYMENT
MARKETING
OPTIONS 15 ENVIRONMENTAL SUSTAINABILITY
9 A FASTER ORDER FULFILMENT 16 KEY FIGURES
10 LIVE COMMERCE AND PERSONAL 18 SOURCES
ASSISTANTS
10 RETAIL TRENDS FOR 2021 AND THE NEW DECADE 4 BayBridgeDigital ©2021
INTRODUCTION
Online shopping remains the most notable retail
trend in recent times. With it came internet-driven
buying and selling to complement or replace the
traditional brick and mortar stores.
At the same time, physical stores still adapted
pretty well. They blended vital elements of the
popular online shopping experience and in-person
experience to offer services at more personal
levels.
While consumer behavior often guided retail
trends and transformations in the past, some future
forecasts will be due to the Covid19 pandemic.
Therefore, some past trends will endure, while
seismic changes will also occur.
We compile the top 10 retail trends and forecasts
for 2021 that every retail enterprise should
consider for sustained success.
10 RETAIL TRENDS FOR 2021 AND THE NEW DECADE 5 BayBridgeDigital ©20211. DEEP RETAIL USING AI AND AR Offline shopping continues to revolutionize. And one of the most notable aspects remains the use of AI and AR. The use of AI, for example, for customer sourcing, isn’t a new phenomenon. It helps to provide intelligent product recommendations to prospective customers. It also allows retailers to identify new customer fronts. A study in the Juniper REsearch projects that online retailers will spend about $7.3b on AI by 2022. And while AI will link sellers to consumers and consumers to products, Augmented REality AR will help mimic how certain products would look on prospective customers. 10 RETAIL TRENDS FOR 2021 AND THE NEW DECADE 6 BayBridgeDigital ©2021
2. AUGMENTED OMNICHANNEL RETAIL
Since consumers no longer distinguish between
online and offline shopping, omnichannel will
be the next big thing. It brings together various
shopping channels across a range of devices and
platforms. Independent reports indicate that up to
73% of consumers use multiple channels to find and
purchase products. The trend will continue in 2021.
Retailers need to find possible connections between
AI, extended reality, robotics, chatbots, and the
Internet of Things for better results. A seamless
blend of these technologies will give offline shops
convenience and, at the same time, make online
shopping as interactive as the offline model.
10 RETAIL TRENDS FOR 2021 AND THE NEW DECADE 7 BayBridgeDigital ©20213. EMERGENCE OF NEW PAYMENT OPTIONS Customers may choose or leave your brand because of the available payment options. Thus, it will be essential as we advance to offer customers a variety of payment options. While debit and credit cards remain very popular, digital wallets such as Apple Pay, Samsung Pay, Google Pay, Payoneer, and Paypal among others, continue to gain popularity. With more than 31% of mobile clients now using Google Pay. 2021 and subsequent years will also see more e-commerce platforms accepting cryptocurrencies. 10 RETAIL TRENDS FOR 2021 AND THE NEW DECADE 8 BayBridgeDigital ©2021
4. A FASTER ORDER FULFILMENT
You can’t talk about trends without mentioning the
rising demand for faster deliveries. And this is pretty
different form distributions. Instead, it is about
fulfilling direct orders from clients regardless of
where they are.
While deliveries are more efficient than before,
65% of customers still have expectations for faster
shipping times. The same-day delivery approach is
the new way to go.
Retailers will now need to use a combination of smart
sensors, autonomous deliveries, digital twinning and
blockchain tracking to meet the demand for faster
deliveries.
10 RETAIL TRENDS FOR 2021 AND THE NEW DECADE 9 BayBridgeDigital ©20215. LIVE COMMERCE AND PERSONAL ASSISTANTS The digital trends in the developing world are why smart speakers are typical in homes across Europe, America, Asia and Australia. And there is no doubt that voice search and intelligent personal assistants contribute to increasing sales. Google Home and Amazon Echo are predominant among most homeowners. However, with about 20% of people with smart speakers using the devices for shopping activities, you will need to synchronize your online platform with smart speaker features. 10 RETAIL TRENDS FOR 2021 AND THE NEW DECADE 10 BayBridgeDigital ©2021
6. ONLINE GOING BRICK & MORTAR
Categories That E-tailers Growing Their Physical Presence Fall Into Well, this must be confusing. The past decade and
previous ones were all about how everything is
moving online. Of course, that’s still the case with
6% 3%
e-commerce as up to 79% of marketers opine that
6%
inbound marketing is the way to go in the coming
decade.
11%
However, we predict that 61% of shoppers still drop
Created by Rainbow Designs
from the Noun Project
by stores after online research about products, online
stores, and consumer brands will open physical
addresses. Conversely, thei offline counterparts will
venture into the online market.
74% Bonobos, Amazon, eBay, Casper, Walmart and
Glossier all started online nut now have physical
stores. Despite the closure of most brick and mortar
Apparel and Accessories Furniture, home furnishings and housewares
stores and the need to do most things online, retailers
Specialty/Other Cosmetics/Beauty Electronics
will need to invest in online and offline Marketing
mechanisms
JLL, n>100, 2018 Business Insider Intelligence
10 RETAIL TRENDS FOR 2021 AND THE NEW DECADE 11 BayBridgeDigital ©20217. SOCIAL COMMERCE
While many consumers still pop up in physical stores or shops to buy certain products, online shopping is growing bigger,
particularly with the hurdles brought about by the coronavirus pandemic. Recent studies indicate that about 41% of shoppers
now shop online for goods they bought in physical stores before the pandemic.
PAGE VIEWS BY CATEGORY, GLOBAL Year-over-year percent growth - April 1st - 23rd, 2020 vs. April 1st - 23rd, 2019
91% 90% 66% 52% 47% 46% 42%
Business & Toys & Food, Beverages Office Supplies Sporting Goods Softglobalware Health & Beauty
Industrial Games & Tobacco
38% 36% 36% 34% 34% 31% 27%
Electronics Home & Garden Hardware Services Animal & Baby & Media
Pet Supplies Toddler
19% 18% 14% 11% 4% -14% -31%
Cameras & Optics Arts & Vehicles & Parts Furniture Apparel & Luggage & Bags Religious &
Entertainment Accessories Ceremonial
Bazaarvoice Network Data
10 RETAIL TRENDS FOR 2021 AND THE NEW DECADE 12 BayBridgeDigital ©20218. INCREASE IN DIRECT-TO-CUSTOMER
Direct to Consumer (D2C) commerce is on the rise and will not
Private level sales are rising
stop soon. It comes with a myriad of possibilities. Brands often
capitalize on direct access to customers as this guarantees
more profits for them and lower costs for consumers since it
eliminates broker fees. 300%
Rate that private labels outsell branded products
However manufacturers of consumer packaged goods will
have to rethink their approach since customers now have
softer spots for high-end private label brands. This new vertical 40%
has the potential to increase your profits by up to 30%. Private Private label grocery items sold in Europe
labeling will also give retailers a leeway to competitive pricing.
And to stay ahead of the rest, businesses will have no option but
to invest in competitive intelligence (CI) to identify and adjust 32%
to new consumer demands. Private labels in Millenials’ shopping carts
25%
Private labels in typical shopping cart
25%
How much retailers earn more from private labels
CB Insights, Frozen & Refrigerated Report 2018
10 RETAIL TRENDS FOR 2021 AND THE NEW DECADE 13 BayBridgeDigital ©20219. A NEW STRATEGY FOR INFLUENCER MARKETING
Forget about influencer marketing’s previous
approach that involved captivating captions, selfies
and catchy product shots. We are in 2021, and that’s
gone. There is a significant shift, and influencer
marketing now involves a natural and raw aesthetic
approach.
Only 1% of millennials trust generic or overly-
produced ads. It’s time to prioritize authenticity.
That’s according to about 74% of influential
marketers. And with that, don’t downplay the
importance of video marketing in 2021.
10 RETAIL TRENDS FOR 2021 AND THE NEW DECADE 14 BayBridgeDigital ©202110. ENVIRONMENTAL SUSTAINABILITY This is the last one, and a big one too, if you dare ask. Environmental degradation is a global problem that most people now take very seriously. 65% of consumers now think green and buy green, thanks to the rapid rise in green consumerism. People want to prioritize eco-friendly products. Manufacturers now need to think outside the box and manufacture products that aim to preserve the environment and are easy to recycle. 10 RETAIL TRENDS FOR 2021 AND THE NEW DECADE 15 BayBridgeDigital ©2021
KEY FIGURES
79%
of marketers opine 65%
that inbound of consumers now
marketing is the way think green and buy
to go in the coming
decade
green 31%
65% more than 31% of
mobile clients now
of customers still have using Google Pay
expectations for faster
shipping times
73%
$7.3b of consumers use
will be spent by online multiple channels to
retailers on AI by find and purchase
41% 2022 products 20%
of shoppers now shop of people with smart
online for goods they speakers use them
bought in physical stores for their shopping
before the pandemic features
10 RETAIL TRENDS FOR 2021 AND THE NEW DECADE 16 BayBridgeDigital ©2021As this decade ends and the new one begins, it is
important to adjust aim when our team discovers new
information and trends.
BayBridgeDigital’s goal is to satisfy our partners and
maximize their outlook, widen their horizons, raise their
expectations from the market’s potential by noticing
trends early-on and always staying ahead of the curve.
This article has been produced by Saad Jabiroune,
Marketing Analyst at BayBridgeDigital’s Retail Lab
10 RETAIL TRENDS FOR 2021 AND THE NEW DECADE 17 BayBridgeDigital ©2021SOURCES • https://www.businessinsider.com/etailers-opening-physical-stores-2018-10?IR=T • https://www.vmsd.com/content/new-poll-reveals-why-americans-patronize-pop-stores • https://financesonline.com/retail-trends/#link7 • https://www.cbinsights.com/research/private-labels-disrupt-cpg-retail/ • https://hbr.org/2017/01/a-study-of-46000-shoppers-shows-that-omnichannel-retailing-works • https://www.marketingweek.com/how-covid-19-has-changed-shopper-behaviour/ • https://www.juniperresearch.com/press/press-releases/retailer-spending-on-ai-to-grow-7-3bn-2022 • https://www.forbes.com/sites/danschawbel/2015/01/20/10-new-findings-about-the-millennial-consumer/?sh=4c1989076c8f • https://www.conveyco.com/improve-ecommerce-order-fulfillment-with-these-metrics/ • https://www.digitalcommerce360.com/2019/08/28/the-state-of-voice-shopping-2019/ • https://www.statisticbrain.com/mobile-digital-wallet-payment-statistics/ • https://hbr.org/2019/07/the-elusive-green-consumer 10 RETAIL TRENDS FOR 2021 AND THE NEW DECADE 18 BayBridgeDigital ©2021
ABOUT BAYBRIDGEDIGITAL BayBridgeDigital is a game changing software company headquartered in NYC. We are building a suite of digital applications on the Salesforce platform. Our mission is to create a world where retailers are loved by customers and employees. We connect brands technology and people to create new growth and business value faster. BayBridgeDigital is a leading provider of retail-specific cloud and mobile software, driving digital transformation for the world’s largest companies. BayBridgeDigital is an “industry cloud” pure-player specialized on Salesforce, the world’s #1 CRM provider. Contact : Pascal Laik - Chief Revenue Officer +33(0) 675933706 plaik@baybridgedigital.com https://baybridgedigital.com/
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