If you are looking for trends in the retail industry, you have come to the right place. There are many different things that are going on and the technology is playing an increasingly important role. Read on to find out more about some of the major changes that are taking place.
Government policy reduces infrastructure plan for building roads and airports
If you haven’t already heard, the federal government is working on a plan to revamp the nation’s infrastructure. It’s a big deal. The plan has the potential to improve productivity and growth in the long run, but in the short run it can hurt the economy by jacking up taxes and ignoring the needs of local communities.
As it stands now, the federal government owns less than five percent of the nation’s infrastructure, but it imposes heavy regulatory and tax burdens on states, cities, and private companies. In addition to spending billions of dollars, the government tinkers with the minutiae.
The federal government is not alone in trying to reshape the country’s infrastructure. There are a few notable examples. One of them is the infrastructure and technology plan formerly known as the American Recovery and Reinvestment Act.
COVID-19 has accelerated trends in the retail industry
The COVID-19 pandemic has accelerated trends in the retail industry, and it has shifted the way consumers shop and operate. This could have major ramifications for the high street, and retailers must prepare for the changes.
With an increase in convenience, click and collect services have become mainstream across the retail landscape. While retailers must adapt to consumers’ preferences, it is still important to keep physical stores relevant to their needs.
Physical locations will play an important role in the supply of retail space, particularly in suburban areas. Retailers may also need to adapt to shifting uses of physical space and building design.
Cities need to take active roles in the future of retail. Land use regulations are key levers they can pull. They must support small businesses and encourage economic growth.
Security and compliance challenges in the retail industry
The retail industry is a huge target for hackers and cyber criminals. In fact, retailers are one of the top five targeted industries. This means that security and compliance challenges in the retail industry are becoming more urgent.
In order to protect consumers, retailers must implement an in-depth security strategy. Retailers must also take steps to address their IT deficiencies.
Increasingly, retailers face financial and reputational risks, including fines and brand damage. They must also comply with PCI and state privacy regulations.
Retailers must implement secure authentication for employees, applications and systems. Strong authentication ensures that only authorized users can access their data. Using two-factor authentication for high-value transactions helps control access by identity.
As more devices are connected to the internet, many retailers are finding that their networks and systems are vulnerable to attack. Mobile devices are also susceptible to misuse.
Social media influence retail brands
Social media is a powerful tool for retailers to help them reach their customers. It can also provide insights into customer behavior and market trends. By understanding how customers use social media, retailers can optimize their content to improve their social presence and increase the likelihood that they will make a purchase.
Social media is also a great resource for retailers to find out what their competitors are doing. In the retail industry, there is a lot of competition, and having an online presence can help brands stand out.
As consumers are mobile and expect a personalized brand experience, retailers need to keep up with the newest trends. The benefits of having a social presence include locating new markets, understanding consumer preferences, and earning customer loyalty.