Marketing Trends of the Future of Retail
It’s often difficult to anticipate the future and where the best business practices are heading. But in the case of progressive marketing tactics, there’s a clear trajectory that many businesses are gearing toward.
Artificial Intelligence has been gradually sculpting the modern digital playing field wherein we do business. From automated chatbots guiding consumers through the buyer’s journey to consumers leveraging VR to navigate digital storefronts, there’s a rich landscape that all responsible business owners should pore into.
Social media platforms are becoming more and more user-dense by the year. With new platforms entering the stage as quickly as old ones die out, it’s a medium that is here to stay.
The interesting thing to note is that social media has been around nearly as long as the internet has existed. Online forum sites were very prevalent in the dawning days of the internet. At the time, social media was so new to the common consumer that it wasn’t immediately apparent to anybody that it could become a thriving network to buy and sell within.
Fast-forward to today and social media can be a business’s strongest sales engine or even the only sales engine in some cases.
For the most part, however, social media is still an incredible tool for marketing. Most social media platforms now have robust advertising features that are becoming easier and easier for business owners to build marketing campaigns. For example, recent updates within Instagram have made it easier for brands to reach their target audiences.
With social media users making up more than 59% of the world’s population, it would be an incredible missed opportunity if businesses didn’t utilize social media. They can use social media as a primary or secondary funnel for accessing consumers since so much of their audiences are likely to present in some capacity of social media.
You may have heard the term already, but the metaverse is shaping up to become the next web 2.0.
Yes, the metaverse. An originally coined phrase by Mark Zuckerberg has led to many turning their heads and scoffing. But it’s becoming more of a reality with each passing day – or perhaps, more of a virtual reality.
Well-known businesses are starting to scoop up virtual real estate in preparation for the imminent storm of current web users.
Not every household has access to VR technology yet, but the technology is becoming rapidly more accessible and affordable. Soon enough, VR headsets will be as common as owning a mobile phone, and businesses need to understand the implications of this.
The object of the metaverse is to help shape how we learn, create, and accomplish things. As consumers currently use virtual and augmented reality for entertainment, they will soon be presented with the option and ability to satisfy practical, real-world tasks.
Digital renderings of storefronts and merchandise will enable consumers to browse inventory and make purchases. Beyond that, the metaverse is touted as also being another mode of social platform, encouraging a sense of community.
Are You Ready to Adapt?
Business owners should start re-strategizing their business models to prepare for the future. This may involve digitizing their offerings in preparation for the wave of users ready to engage with their brands.
Of course, there will always be the staple industries that will never cease being needed. For example, even though COVID-19 may have affected restaurant and hotel sales temporarily, they’re finding more ways to stay relevant today by keeping up with relevant trends. Even still, all industries need to make seismic shifts to keep up in a digital world. For example, new technology has allowed cleaning and home maintenance companies to record job data, time-keep, and streamline their routines.
The metaverse and honing on social media’s sales and marketing opportunities might seem intimidating at first, and maybe even difficult to interpret its value, but there’s a host of probable benefits that come with it.
Be vigilant and aware of how your competitors are preparing. Your brand could be among the first in your vertical to get ahead of the game by developing into the digital scene.