The Changing Face of Retail in 2013

Amazon, Crocs, Kohl's, Lululemon were recognized by the National Retail Federation Board as innovators and leaders in retail industry because they successfully distinguished themselves as pioneers through the use of new, innovative or imaginative techniques, formats or services that are sustainable and can evolve with the industry. These awards celebrate individuals/businesses who have achieved international recognition for excellence in their native country and internationally.

Following the lead of these star performers, the retail industry strives to respond to consumers as they begin to get back their shopping appetite. Marketers look for newer, better ways to grow their brands and take advantage of marketing opportunities to better compete. Here's a countdown of the top six trends that will drive the retail industry this year:

1.       Social commerce: Where are people spending majority of their time online? Social media. Retailers have recognized this and integrated social media and e-commerce. A recent survey from social media curation platform provider Mass Relevance revealed some interesting facts:

• 59 percent of respondents reported they are more likely to trust brands that integrate social media.
• 75 percent of social networkers talk about brands; for 18-34 year-olds it is 91 percent.
• 62 percent are more likely to engage with social brands.
• 60 percent are more likely to share the messages of brands that integrate social experiences into their own digital properties, such as a brand websites or mobile apps.
• Where social commerce is concerned, nearly two-thirds (64 percent) have already made a purchase based on social content; that was true of 76 percent of 18-34 year-olds.

Retail websites are using the power of social media to drive sales. The model is designed in a way where shoppers browse through the shopping website, share their favorite products with friends and family through a social media plug-in like Facebook, Pinterest, etc., and get reviews that help them decide whether to buy or not. Consumers pay more attention to brands that create social media experiences and spend more time on websites when social media is integrated.