Out with the Old, In with the New: Retail Trends for 2015

Can you believe that 2014 is almost over? Retail has seen some great innovations this year that have improved the experience for retailers and shoppers alike. Now it’s time to look forward to 2015 and implement the best selling strategies now to start the new year strong.

Here are three of the top trends for 2015:

1. Payment Options: Shoppers want them and the more you have, the more potential sales you can win. 64% of shoppers want to see multiple payment options and adding three or four different options could increase your conversions by 20%. It’s a no-brainer in 2015 to give the shoppers what they’re asking for. Consider adding a PayPal option to give customers who aren’t comfortable using their credit cards online some peace of mind… your bottom line certainly won’t be complaining about it.

2. Delivery: Charging for shipping and long delivery periods often lead to abandoned carts. If this holiday season is an example of what’s to come, then free shipping will definitely be in the cards for a lot of retailers next year. Amazon offers free shipping on orders over $35 and on any purchase made by an Amazon Prime subscriber. Target has free shipping for its REDcard holders and has extended that to all shoppers through 12/21 to encourage online purchases for the hlidays. Being transparent and even offering free shipping are great ways to get shoppers to checkout because they know what to expect from the start.

3. Pricing: Stagnant prices mean stagnant revenue and profit. Don’t get stuck with the same old pricing. Update your pricing frequently to keep up with market changes, but always stay true to your brand identity. Amazon is a pro a repricing; changing prices about 2.5 million times per day. While Amazon is very aggressive about cutting prices, that’s not all dynamic pricing has to offer. There are many instances in which price increases are the best thing to do. For example when you’re very low on stock or when your competitors run out of stock. But both raising and lowering prices must be done strategically, based on the current market conditions and your internal sales goals. Set a minimum and maximum price to keep your business profitable and a viable option for consumers.

We’ve got a few more trends for you, so if you’d like to get the ball rolling on 2015, take a peek below at our brand new infographic. You’ll learn what retail trends will be most popular and how you can make them a part of your selling strategy.

Have anything to add? Let us know in the comments what you think 2015 will be like for retailers.