Retail Trends for 2016

The year 2016 has come. Time does fly fast but business simply cannot be left behind. Even as 2015 has yet to formally end, it’s best to get acquainted with next year’s retail trends so you can get ahead and possibly tick off more of your business goals.

Modest growth rates

For starters, the Australian dollar is expected to get a moderate boost by the end of next year. Forecasts are counting on a value between 62 and 70 US cents.

This is an improvement from December’s month-long low for the local trading unit, which was at 71.68 US cents as of December 17th.

This lukewarm growth is represented by projected Real GDP and CPI growths at 2.1% and 2.3% respectively for 2016. An interest cut is expected from the Royal Bank of Australia caused by factors such as low commodity prices and the Australian dollar trading above fair value, among others.

It’s getting techier

New technologies are shifting the way businesses market and sell their products. Trends are moving toward increasingly personalised advertising and marketing campaigns. Naturally, social media and mobile technology will figure significantly in making these possible.

A whopping 75% or three out of four Australians own smart phones today. This, along with improved and new technologies will make it easier for retailers to engage customers and provide them with a browsing and purchasing experience tailored according to their preferences.

While you’re at it, forecasts say 2016 may just be the best time to get your online shop up and running.

All about food

Come to think of it—food has never really been passé. The year 2016 is touted as a time when the influence of culinary delights will truly make its presence felt in retail—even outside the hospitality sector.

Food is expected to become a major draw even for fashion retailers. This is in line with the growing awareness for holistic customer experience. Do not be surprised when you see coffee shops, diners and small restaurants popping up near or within retail stores.

That said, you’d also most likely to see these food trends next year:

  • More vegetarian dishes and a greater interest in natural, unprocessed foods
  • People eating for health and beauty but with less fear of fat
  • More personalised diet plans customised for one’s DNA
  • Greater emphasis on the presentation of the food
  • Social media driving interest in cooking, preparing and choosing food

The year 2016 will not be a perfect year for retail and business but with the right approach and a good eye for opportunity, the possibility of making it big is definitely still within reach.

Do you want to know the buzz in hospitality? Visit our blog.