Why 2018 was a historic year for retail — and what’s coming in 2019
Earlier in December, LinkedIn published an article from Matthew Shay discussing everything retail in 2018. Shay says that sales surpassed that of 2017, also surpassing expectations for the retail industry.
In November, retail sales were up 5 percent over last year, according to the NRF. “Consumers are confident and spending big with retailers — so much so that market watchers are pointing to retail sales as a sign of the economy’s strength entering 2019,” the article read.
The article also shares the three key reasons retail has been booming:
True convergence of channels. Retailers are embracing both online and in-store, recognizing that today’s consumers want shopping to flow seamlessly across channels. Related investments in technology, digital, experiential shopping and the supply chain are now paying off and setting retailers up for the next phase of the industry’s evolution.
Reimagining the store. Retailers are transforming their stores to meet the specific needs of local markets and customers. The result is a more diverse store landscape than we’ve ever seen — with a rich and varied set of distinct formats, functions and services — creating the experiences customers want and keeping retailers competitive.
The new retail environment. The growing number of new entrants and novel business models indicates the health and vibrancy of today’s retail ecosystem. The barriers to entry have never been lower, enabling innovators to experiment, grow and pioneer new paths.
Shay expects retail will continue to be strong into 2019. You can read the full article here.