The retail industry in Canada in 2021 will be going through many challenges & opportunities. These significantly defines the character of the retail industry in Canada and how it will behave in the year 2021. Several factors will be playing a key part in the challenges especially. These are associated with the pandemic, COVID-19 that is currently in the second wave. The challenges & opportunities are associated with the marketing environment, internal & external marketing & the expectation of modern retail marketing & merchandising. The competition in the retail industry is growing every day. Furthermore, it’s getting harder for the retailers to face the industry challenges. There are always new challenges facing the businesses as the retail industry is rapidly changing because of innovative technology.
However, it’s hard to improve innovation & creativity in the retail sector as Canada is moving into 2021. Retail industry’s biggest challenge is the diversion of a huge number of customers towards online shopping. This is significantly rising as many people are liking the flavor and the idea of online shopping. However, in times of the pandemic, COVID-19 & its lock downs, this has proved to be highly advantageous. The success of online shopping has been due to the ability to adapt to the rapid changes in the market. However, for the retailers, i.e. shopping centres and shops it has reduced the amount of customer traffic and foot traffic. Something that has changed the trends w.r.t. the current circumstances.
Expected to fall in 2021, is the online shopping, while in-house shopping trends will be on a rise. However, it’s the in-house shopping that is expected to rise. More importantly, as people have more confidence in direct buying, i.e. a buyer-seller relationship.
FINDING INNOVATIVE WAYS OF MARKETING:
Finding new & innovative ways of marketing in the retail environment is the norm of the modern era. The needs of the modern era demands more creative marketing as the catchphrase goes “Catching the Eye of the customer”. For innovative ways of marketing, it’s important to realise the customer’s demands, market behaviours & finally how to merge flexibility & creativity with marketing. The demographics holds vital importance and apart from that it’s the market research. On top of this, the analysis of consumer behaviours that can be an edge in the retail environment.
This sector in Canada demands more in 2021 with respect to increasing the profitability levels. The adverse effects of the pandemic has been evident else where as well. This is significantly apart from the profitability concerns that were more obvious in 2020.
2020, has been a tough year for the retail sector, since March, and has seen many lows. Apart from the huge number of jobs being affected. It has been a cause to the amount of annual sales in the retail sector in Canada.
INSPIRATION & RETENTION OF EMPLOYEES:
In spite of so many challenges in the retail industry, the retention of employees & inspiring them through training programs has been seen as a challenge. ‘Employee retention’, an aspect that became uncertain to a huge level in 2020, due to major lock downs. Hence, in 2021, this aspect can be increased vitally, and is one of the bigger opportunities. Just for the sake of improving things in the retail environment. A lot depends on the employees and their behaviours of change in the industry.
The Govt. of Canada is investing huge amounts for training & development programs in the retail industry in 2021. This is seriously due to the everlasting impacts of the pandemic, COVID-19 and the impacts it had on the economy.
Loyalty management is yet another significant aspect that will be a key focus regards to the activities of retail management. This is in terms of loyalty cards and offers for improvised customer attention.
IMPROVING & IMPROVISING CUSTOMER SERVICES:
Enhanced customer services are a vital ingredient of bringing improvements in the retail environment & services. Improving shopping environments to new heights, as one of the opportunities to attract shoppers. In the year 2021, this is something very expected, if market situation stays normal. Customer loyalty and customer satisfaction are two similar yet different aspects to study in the retail sector. It not only brings enjoyment to the customers while they shop with higher levels of expectancy. However, it also increases their loyalty with the retailer & retailer’s philosophy. Retailers, especially in the Canadian markets target customer satisfaction, and customer loyalty for far more productive results.
A comprehensive customer feedback system is the best way to know what customers think in the retail environment. It highly improves the ways to improvise marketing & sales strategies as part of the consumer dynamics.