Global Retail Trends
2 July 2024The world of retail is constantly evolving, influenced by a variety of rapidly changing factors. In an increasingly uncertain international market context characterized by consumers with diverse cultural backgrounds, understanding and capturing sales trends is crucial for companies that want to stay competitive.
Here are some of the most relevant global trends and strategies to address current challenges in the retail sector.
Digitalization has radically transformed the retail landscape. E-commerce continues to grow, with more and more consumers preferring to shop online. Companies must invest in strong digital platforms, improve the online user experience, and ensure efficient logistics to meet the expectations of modern customers.
In a market characterized by intense competition, personalization has become a distinctive element. Using big data and artificial intelligence, companies can analyze consumer behaviours and offer tailored shopping experiences. Personalization extends beyond product recommendations to include communication and post-sales services.
Another trend to consider is omnichannel retail, where the shopping experience is distributed across various channels: online, offline, mobile, or social media. Companies must develop strategies that allow customers to move seamlessly between different touchpoints. This includes click-and-collect, the return of online purchases in physical stores, and the use of mobile apps to enhance in-store interaction.
Technology continues to revolutionize retail, introducing new forms of interaction with consumers. Augmented reality (AR) and virtual reality (VR) are becoming valuable tools for creating immersive shopping experiences. These technologies allow customers to virtually try products before purchasing, enhancing engagement and reducing returns.
Consumers are increasingly attentive to sustainability and corporate social responsibility. They prefer brands that adopt eco-friendly practices and commit to community well-being. Retail companies must integrate sustainability into their business strategies, promote eco-sustainable products, and transparently communicate their efforts in this area.
Above all, attention to the diverse cultures of the markets in which they operate is crucial.
Globalization has expanded access to international markets, but it has also necessitated understanding and adapting to different cultural backgrounds. Being sensitive to cultural differences, not only in tastes but also in customer interactions, is fundamental. Well-planned local marketing strategies are needed to positively engage with very different cultures and habits.
At Bologna Business School, various study programs address retail according to the most current trends, with a focus on Made in Italy luxury and international markets.
The Master in Gestione d’Impresa – Made in Italy, full-time, 12 months, in Italian language, aims to train managers capable of combining a passion for the excellence of Italian manufacturing with the skills to translate this value into global markets.
The Master in Business Management – Retail Management and E-Commerce, in Italian language, 12 months, full-time, is an immersion in the retail world with a strategic focus on new sales and distribution models.
The Master in Business Management – Global and Emerging Markets, full-time, 12 months in English language, is a true springboard for launching a brilliant career in foreign markets, providing all the necessary skills to become part of major international companies.
