For the retail industry, trends can change seemingly overnight and the companies that are able to adopt them quickly will remain a go-to destination for consumers. Most of the latest news revolves around the cash register and credit card processing solutions.
In a recent episode of Mad Money, Jim Cramer spoke about an announcement from Starbucks CEO Howard Schultz. The coffee businessman revealed new partnerships that are designed to focus on two emerging trends in the retail industry which include a significant downturn in traditional consumer/pedestrian traffic at malls when compared to online shopping and the increase in the number of gift cards being used as gifts.
According to Cramer, these moves signify a larger shift for the retail industry.
"Stores that sell commodity products will likely be dinged by this trend, especially those that don't have an aggressive presence on the Internet," Cramer said. "Conversely, retailers with a strong online presence should benefit."
When it comes to gift cards, Cramer mentions that some companies have been able to take the use of them to a new level by incorporating mobile devices into the service. Just look at Starbucks and its mobile application that allows users to add gift cards and make payments from the same device.
The metrics of measuring retail business success is changing and many organizations are still trying to get a handle on the latest trends. With the help of a retail solution provider, any merchant can start taking steps toward meeting the next generation of customers.