Retailers are embracing change in 2015 by doing their best to stay ahead of the curve and meet the ever-changing demands of consumers.
For instance, Macy's is reacting to the inevitable move toward omnichannel retail by closing 14 out of its 790 brick-and-mortar locations sometime in the early spring of this year. This transition is expected to help the company achieve its goal of saving $114 million annually beginning this year, in order to invest in new technologies as well as healthcare and retirement costs for employees.
"Our business is rapidly evolving in response to changes in the way customers are shopping across stores, desktops, tablets and smartphones. We must continue to invest in our business to focus on where the customer is headed—to prepare for what's next," CEO Terry Lundgren told the press earlier this week.
Sears is also closing 235 stores that are underperforming, and JC Penney is closing 40 locations.
Retailers have also noted that the image of the ideal customer is evolving as millennials begin to take control of the marketplace. Data is revealing that millennial customers are less likely to shop for a particular brand and more likely to shop by category, comparing brands to find the best product.
Retail experts have classified these spenders as HENRY customers, standing for High-Earner Not Rich Yet. According to The Washington Post, HENRY customers are more likely to invest in "functional luxury" such as technology, organic foods and home goods than they are to spend on high-ticket brand name apparel. To remain competitive, retailers are adapting to appeal to these young customers.
Make sure your business is operating with a credit card payment software that includes inventory tracking and data management, so you can react quickly to the retail trends that emerge in 2015.