Three Critical Retail Trends for 2019

Kelly Scott, NetSuite’s Industry Marketing Lead for the Product Verticals, recently sat down with Chris Benner, Senior Industry Principal of Retail to discuss the major trends and keys to success in the industry in 2019.
Kelly Scott: What do you see as the top three areas that retail companies should be paying attention to in 2019?
Chris Benner: The top three trends I see impacting retailers this year are:
[LIST=1]
[*]The concept of: “Thinking big, acting small”
[*]The continuing evolution of brick & mortar retail space
[*]The growth of small/medium size retailers
[/LIST]The reason I listed “thinking big, acting small” first is because acting small implies that you are trying to be agile and responsive to market and consumer demands. We see this in the news on a nearly daily basis. This is why companies like Toys R Us and other big box retailers are struggling and sometimes going out of business. With competition from companies like Amazon, and consumers empowered by modern technology and devices, retailers have to be agile in this environment if they want to succeed.