A woman reading the label on an item of clothing while out shopping for the day.As the retail industry evolves, businesses need to adapt alongside. And it seems in the last decade or so there have have been many drastic changes that have had a major impact on retail sales. Let’s take a look at three trends that are currently impacting the retail industry and what companies can do to win back lost business.
Brand can meet the needs of these conscious shoppers by minimizing their ecological footprint, whether that be through sustainable products and packaging materials, sharing environmental efforts in their brand story, or simply involving customers in the process. And traditional retailers can, of course, tap into the rental market as well. Urban Outfitters, for example, launched Nuuly, the company’s clothing rental subscription service. Dave Hayne, Chief Digital Officer of Urban Outfitters, said six months into the launch of their rental subscription service, subscription customers are still shopping in its stores too.is estimated to reach $1.96 billion by 2023, up from $1.