Day: May 23, 2022

Consumer behavior is constantly changing, but the outbreak of COVID-19 has accelerated this evolution like never before. Whether it’s increased use of e-commerce, a spike in-home delivery, rapid adoption of curbside pickup, the rise of contactless payment, or numerous other changes in their behavior, shoppers have quickly adapted to the “new normal.” At the same time, retailers have been forced to adapt on the emerging retail trends. Moving forward, many will invest in their technology infrastructure to ensure they can adapt over the long term, implementing ad-hoc changes on an ongoing basis to continue meeting customer demand wherever and whenever they choose to shop. In addition, reinvention of the physical store will be at the heart of the new customer experience.

Here are 7 emerging retail trends that are essential for specialty retailers to master to differentiate themselves in today’s complex and highly competitive retail industry.

1. Hyper-personalization

Savvy retailers

Legislation pending in New York has the potential to transform the fashion world. Should the Fashion Act pass, retailers and manufacturers will soon find themselves required to map the sources of at least half of their materials and products and disclose the environmental and social impacts involved in bringing the latest trends to SoHo storefronts.

Because the law would apply to any fashion company with more than $100 million in global revenue that also sells goods in New York, the Fashion Sustainability and Social Accountability Act is poised to have ripple effects felt well beyond Fifth Avenue. Large fashion companies could face new detailed reporting obligations that may prompt them to fundamentally rethink their supply chains and dramatically reshape their operations.

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The Fashion Act would be the first sustainability law of its kind to target the fashion industry on such a wide scale. By imposing new reporting