3 Ways Young Entrepreneurs and Freelancers Can Disrupt the Retail Industry

Deloitte’s 2021 Retail Industry Outlook report has some relevant findings for those willing to think outside the box.

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Talent needed for digital formats

One of the major themes in the 2021 Deloitte report is an emphasis on reimaging how digital space is used by retail companies, and the importance of proactively orienting toward digital marketplaces as a long term strategy, not a short term stop-gap. In order to accomplish this, Deloitte recommends hiring digitally savvy, versatile talent that will reimagine websites, apps, and digital spaces to increase sales and improve UI.

Livestream and virtual showroom content

The Deloitte report points to a growing trend in China of live streaming product demos, and many young entrepreneurs with live streaming experience from the gaming world could capitalize as this trend comes to the United States. As Inc’s Lindsay Blakely notes, the growth of livestream shopping in the US is particularly strong for male consumers and dads, which means content live streamers already confident in writing copy and performing live for male audiences could thrive in retail demoing of consumer electronics, luxury goods, or other products which benefit from the live stream format.

Complexity and personalization

One of the biggest results of the online retail shift of 2020 is the drive toward personalization and digital differentiation. This means that companies should be considering how to add personalization options and unique details to all items offered, and to design products and UI to be oriented toward digital customers. The folks over at Deloitte argue that “everything could emanate from the customer, precisely because AI makes such personalization possible by achieving economies of complexity (handling personalization at the lowest possible cost) rather than economies of scale (handling production at the lowest possible cost).”

Long term opportunities

Deloitte’s 2021 Retail Industry Outlook is optimistic about opportunities in 2021 for the retail industry to rebound and operate more efficiently. While many small businesses failed in 2020, and many young entrepreneurs put their dreams on hold, 2021 offers post-vaccine hope of rebounding sales, particularly within the digital space. By focusing on new virtual spaces, customer UI, privacy, live streaming, and bespoke customization, young entrepreneurs can take the best lessons from 2020 and integrate them to promote rapid expansion in 2021.

Milan Kordestani is a 21-year-old serial entrepreneur whose most notable startups include Guin Records, Dormzi, and The Doe.

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