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Key factors of the licensing sector this year 2021

20 April 2021 / por Cerdá Group

Licensing sector 2021 key factors

By still knowing the reason for a disappointing (or exceptionally good) quarter, you can plan your strategy and stay in business even during tough times in the licensing sector. As with most industries around the world, the inventor community, and product licensing process have been subject to changes brought about by the Covid-19 pandemic.

Covid-19 has dramatically disrupted the sector, with shock varying widely between brick-and-mortar and online stores, essentials and non-essentials, and small and large retailers. The shopping experience will change more than ever this year, and retailers will see new trends and searches.

 

What is currently happening in the retail and licensing sector

 

Adobe Analytics has predicted that 2020 will be a landmark year for e-commerce, with $189 billion in online holiday shopping season (up 33% from last year). 2021 also promises to be a lucrative year for digital merchants. 

Several key business and technology trends are emerging or have already emerged and should be considered in 2021. Some license retailers are exploring ways to use things like smart speakers and the Internet of Things to replenish stock automatically. 

Retailers such as Macy's, Walmart, Nordstrom, Eileen Fisher, and Patagonia are now applying the same techniques to clothing, tools, and more. Anyone who wants to be successful today must develop a customer-centric sales strategy that listens to customers and acts accordingly.

 

 

Licensing sector franchises 2021

 

How the licensed products sector has had to adapt/evolve

Anyone who has ever run a retail business knows that it can be a little (or a lot) like a roller coaster. There are so many different factors that affect the overall success of a retail business, and many of them are not under the direct control of the business owner. 

Since online shopping has become a reality, retail has become increasingly digital and Internet-centric. Convenience stores have adapted elements of the online experience to encourage us to keep visiting and have also leveraged the strengths that personal experiences can offer, such as a more personalized level of service.

 

You may be interested in this post: Why licensed products are a good bet to increase your sales in 2021

 

Key factors in the licensing sector this year 2021

 

2021 is all about the change in trends across all sectors. Every retailer needs to update and adopt new regulations in order to survive this year. These 5 variables are factors that every licensing sector player should look at in 2021, as they all influence how and what consumers buy.

New store designs appear

Despite the massive shift to e-commerce, physical stores aren't going anywhere anytime soon. They are simply undergoing a corresponding transformation. 

Several well-known retailers are focusing on combining online and in-store shopping, with an emphasis on creating a more engaging and socially distanced shopping experience.

Consider different shipping methods

We all had a moment when we were ready to check out of an online store only to get unsettled by high shipping costs or long delivery times. For many consumers, this can be a hindrance. 

Think about different shipping methods to find one that suits your customers' needs without sacrificing your bottom line. If you are buying inventory from a wholesaler or other manufacturer, you may want to consider dropshipping to simplify your inventory management.

Online gets personal

Video calling has already become mainstream in the business world. People interact and see each other, exchange information through screen sharing. Retailers are also beginning to recognize the value of getting more personalized in the form of video chat as a consulting and sales tool.

 Whether the consumer is buying a car, furniture, or high-end clothing, why not offer the opportunity to contact a sales representative or product expert when it's convenient? This can be after work, on weekends, or even late at night. 

In addition to the convenience factor, online consultation allows you to share product videos, view specifications, introduce consumers to features and functions in a demo, and build trust through face-to-face communication.

 

Maybe you also want to know: How real time marketing is becoming a social media trend this year 2021

 

Convenient Payment methods (omnichannel)

The lack of single trade opportunities is estimated to result in losses of €700 billion. Half of the consumers consulted in this study abandoned a purchase in the past six months due to a lack of omnichannel options such as online shopping and in-store returns, resulting in a loss of €219,000 million. The use of two-factor verification and other security methods will continue to grow.

See it, like it, buy it!

Forget shopping both online and offline - shopping directly from manufacturers through influencers, ads, and even TV shows are likely to become an increasingly visible part of retail over the course of 2021. Retailers have long encouraged bloggers and influencers to make money by sharing affiliate links and advertising through product placement.

These are the top factors to consider in 2021, and each licensing sector must embrace these new norms of survival and growth.

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