1. Invest in e-commerce and reap the rewards. Make sure your site is easy to read and navigate on both desktop Web browsers and mobile devices. Mobile-phone commerce alone accounted for $6.7 billion in sales last year and that number is projected to soar to $10 billion in 2012.
2. Luxury shoppers are feeling less self-conscious and are buying more. Look for accessories, leather goods, watches and electronics to do well in 2012.
3. Customer service and convenience will often outweigh price for consumers, especially for long-term loyalty. Focus on easy but effective solutions like minimizing wait times in checkout lines, streamlining the returns process, maintaining inventory levels and offering adequate parking.
4. Create a sense of urgency by offering limited-time-only items and offers. The use of mobile applications is escalating price competition and retailers must find new ways to captivate the customer.