With more than half of 2017 now behind us, we have watched our economy undergo some serious reconstruction. Income pressures and financial uncertainty have caused consumers to pull in the reigns on their spending habits to preserve whatever is left of their disposable incomes. Although inflation and slow wage growth have placed a damper on retail demands, our tightening economy has not stopped retail owners from finding new and improved ways to appeal to modern customers and keep their businesses booming!
1: TRANSPARENCY = TRUST:
It should be no surprise by now that technology-fueled strategies are the key to the future. Between e-commerce, online reviews and internal data analysis – the success of a business can be heavily influenced by their ability to adapt to modern resources. Unfortunately, it is no longer enough to simply offer high-quality merchandise – consumers want more! As information is so readily available online, consumers have gravitated towards businesses that offer full transparency of their professional backstories, behind-the-scenes processes and sometimes even markup details. Customers are genuinely willing to take the time and research their purchases before spending to ensure they are making the best choices with their money. As consumers genuinely feel more connected to brands that demonstrate a strong sense of identity, creating a foundation of transparency will strengthen feelings of trust and encourage customer loyalty.
2: THE NOVELTY OF EXPERIENCE:
Online shopping has become all the craze in the retail world thanks to Amazon. As a result of this modern trend, retailers have had to find new and exciting ways to attract customers to their physical store locations by offering new and unique features that could not be replicated online. In addition to the use of robotics and cognitive automation, some retail brands have started integrating the concept of “retailtainment”. That’s right – entertainment in a retail setting! Business owners are realizing the impact of incorporating lifestyle elements such as in-store bars, restaurants, boutique coffee shops and virtual reality to enhance their customers' shopping experience. By including leisure and exclusivity, the motive is to encourage customers to interact and engage; thus, putting them in a great mood to shop.
Finally, retailers have had to adapt faster than ever to the new and changing demands of their retail audience. In terms of efficiency, modern customers have shown preferences to smaller, curated stores that offer free and speedy shipping. In fact, big-name companies that have failed to keep up with these preferences can be found closing their doors all over the city! By opting for smaller-scale stores, retailers are catering to the modern need for convenience. Quite simply, customers are not interested in walking around confusing department stores when given the alternative of a quick and easy shopping trip. This shift has proven largely beneficial for retailers as well, as smaller stores are much easier to own and operate in population dense areas due to the decreased costs required.
By keeping up to date on how the market continues to evolve will provide the insight required to remain innovative and successful. Alternatively, feel free to reach out to our BUILD IT by Design experts at (905) 696-0486 or firstname.lastname@example.org for more ways to re-imagine your in-store retail experiences!