We live in a world of hyper-connectivity and high demand, and because of this the retail industry is likely to face more change in the next five years than it has in the last fifty. Retail trends are changing as a direct result of consumer’s wants and needs, and as consumers are becoming highly dependent on technology the retail sector needs to take advantage of this. Here are SpaceandPeople’s top tips for retailing in 2016.
Today’s consumers demand clarity, they do not want to be misled in any form. Being honest creates more of a personal feel; your businesses core values and beliefs should be in line with that of your consumers. Many consumers say that they are more likely to purchase from a retailer who “gives back” and are honest about where their profits go, how their staff is treated and if they are sourcing their products ethically. Consumers today are much more involved in global issues, such as the environment, child labour, and animal testing and so on. Therefore, the more honest you are with your consumers, the more benefits you will reap from them, including brand loyalty.
Social media presence is hugely important to a company in today’s culture, with over 1 billion registered Facebook account users, global reach has never been so simple. Social media allows for businesses and consumers to communicate instantly. Consumers expected the same level of engagement via social media as they would face to face, therefore maintaining a constant connection is key. Social media also allows a better insight into who your customers actually are, their age, gender, where they are from and so on. In turn, this gives the business the opportunity to target their market more effectively. It is also important that your social media content aligns with your audience’s interests. Social media does not just appeal to online businesses but original Bricks and Mortar companies too, as consumers still prefer this method despite high online usage.
As previously mentioned, we live in a marketplace which is highly connected. And as a result of this consumers have become increasingly tech savvy. Synced devices, smart home appliances and wearable technology were retail trends in 2015, and there is a lot more potential growth to be had in these areas in terms of retailing. These types of products appeal to consumers because they are time efficient, convenient, easy to control and save money. Technology provides simplicity, consumer associate technology with making their tasks in everyday life a little bit more stress-free. Apps and devices have been created in recent years which allow consumers to track their fitness progress, their sleeping patterns, calorie intake and mental and physical health. The more innovative an approach taken, the more aware consumers will become.