Retail is no longer ‘business as usual’
Changes in customer behavior and new technology have changed our shopping patterns. To stay competitive, smart retailers leverage trends that help them become cherished shopping destinations.
As the retail landscape changes, brick and mortar stores must adapt. Successful retailers connect with customers, provide an experience they look forward to and use technology to make shopping easier. The following trends show how your store can become a cherished shopping destination.
Be the store people cherish
Customer experience is more important than ever. Vend, makers of retail management software, says as “chore” shopping becomes easier, the demand for “cherish” retail will be stronger than ever. This means that while Amazon will continue to simplify shopping for everyday commodities, independent stores can find a place in shoppers’ hearts with a carefully curated product line. Often this means artisan products shoppers can’t get anywhere else.
Build your email list
In a world of texts, social media and apps, you might be surprised that 47 percent of consumers rate email as their most preferred media channel from retailers. A study by Yes Lifecycle Marketing says the most effective retailer emails have a short subject line and compelling reason to open and read the message.
Buying decisions go beyond price
Millennials lead the way as conscious consumers who have an increased interest in the ethical practices of the companies they shop. In fact many are willing to spend more on a product if it comes from a sustainable brand, according to KPMG. (Retailers also know they have to share their customers’ values in order to attract the best talent.)
Use tech to reach in-store shoppers
Retail Dive reports that retailers can appeal to shoppers while they shop in a physical store. Younger shoppers especially use retail apps in-store. Often, they’re looking for coupons or products that are on sale.
Expect more tech
Retail is no longer business as usual. ZDNet reports that augmented reality is leading these technology trends:
- allowing shoppers to see how products would look in their home
- in-store beacons that help customers quickly find items in the store, and
- more shopping (not just browsing) from mobile devices
Also, buy online and pick up in store (BOPIS) trends will also force brick and mortar stores to continue to evolve and stay competitive.
How might you tap into these trends to strengthen your retail store?
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