Current Trend in The Retail Market
Most of the trends in 2015 and leading into 2016 that will make a big impact on the retail industry are incredibly consumer-driven. That’s why it is important for companies to stay ahead of the competition by doing their research so that they can stay on trend.Below we’ve compiled a list of current trends in the retail market to help you stay on top of the game.
Millennials and Baby Boomers Are Heavily Influencing Retail
Retailers looking to reach the millennial generation need to invest in mobile applications and forms of payment. Millennials are an impatient generation, so if a merchant wants to engage with them, they’ll need to invest heavily in fast processes and customer service. In addition, many stores might begin investing in the “click-and-collect” phenomenon, in which people can buy merchandise on their mobiles and pick up their purchases in store. Some stores are even notifying their customers when their items for pickup are ready.
Baby boomers on the other hand are experiencing an increased vitality and desire to spend, so merchants who want to reach them are making physical changes to their stores. For example, keeping shelves within reach and adding carpets to the floors.
Retailers Need to Examine Online and Offline Data
Consumers go through many different mediums in their path to purchasing a product. Collecting and studying online data isn’t enough anymore. By unifying online and in-store data, merchants will have a better understanding of their customers’ path to purchase.
New Technology Changes the Way We Shop
In-store tablets and mobile technology like mPOS are becoming more common to use in stores, as they speed up the time spent at checkout and help improve overall customer experience.
In addition, in-store beacons are becoming more and more popular. These are essentially Bluetooth devices that detect shoppers’ smartphones and then send them things like coupons or ads, as well as collecting information about how a consumer moves through a store.
Social Media as Shopping Platforms
Brands won’t just be using social media to market their products and communicate with their audience. Instead, they will start selling their merchandise on their social sites. Sites like Facebook and Twitter are already offering “buy” buttons, as well as the Like2Buy incentive on Instagram. Like2Buy will be the tool that retailers adopt to allow consumers to easily learn more about a product that comes up in their feed and purchase it if they are satisfied.
Market research is a driving force in retail trends throughout Australia and the world. Help businesses by assisting in the collection of data while making money. Register an account with MyOpinions Australia today.
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