Times are changing in all industries, including the retail sector. Consumers don’t shop like they used to, but that doesn’t mean they aren’t spending money. They are just doing it in different ways and if retailers want to keep their sales high, they have to jump on board with what consumers want.
What do consumers want? Here are the latest trends.
Subscription Boxes Increase in Popularity
The subscription box sector is taking the world by storm and it’s not going anywhere anytime soon. Because of the personalization they offer and the excitement they bring for consumers, subscription boxes are popping up in places you’d least expect them. In fact, they could be a way to keep retailers in business when they otherwise may have lost their market.
Delivery is the New Norm
Stores are now offering delivery just like your local pizza joint and we’re not talking FedEx or UPS. Stores either have their own delivery service or they contract out to independent drivers. In our current climate, millions of consumers don’t want to leave their homes, but they want to shop. They’re more likely to shop at the stores that offer same-day or next-day delivery services.
Creating Fulfillment Hubs
Storefronts are quickly going by the wayside as fewer people shop in store. Large stores that were already hurting are quickly seeing a downfall in sales and many are going out of business. In their place aren’t new storefronts, but rather fulfillment hubs for larger stores and even places like Amazon. The distribution centers can offer faster shipping than they would from their central warehouses, increasing customer satisfaction.
Personal Shopping via Video
Video chat is becoming more and more popular and not just for business meetings. Today, personal shopping has gone virtual too. There’s something about being able to see the items even if it’s through a screen, but not on a webpage that makes people want to buy. It could have a lot to do with the personalization of having someone show you the products versus looking at them yourself online.
Private Labels are more Popular
Today, consumers are buying more private labels than ever before. They are skipping the brand names and opting for private labels – labels that provide a more intimate experience than customers are used to but want.
Merchants Have to Think Outside the Box
In today’s changing environment, every merchant must think outside the box. Shopping isn’t what it used to be, but many dare to say that it’s even better. If merchants do it right, shopping is more intimate, exciting, and fulfilling than ever before. Consumers get the products they want, the insight they want to provide, and the safety of contactless payments and curbside pickup.
It’s a changing world we’re living in, but it’s one that we need to continually adapt to and change if we are to compete. Merchants have a lot of opportunity in front of them and if they take advantage of it can be stronger and better than ever before.
