Consumer Trends – Retail
Bmoozd • Consumer Trends • Retail
In 2020 we want to help all companies with their digital marketing. One of the markets that has experienced the most change in the last decade is retail.
The retail industry has become one of the quickest industries to adapt to the ever-changing digital technologies. Huge brands have been able to grow and blossom due to success through online stores and digital marketing.
Moving into 2020 it is vital for your retail business to know how to keep up with the trends and keep all of your consumers engaged with your company.
In the last 10 years, the retail industry has completely shifted. At the start of the decade, 7.3% of total retail sales were made online. By 2019, nearly a quarter of all retail sales are achieved through websites and shopping portals.
However, in 2019 we have seen over 9,000 stores close due to lack of sales. According to this information, ¾ people are still choosing to shop in person rather than digitally.
So why have so many stores closed you might be asking?
Stores are closing because they have lost the interest of their consumers. Some retailers have not accepted that the customers of 2020 are not the same as the customers of 2010. As consumers in 2020, we are looking for something different from physical stores that cannot be offered online.
Your customer in 2020 want experience.
It may seem obvious but something that contributes to the activity of shopping in a memorable way will keep gaining repeat customers for you. While people do prefer to be able to touch your products and see them in person, many will choose to not come into your store if you do not have something additional for customers to experience.
As you know, shopping is a social experience. Many people shop with their friends and family together. It provides an opportunity to catch up, or plan for a significant event in the future while you shop.
Although building experiences for customers is not a new concept in the retail sector, many stores refuse to adopt it. If you want to see success in your physical stores in 2020, you need to take on our recommendations on how you can build an experience for your customers.
Fed Customers are Happy Customers
One way to keep customers in your store is with cafes and bakeries. 56% of shoppers enjoy seeing these facilities in the shops they go into. Having these in your stores have multiple benefits.
A café or bakery will provide an opportunity to sit down and relax while making decisions about items in store. These keep consumers in your store for longer and can make shopping with your company a more social and enjoyable experience.
We have seen many companies adopt this into their stores. Brands such as M&S and Primark now operate their cafes and restaurant where customers can grab a bite to eat or a coffee. These stores are some of the few who have been able to grow over the last decade due to their consideration of consumer experience.
Some brands such as Next have partnered with coffee shops such as Costa to have them run their business inside of their stores. This is a great partnership to promote businesses and share customers.
This proves that having cafes and bakeries will increase the number of customers in your stores. This is because you are now providing another reason for them to enter and purchase your products.
Technology is constantly developing and changing producing new innovative devices.
One of the biggest experiences that you can offer to consumers that makes use of these new technologies is smart mirrors.
Smart mirrors act both as a mirror and as a screen. You can display the time, date and weather on the screen. However, this is only beginning to scrape the surface of smart mirrors.
Smart mirrors can be a powerful tool to engage with your consumers. Smart mirrors can identify your products, displaying product information and price. This allows your customers to easily learn about your products saving time for your staff.
Furthermore, when a customer is trying on clothes, smart mirrors allow you to browse the colour options of a particular product. This is an incredible technology that will revolutionise the shopping experience.
Smart mirrors are being implemented in well-recognised retailers such as Ralph Lauren which have resulted in high interest in their stores increasing the number of consumers coming into their stores.
Nearly 30% of people say that they are more inclined to enter a shop when they know that they can customise products post-purchase. This is the most direct way to engage with your customers.
For example, you may own an accessory company that allows customers to embroider their names into their products. This builds an experience for your consumers and acts as a unique selling point for your stores.
Many brands have already expanded into customisation. The company Boomf allows you to write personal messages and print your pictures on a range of times from boxes to marshmallows. However, this is only available online.
Over the last few years, at fashion weeks festivals in cities such as London and New York, brands have set up areas where people can have designs printed or embellished onto their products for their consumers. These can be set up either permanently in stores or be set up during events to attract consumers.
Unfortunately, all of these changes will be for nothing if you don’t tell people about it.
You need to make sure that people know about the changes you are making to your stores. There are multiple ways you can ensure that consumers know about the experiences that are now available at your stores.
You need to get people in to see your stores! Social media can be the best tool for you to use when you are telling people about all of the changes you are making.
If you are an established brand, you should have active social media accounts. Therefore, all of your followers and subscribers can receive messages and posts about the latest events and updates in your stores.
The new developments in your stores can be used to create content for your social media platforms. You should also encourage your consumers to take pictures and share the experiences on offer at your store on their social media profiles.
You might also want to consider promoting these changes through social media marketing. Running paid adverts on Facebook, Twitter and Instagram can bring in new consumers and keep your retail stores running.
All of this will ultimately bring in new customers and help you reconnect with previous customers, and ultimately showcase you as a company that champions the experience of your consumer.
Enhance your Online Shopping Experience
For your retail business, you need to make sure that the online experience that you are providing to your consumers is just as effective as if they were in your store.
Your website is the online face of your company. In 2020, there are many ways that you can make sure that you are keeping your site visitors engaged with your website and online store.
Virtual Reality and Augmented Reality!
We have spoken about the benefits of virtual reality and augmented reality when it comes to created quality video marketing content for your business.
But did you know that VR and AR can also help enhance your consumers online shopping experience?
One idea that has been taken on by many businesses is making the customer feel that they are actually in your shop. With virtual reality, a customer can move around your store and shop for different items that you have on display.
This completely changes the shopping experience and allows people to come into your stores and see what items look like with their own eyes rather than edited photos.
Alternatively, some brands install an AR feature in their apps. These augmented reality features give you the ability to look at yourself wearing the products.
They will see how you look in the mirror and overlay the product on your body. This allows you to view how the clothing may look on you. This can help produce more online sales for your business and increase your brand recognition.
Going into 2020, the retail industry will continue to change running in parallel with the developments of technology. You need to make sure that your business does not get stuck in the past.
As we have already established, you need to engage with your customers. Whether it is through customisation, food and drink stalls or technology in your stores, you need to think about what will appeal to your audience and keep your consumers shopping in your stalls.
Remember to post about these changes you make to make sure your consumers know about the changes you have been making to your store. This will give you content to post and could help expand your followers.
Contact us today to learn more about how Bmoozd can help your company grow. Remember to share this article online and let other people know how they can grow their healthcare business in 2020.