In an era of increasing digitisation and globalisation, the traditional brick-and-mortar experience is more challenging than ever before. Consumers are shopping more frequently from their smartphones and tablets, and more niche brands and retailers are emerging and thriving. From e-commerce to brick-and-mortar stores and virtual shopping experiences, the future of retail is already here; the future will be both more personal and more digital than ever before.
With 43% of UK consumers saying they are shopping less compared to five years ago and 60% citing concerns about the environment as a reason, the retail industry is experiencing a period of transition. As a result, the focus is turning to how demographics are shaping the future of shopping.
Increasing Demand for Personalisation and Experiences
In the last few years, we have seen a shift in the way consumers shop. We are living in a reality where personalised experiences are becoming more important to consumers. With brands striving to stand out and consumers craving more unique products, retailers are turning to data and technology to create personalised and seamless shopping experiences.
This is particularly true in the luxury sector, where an increasing number of brands are using AI and machine learning to personalise product recommendations and recommendations for product tags. While shopping habits are still changing, the current trend is toward purchasing more online than in-store. As online shopping continues to grow, online retailers have an opportunity to provide a fully immersive shopping experience.
Consumers Want Brand Connectivity and Convenience
As consumers become more aware of their own digital footprints, they are demanding more from brands. Consumers are searching for brands that honour their social values and care about creating a positive impact. Brands that successfully navigate this balance between consumer expectations and business imperatives will attract more consumers and deepen their relationship with them. The best way to do this is with connectivity. As more consumers are spending their free time with digital devices, they are looking for brands that can seamlessly integrate with other platforms, including social media and messaging apps. As consumers become more comfortable interacting with brands across multiple channels, they will increasingly look for retailers that can provide a convenient shopping experience.
Shifting Focus Toward an Active Lifestyle
The future will be more active than ever before. With more people working longer hours and having more responsibilities at home, the idea of an “active lifestyle” is more relevant than ever before.
With this in mind, retailers will have to shift their focus toward an active lifestyle in order to attract and retain shoppers. Retail brands that successfully do this will have to offer a wide range of products and services to meet shoppers’ needs. This could include offerings that appeal to the growing market of shoppers who want to make their lives healthier and more eco-friendly. While offering a selection of products and services is nothing new, it will become even more important as e-commerce and digitalisation continue to grow.
Bottom line
By understanding the changing shopping habits of their customers, brands can better adapt to these new trends. By focusing on the needs and wants of their customers, brands can create an experience that is uniquely tailored to meet those needs and wants.
Additionally, data offers brands a chance to predict what products and services will resonate most with consumers. By using this data, retailers can then match their offerings with the changing needs and wants of their customers.
As the retail industry continues to adapt and evolve, brands will have to rely more on data and technology to stay ahead of the competition. By understanding their customers and the types of experiences they value most, brands can create an experience that is uniquely tailored to meet their needs and wants.
How are you using your data to improve your customer’s shopping experience? Contact us @ sales@retailit.com to see what solutions we have to help streamline your systems.
