It’s often said that you make your own luck. Here are seven top trends that will help retailers thrive in today’s (and tomorrow’s) marketplace. There’s no guarantee that opening a pop-up shop or accepting Bitcoin will result in a big payoff – but it never hurts to know what consumers are responding to.
Social is now fully embedded in the online retail and marketing landscape – from Pin It buttons to Facebook shares – but the endgame for many platforms and retailers is a frictionless in-stream transaction, where sales are made directly from social. Look for a “Shop” tab on Facebook and e-commerce sites that include chat and forum features in an attempt to replicate shopping offline with friends.
ON THE SPOT SERVICE
The future lies in relocating retail to reach shoppers wherever they are with on-the-go selling and on-the-go service. Pop-up stores and food trucks perfectly illustrate this trend. A new breed of vending machines offering everything from SPANX to benefit Cosmetics are also catering to convenience-craving consumers.
CONNECTED FITTING ROOMS
New technologies are digitizing the fitting room experience. The memory mirror, for instance, captures a 10 second, 360-degree try-on clip that the shopper can review at home or send to a stylist (or BFF) for instant feedback. This technology benefits the retailer as well: the data is used to determine demographic appeal of certain products and conversion rates.
Forward-thinking landlords are proactively curating their tenant mix to create new retail and dining hubs centered on product and lifestyle interests. Competing retailers and restaurants often complement each other to draw more traffic.
It’s no secret that our culture spends an unhealthy amount of time wired into the virtual world –so a counter trend was inevitable. This year has seen the launch of internet-blocking apps, off-grid holidays and the resurgence of low-tech, premium stationery and manually operated gadgets.
More consumers are beginning to re-imagine money and think about alternatives to cash, such as the Bitcoin. While retail adoption of Bitcoin is still in the early stages, a handful of businesses are beginning to accept it as a form of payment – most notably Overstock.com.
The public’s blind faith that their transactions are secure is giving way to more cautious attitudes. Cryptography is the act of taking a piece of information and making it impossible to understand without a code. Recent security breaches have renewed interest in the concept, and early adopting businesses are beginning to explore cryptography to assuage the privacy fears of their consumers.
To learn more about how we can improve your odds in any retail market, contact Lisa Maloof at firstname.lastname@example.org or 404.478.4162.
Data and images from WGSN.