It is essential retailers stay relevant by addressing consumer shopping trends. The retail industry has undergone a significant transformation and it’s continuously evolving. Stores are changing and new technology is emerging, retailers must adapt to the changes. Those who prepare for the trends will remain competitive.
Here are some of 2019’s shopping trends!
Experiential Retail
The old model of retail was focused on sales and products being sold. However, retail is evolving to be about more than simply walking into a store and purchasing. An emerging trend is ‘experiential retail’ which has been driven by millennials due to their preference of experiences over products. Consumers are now seeking an engaging shopping experience. Retailers can add value to their shopping experiences that consumers cannot experience online. Consumers want excitement, authenticity and meaning. Now is the time to push the boundaries of your in-store experience!
Virgin Holidays have certainly adopted this trend. With a range of retail concept stores they have created an immersive shopping environment. Consumers can try various components of the holiday experience, from trying the plane seats to a ‘roller-coaster’ that allows you to visit a variety of global destinations.
Sources: Instagram, The Resident and I-am Online.
Subscriptions
Consumers are seeking shopping that is tailored to preferences but, also delivered directly to their doors. This has resulted in the rise of subscription-based shopping, it has become an increasingly popular way to purchase products and services online. The subscription market has grown more than 100% in the last 5 years (McKinsey and Company).
Subscriptions are easy, convenient and exciting, this trend will continue to rise throughout 2019!
Sources: Crate Joy, Inter Weave, Buzzfeed and Pay Kings.
Corporate Social Responsibility
Consumers want to know how products are being sourced and what they contain. As a result, consumers are becoming increasingly conscious of the products they buy. Millennials have a preference to purchase with businesses that manufacture sustainably and have ethical business standards.
Changing attitudes towards corporate responsibility have resulted in consumers expecting businesses to do more than simply make a profit. But, to also address social and environmental issues. It’s important for a business to find something that resonates with their brand. Be sure to read next week’s blog post on Sustainable Business Practices!
Sources: Brand Shopping, Eco Business, Matthew’s and Sagales.
E-commerce Delivery Expectations
Delivery costs and time can impact sales, approximately three quarters of consumers consider delivery when making a purchasing decision. A study showed that the maximum time consumers will accept to receive free delivery is 4.5 days which has decreased by 1 full day from 5.5 days in 2012 (Marketing Charts).
This trend is to continue throughout 2019, as a result brands are increasingly thinking of new ways to stand out from the crowd with innovative delivery solutions. Amazon are at the forefront of this concept, they are adopting a 30-minute delivery strategy by using drones to deliver packages.
Sources: Carpal Fleet, Bloomberg, Drone Enthusiast and APS Fulfilment Inc.
By adopting to the evolving competitive landscape, 2019 presents businesses with an opportunity to grow by embracing shopping trends!
