Even as consumer behavior and trends rapidly change, there is a growing expectation among consumers for consistently excellent retail experiences.
This week we discuss evolving consumer habits and why some pandemic-born trends are here to stay.
Today’s Rundown
- Latest retail trends: From appointment shopping to digital assistants.
Digital transformation: How AI Is transforming the retail industry.OUT NOW – Q2 2023 Benchmark Report: Click HERE to see how your store compares to the industry average.
Evolving consumer Behavior
Regardless of where consumer habits bring people to shop, whether that be online or in-store, consumers are demanding consistently great retail experiences.
In a recent survey conducted by Ris News, retailers were questioned about their strategies for staying aligned with the continuously shifting consumer habits. Some of the major takeaways included improving inventory visibility, empowering workers with technology, and becoming a master of the return process.
Today, about 30% of all products ordered online are returned, compared with only 8.9% bought in brick-and-mortar stores. According to a Peerless Research Group study, only 32% of retailers have any formal process for managing returns. By managing returns efficiently, you can reduce transportation and labor costs, enabling higher recovery of returned and excess inventory.
Click HERE to learn more about how to keep up with the ever-changing consumer-behavior.
The latest on Retail Trends
While certain trends may be fleeting, there are a handful that have remained consistent with consumers over the course of the year.
Similar to our earlier findings this year, almost 40% of consumers are still willing to pay a premium for environmentally conscious products. Furthermore, a significant 63% of shoppers would readily endorse a product if they believe it has minimal negative impact on the environment.
Security is still a major concern for many shoppers. In 2021, retail organizations saw a 75% increase in cyberattacks compared to the year before. If customers don’t feel that their personal information is kept safe, they become far less likely to make purchases at your online store.
Lastly, appointment shopping, which emerged at the beginning of the pandemic, is becoming a premier in-store experience that many customers are looking to have.
Click HERE to learn more about the latest retail trends.
Retail Snippets
Holiday prep: Back-to-class shopping expected to reach record levels.
Digital transformation: How AI Is transforming the retail industry.
Secure your store: Data breaches continue to cost retailers millions every year.
Random Irrelevance
Photos: The 2nd supermoon of the year illuminates the night sky around the world.
Light bulb ban: Prepare to flick off your incandescent bulbs for good under new US rules.
The Gap Vintage Craze: A collection sourced from Gap’s archives from the 1980s onwards and second-hand clothing stores.
