Business First Family Business, Accounting, Finance, Investing, Marketing And Management
Are you the owner of a small retail business? If so, you need to keep up with all the latest retail trends year after year. This is the only way to keep you business competitive in an industry dominated by retail giants. In order to keep up with all the top trends in retail, all you have to do is keep reading. Here are some of the biggest retail trends of the year for small and medium enterprises.
More Men Shopping
One of the most uprisings retail trends of the year is the rise of male shoppers for retail stores and not just service proposal template type shopping. Men are now outspending women by 13% according to some studies. Likewise, menswear sales are expected to grow by 8.3% in the coming year. This places men’s retail on track to outperform women’s retail by almost 2%. If you own a retail business, now would be the time to start marketing to men and carrying menswear or other products for men.
Desire For Community
Modern consumers want a community dynamic added to their shopping experience. Sephora is one of the retail companies doing this the best by leveraging the advantages of internet. They have a BeautyInsider community for all the members of their BeautyInsider customer rewards program. This community allows Sephora customers to interact with one another by asking and answering questions, giving advice and talking trends. If you want to capitalize on emerging retail trends in 2018, incorporate a communal aspect to your customer rewards program. These community interactions will boost brand loyalty and enhance your positive brand image with consumers.
Quality, Transparency And Sustainability
Consumers are no longer uninformed. That is why they are no longer okay shopping at the retail businesses of old that are not focused on social responsibility. Product quality is a huge concern for modern shoppers. Likewise, company transparency and sustainability are decisive factors for today’s consumers. That is why ethically conscious companies like Warby Parker, Toms and similar are doing so well in the modern retail market. Quality, transparency and sustainability are three key retail trends for every small business owner to place emphasis on.
Increased Focus
Retail trends indicate that consumers are now much more interested in a smaller, more personalized shopping experience. Customers, mostly millennials, prefer more focused shopping. What is a millennial? Simply put, they are the target audience of many retail stores because they are the largest demographic with the most buying power. This means good news for small business owners, like yourself. Now is the time for smaller, specialized stores to reach out to new customers. According to recent retail trends, this will be very successful.
Going Mobile
Another retail trend that is perhaps not so surprising is the steady growth of mobile commerce. Shopping on a mobile device, like a phone or a tablet, with and address verification system exploded during recent Cyber Monday and Black Friday deals. This mobile retail growth is not expected to slow down any time soon. Small retail businesses should look to bring their store into the modern retail industry by creating an app. This will help you to stay competitive and keep your doors open in the age of e-commerce.
Small business owners have a lot of stiff competition when it comes to retail, especially during the post Christmas downturn. However, staying up to date on top retail trends will help you to stay ahead of the curve and keep customers coming to your store. The most popular retail trends of the year hint that this could be a good year for small business shopping. Take advantage of this surge in conscious consumerism by bringing these retail trends to your business.
Photo from http://info.mkmdistribution.com/blog/bid/403281/10-Retail-Ecommerce-Fulfillment-Trends-for-2015
