Over the past 6 years, notwithstanding the turbulent global economic tides, the retail industry has been relatively resilient in maintaining single-digit percentage growth, despite the overall global decrease in consumer confidence. According to a report done by Retailnext, 94% of retail sales are still done at brick and mortar level rather than online. This shows that consumers still choose the in-store experience over online shopping and despite adopting slightly more modest spending behaviour, consumers remained steadfast with their in-store visits, proving that there is therapy in retail.
2016 was marked by the rise of mobile e-commerce, virtual/augmented reality, experiential shopping and of course the surge in the “treat yourself” phenomenon.
As we take our first steps into 2017, there are a number of consumer trends that have been earmarked to significantly influence the retail landscape. Looking at the various trends there are two overarching consumer needs that will dictate their choice of retailers:
The year ahead, much like 2016, holds a significant amount of uncertainty. Retailers will be expected to offer consistent quality service, innovation, convenience and exceptional experiences as well.
For more information on elevating retail and shopper experiences that deliver on consumers’ needs contact us.