If there is one thing that retailers have learned in recent years, it is how to be resilient in a turbulent economic environment. Focusing on the future, here we show you the four trends that will mark the retail sector the next five years:
“More immersive” shopping experience
Today, consumers are constantly switching between digital, physical, virtual, and social media platforms to search, research, or make purchases. He omnichannel buying behavior it will continue to evolve. Consumers will discover new products and services while browsing social networks, watching streaming videos and playing video games. This will mean that the next phase of commerce will not focus so much on consumers choosing a channel, but on how stores can reach consumers and the places where they spend time and where their demand is born, where they discover products, where they can choose and where they consume In this case, experiences based on augmented reality and virtual realityalong with product sample videos, will become increasingly important as the need for users to make purchases in technological environments grows.
Loyalty to brands decreases and collaborations are valued more
Loyalty to brands will decrease because consumers will choose companies and products that suit their needs and fit their values. In fact, according to Insider Intelligence, 73% of shoppers expect brands to know how to identify their unique needs. For this reason, stores and brands should innovate in their offer with associations and collaborations. Also, according to internet retailingonline marketplaces will represent between 45 and 50% of online spending by 2025. These figures explain why stores must find the right partner that allows them to stand out and offer customers better shopping experiences.
Generation Z
Stores must adapt to the habits and preferences of generation Z. According to the Global Market Trends According to Google, 46% of consumers worldwide have already purchased products through online broadcasts with influencers hosting live shopping sessions. Specifically, compared to other video and social media platforms, YouTube is more likely to meet the top buying needs of Gen Z, both for quick impulse buying decisions and more thoughtful purchases. Besides, the generation Z confirms that 42% of their spending is in physical stores, the same as 38% of spending by millennials. Therefore, stores will have to develop more seamless omnichannel shopping experiences by leveraging digital in their stores.
More value and less risk for consumers
The consumers are increasingly placing more importance on the overall brand value proposition from a store than to spend less. In fact, a recent study by Google shows that specifying the advantages of buying in a specific store, such as fast shipping and free returns, has almost the same power as a discount on a product.
As personal identifiers disappear and marketers adapt to changes in the regulatory environment, stores and brands must lay the foundation for a proprietary data strategy with user consent. The applications will be key to establishing direct relationships with customers, which can help brands with the collection of their own data.