It’s important for retail businesses to stay up-to-date on the current trends in the industry. After all, the trends seem to be ever-changing! As a business owner, what are the trends you should look out for in the new year? Read on for a break-down of the trends that will make the biggest waves in 2016.
Social Media Shopping
More and more often, shoppers are turning to apps to help them get their shopping done. Lots of companies big and small are releasing apps from which shoppers can purchase an item with the tap of a button. Shoppers are even selling their own gently used clothing online through apps like Poshmark. Expect apps to play an even bigger role in the coming year.
This social phenomenon of an age group is technology-savvy and active on social media. Millennials are flocking to online shopping experiences, and studies have shown that TV advertisements and stores with mobile capabilities are very influential in getting them to purchase. Millennials are overtaking the Baby Boomers in driving the American economy today — they account for a lot of retail spending.
Speaking of mobile capabilities, touchless payment is growing exponentially and reaching more and more businesses. Even coffee conglomerate Starbucks will be launching Apple Pay in 2016. Apple Pay makes purchases quick and easy, and there’s the added benefit of extra security.
Less Brand Loyalty
Just a number of years ago, it seemed like shoppers were loyal to certain stores they frequented most — from Gap to Abercrombie & Fitch to Calvin Klein. Studies are showing this is no longer the case. Customers are ditching specific brands and instead shopping more often at boutiques and smaller brand-name stores.
Yelp has been exploding in popularity recently, and more people are browsing online reviews before visiting a shop or restaurant. People are trusting their fellow consumers to give real, honest opinions about the quality of a store. As with almost anything, this can either hurt or help your business. Because of this power placed in online reviews, many entrepreneurs like to respond to comments, to show genuineness and excellent customer service.
Customers will be shopping smart in 2016. Expect more shoppers to visit price comparison websites before making big purchases. It’s the reason more stores will also be offering price-match guarantees. This benefits both customers and stores in the long run — customers will be happy about saving a bit of money, and stores can gain some permanent shoppers.
Many of the retail trends in 2016 will be driven by the digital age — technology that is meant to enhance a customer’s shopping experience. Don’t be surprised if your business starts to fall behind because you haven’t embraced technological and mobile capabilities in your company. It’ll take some time to introduce this to your business, but the pay-off will be huge if you do it right.
For more advice on technology for your small business in the coming year, visit our website at www.biz2credit.com.