In my last blog, I talked about how retailers and suppliers are finally starting to realize that instead of focusing on consumer trends, they need to focus on consumer demand. I also discussed how the growing focus on demands is changing the trajectory of consumer trends.
In the second part of this two-part blog series, I want to give some insight into the future of consumer trends and what retailers and suppliers must do to stay in the game.
What’s next for consumer trends?
The main change we will see in the next few years is that the industry will continue to cater to consumer demands more than ever before:
- Competition will become even more intense with convenience services including call-in, pickup, and overnight deliveries.
- We will also see even more new marketing ploys and advertising to get consumers to become loyal customers. Any retailer that can’t change as rapidly as the consumers demand will be left behind.
- Today’s retailers are working to get on target with both their communication and transparency and that will continue to be the name of the game. Retailers that can quickly adapt their strategies will come out the winners.
- The needs of varying generations and ethnic groups will continue to be a major factor in the retail industry.
- It will not be easy for retailers to stay up with the media demands from consumers. Social media presents challenges now and retailers must find ways to get information to consumers if they want to be successful. Smart phone use will continue to be the biggest factor in this.
- Consumers will become even more aware of price margins and maintaining loyalty will depend on the retailer’s ability to offer the best price.
- Private label will continue to grow, and retailers will find ways to compete against CPG brands, making it paramount for those national brands to find ways to continue to stay relevant.
As retailers and suppliers move into the future, one thing they must understand is how quickly consumers can do a proverbial 180 on you. A once loyal customer can easily be turned to another retailer or product. Better and ongoing training of employees and other key players must be a focus.
Fickle consumers are changing more rapidly than ever before and if your retailer team is not watching, they can expect usually loyal customers to be easily swayed away.