The retail industry’s transformation in the past decade will continue on this 2019. Retailers in Lakeland shopping must find a way to adapt to these changes by considering the shifting demographics, attitudes, and consumer preferences. This 2019, the market will be defined by emerging technologies and e-commerce trends as consumers continue to change the way they interact with brands.
Social consciousness and corporate responsibility
Consumers are changing the way they see the world and consumerism. This means that they are more inclined to support businesses that they feel emotionally connected with.
They no longer shop with their wallets. They shop with their emotions, too. This is why retailers must focus on their corporate responsibility and social consciousness to attract consumers.
Whether it’s focusing on eco-friendly products or doing your part to the local community, your business cannot exist on profits alone. Consumers now dictate that you must be socially active, too.
In 2012, consumers are willing to wait for an average of 5.5 days for the items they bought online. A recent study showed this dropped to 4.5 days on average. Cutting down on shipping time is vital for any e-commerce.
Amazon Prime, for example, ships products in as fast as two days. This trend will continue this 2019 as brands try to find a way to differentiate themselves from an increasingly saturated market.
No longer are brick-and-mortar stores simply built to sell products and make a handsome profit. They must provide an experience like no other.
Tech companies, for example, are building stores just so customers can have the “experience” of using and working with their products. They don’t necessarily try to make a hard sell of their products.
They just provide the experience and let the consumers decide to purchase the products at a convenient time. In fact, there are other stores and malls that offer “experiences” that don’t necessarily have a relevance to the items and services being sold.
There are malls that have rock climbing indoors or a mini carousel or race track. Retailers are beginning to see the advantages of offering experiences rather than just products and services.
Subscription e-commerce defines businesses that curate products and ship them to customers on a regular basis. Whether it’s a new makeup line or clothing, shoppers seek these products that are tailored exclusively for them. In a report by McKinsey & Company, 15% of online consumers signed up for subscription services in 2017.