With the giant that is e-commerce, retail trends are continually shifting and evolving. Things that once seemed to be common sense, are now becoming antiquated formats. An example? Major retailers like Target, Wal-Mart, and Lowes have begun to invest in smaller store space. It no longer is a matter of giving as many products as much face time as possible. Instead, retail success means creating a presence that is convenient and approachable for the modern consumer, which means the consumer with mobile device, and constant-web accessibility in hand. Here are a few reasons that point to the value of a small, well-constructed store, with a strong online presence.
1. The economy has continued to impact shopping trends.
Historically, Wal-Mart was one of the first to push towards smaller neighborhood stores. This was a direct response to a continued decline in the sales of their super stores. As the Wall Street Journal points out, they will continue this trend by forging into the world of gasoline sales, stand-alone liquor stores, as well as fortifying their online game. Before, consumers were willing to make large, expensive trips to the store. Now, shoppers often have to make more frequent, smaller trips to accommodate smaller budgets.
All over the world, we often hear about unfair business practices, including apparel companies that rely on sweatshop labor to make huge profits. Sweatshop workers across the globe are often paid substandard wages for long hours, are subject to poor and hazardous work conditions, and are oftentimes very young children.
This is not the case with Timberland. Known for their signature 6 inch tan boots, the New Hampshire based apparel company’s reputation is solid. They dedicate themselves to protecting the environment, particularly tree conservation. As part of their service to the world, they plant 15,000 trees throughout China and the Dominican Republic.
Amazon is in the news again for drive thru grocery shopping, and many other retailers have hopped on the drive thru band wagon as well. Pharmacies and liquor stores were among the first to copy the restaurant model of allowing customers to pick up purchases without ever getting out of their vehicles.
Although comedians like to make fun of consumers for being lazy, there are good reasons for providing this convenience:
Pop-up stores have been around for years. You have probably seen a temporary Halloween costume store or Holiday gift stores which temporarily locate in an empty kiosk or retail location. However, recently Target has been in the news for their successful Bullseye Bazaar and Bullseye Bodega pop-up stores. So, why are pop-up stores so great?
Synchrony Financial is a trusted consumer financial services provider with over 80 years under their belt. They’ve just released The Synchrony Trend Spotter – The Latest in Retail and Consumer Marketing; the report outlines the things that consumers value most, and it highlights how retailers can best respond to those consumer priorities.
Synchrony Financial tracked the patterns that currently define retail and mobile platforms. These are the five most important trends they found: