Colors can impact our mood and how we feel about a certain product, display, packaging collection, you name it. Retailers who identify and tap into that frame of mind will have a distinct advantage over their competition. Pantone Color Institute forecasts color trends and works with companies to maximize their marketing strategies through the use of color. As Pantone suggests, “When 80% of human experience is filtered through the eyes… the choice of color is critical”.
One of the most popular trends of the past year has been how brick-and-mortar retailers are revamping the experiences they provide for customers. Anyone can sell an item, but the companies that last are the ones that invest in crafting a unique story that connects them with their customers. Studies show that customers love experiences and companies are going the extra mile to create new ways to give them the best. The newest innovation on that front comes from a start-up in Denver called Spruce-Bot (Check out the bot in action). While mobile POS devices and store apps (Think Amazon Go.) have been moving steadily into the storefront, Spruce Bot is going in a different direction. Continue reading
The landscape of retail is ever-evolving. There is a current tension showing that while e-commerce grows and grows, the physical storefront still absolutely matters to customers. Sure, it’s changing – brick-and-mortar stores are increasingly becoming smaller in relative square-feet – but consumers are attached to the traditional. Which leads us to wonder if perhaps entertainment and retail will become more interconnected than ever before.
On 10th Avenue in New York City, there’s a new store gift store called STORY. The store’s concept is aimed at creating and selling experience, just as much as it does tangible products. The store’s theme changes constantly, and all items within the store change to reflect that theme.
Millennials, aptly named because the majority of this population reached adulthood around the year 2000, represent 25% of the American population and possess more than $200 billion in purchasing power annually. Retailers are looking for way to attract this demographic; a population that is more comfortable with rapid change and less concerned with the traditions of their parents.
Entrepreneur magazine has distilled the results of two research studies that indicate the shopping habits of millennials; from all indications, the traditional retail experience will need an overhaul to attract this consumer group. Overall, the results show that retailers need to do the following to keep up with Millennials’ shopping habits:
There’s a shift happening in the hearts and minds of shoppers across the country. Instead of finding new and improved things to buy, they’re seeking out new experiences to remember.
While retailers from Urban Outfitters to Macy’s and Bed, Bath and Beyond saw slumping Holiday sales after a tough 2015, 2015 was also the year that air travel saw record high sales coupled with record low ticket prices and the restaurant industry grew by 8%. Experiential shopping like dining out, vacations, pampering, and classes are all on the rise. And it’s not just because of millennials (although millennials are leading the charge, with 54% reporting they purchased experience-based gifts this holiday) – retailers who serve diverse age demographics are all reporting that the trend towards buying experiences is hurting their bottom line. And this trend is set to accelerate with the restaurant industry and travel industries set to increase by 27% by 2019.
So what are larger retailers doing to counteract this trend and what can small businesses learn from these retail giants?
There a few major retailers who have found ways to cater to experience seeking shoppers. Fitness and yoga apparel giant Lululemon has begun offering a concierge service that will help their shoppers book fitness classes and plan their ideal running routes. By encouraging the fitness habits of their shoppers, they’ll be driving up demand for their products as well as offering their shoppers an experience that they wouldn’t otherwise have access to.