Retail trends come and go, though sometimes you see ones sustain for years and years. Three top trends this year more or less reach back to standard business practices while keeping one foot into the coming decade. If you’re going to stay competitive in the increasingly busy business world, it pays to heed some of the most popular trends and build on them. While this adheres to packaging practices, it also applies to basic principles and philosophies. Continue reading
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”.
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:
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:
Big-name stores have always been the enemy of startups and small businesses, but this may be changing soon. Many of these retail monoliths are on a downward slope, particularly J.C Penney, Macy’s and Kohl’s, all of whom are reporting losses and fewer customers perusing their stores. This is bad news for the big guy, but what does this mean for you? Where are their customers going?