Retailers have a continuous challenge ahead to keep abreast of the emerging trends in retailing. Previously trends were longer term but there is now a definitive shift, trends are shorter periods of time and retailers will need to challenge themselves to meet the changes in consumer demand. Seven key emerging trends impacted by technology, culture, economy, ageing population and generational differences are evolving currently. Consumers are impacting these changes on retailers as a result of these effects:
Pressure Cooker: Death of the weekend with retailers opening longer hours and the convenience for online shopping. Consumers have information overload fatigue and there is no pattern to shopping. There is an increase in men shopping.
Mass Power: More power to consumers to change retailerís product. By the ease of voicing their opinions on web site chat rooms especially created to voice opinions on retailers.
Boredom: Simply shopping is not enough. Consumers have a need for entertainment and suffer from promotional fatigue and are sick of receiving spam leafleting.
The Me Factor: Consumers have a need for products reflecting their own individual personality and customization, novel and luxury goods fever are on the increase.
Nostalgia: Vintage returns to traditional; goods that were fun last time round are re-emerging. An example, the 60ís Mini Cooper Car, attracts huge demand from the younger market that want these vintage goods with modern twist.
For long-term retail survival, sustainability is vital. Retailers will need to incorporate not only a friendly efficient service but add speed, flexibility and personal attention. Retail landscaping is also paramount to this success. Retailers need to re-invent their strategic marketing plans to including multi channeling of the emerging trends, technology, online websites, home delivery and glossy brochures and research more about their customer profile specifics in order to directly target their market. Major shifts away from the middle mass and a preference to luxury and specialist goods in order to compliment personal emotions. With consumerís behaviour sporadical and no set pattern in the shopping methodology it will not be an easy task!