How Retailers Can Keep Up with Retail Consumer Trends

Retail Consumer Trends

The past year has been a game-changer. Even before 2020, the retail world has been challenged by new technologies and other difficulties, but the past year shows us that everything can change in an instant.

So, what happens this year? What new challenges are waiting for us that we don’t know, yet. What we can say with certainty is that the new year means new trends in the world of retail.

Get ready to find out how retailers can keep up with retail consumer trends in 2021.

#1. Social commerce

Just like expected, social commerce will only continue to grow and expand. A more seamless way of shopping with just one click has been introduced. Consumers no longer have to go through third-party websites in order to make a purchase. Now, they can go directly to social media websites and apps and make any purchase they want.

This means that retailers can now connect to all the major platforms such as Instagram, Facebook, and promote and sell their products.

You must have seen by now, that posts on these social media platforms have product tagging that allows costumers to see the price of a product, description, and even the availability without even having to click on the post.

And once they click on it, they will immediately be directed to the shop where they can purchase the product. Easy as one, two, three really.

This is why many social media platforms are in a hurry to implement social commerce. This means that the fastest growing trend of 2021 will continue to be social commerce.

#2. Livestreaming and shopping

Another trend that is continuing to grow fast is live streaming or shop streaming. For some people, nothing beats actual in-person shopping, and during the pandemic physical contact was something we steered away from.

So, many retailers had to think of a convenient way to connect with customers without actually physically connecting with them. That’s where live streaming and shopping came together. Out of necessity, a new trend was born.

And if the predictions are right, this trend will become huge this year. Many retailers claim that their customers have traveled a long way to visit their stores, and now ever since live stream shopping was introduced, their sales have tripled and customers are only growing more interested in this kind of shopping.

Suffice to say that many brands are looking to incorporate live streaming as their new retail strategy.

#3. Offline e-commerce

We are aware that e-commerce is booming, but what is happening to traditional retail? Over the last few years, many online retailers have opened physical stores. Usually, these retailers that have started online opened traditional stores to allow their customers to interact with the product in person.

This transition from online to offline has been affected during the pandemic, but this year is going to see an increase in offline e-commerce. The Amazon Fresh Grocery Store is a good example of this transition.

#4. More paying options

With everything changing, it’s only right that the model of paying does, too. Apart from contactless mobile payments that have seen the rise this past year, the outdated way to pay for what you bought immediately is slowly being replaced by the pay-over-time models.

For example, brands such as Style State offer different, secure payment options including Afterpay. Afterpay, Affirm, and Klana are eCommerce platforms that offer the “buy now, pay later” system.

Subscription payment is another available way to buy products on regular basis. Subscription e-commerce is a business model that allows customers to subscribe to their favorite products and to discover new ones at a lower price.

Digital wallets are another convenient way to store funds, make transactions, and track your payment history. All you need is an app on your mobile and you can make transactions safely.

#5. AR shopping experience

2020 pandemic has accelerated many technologies, including the introduction of Augmented Reality (AR) and Virtual Reality (VR) in the shopping experience.

As we couldn’t touch and try on products in person we had to find a good enough substitution. And while AR and VR aren’t new technologies, they have become a nice way to bridge the gap between the physical and digital worlds.

And the good thing about AR is that it’s not strictly for mega-brands like Ikea. Smaller brands can now offer AR experience to their customers as well. All in all, the AR experience can be a huge help for retailers and customers.

Now that AR is slowly becoming an essential part of the shopping experience, and honestly, it will only continue to get big.

#6. ReCommerce and sustainability practices

Who doesn’t miss visiting thrift stores and second-hand shops? More and more people are looking for ways to live a sustainable life and one way to do that is by buying second-hand, previously used products.

This means that ReCommerce, also known as reverse commerce, is selling previously owned, either new or old products and items. Apart from ReCommerce, green consumerism is on the rise as well.

People are actively looking for eco-friendly products as a way to preserve the environment. Basically, what customers want is to see and buy from brands that advocate sustainability.

#7. Health and self-care in focus

2020 changed everything, even what we shop for. With the outbreak of Covid19, consumers are changing their spending habits and are focusing more on their health and self-care. This is something that will continue well into 2021.

When it comes to retail trends, this year the focus will still be on health and self-care.

Innovation, innovation, and innovation – the only way retailers can stay relevant is by keeping up with retail consumer trends.

We’re at the point in time where everything is changing rapidly and it’s sometimes difficult to keep up. That’s why you should always be up to date with all new trends in the retail world.

For More Latest Business Updates, and Information about Retail Consumer Trends, Visit Ground Systems Index.

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