Despite consumer behaviors and trends changing at a fast pace, consumers continue to expect consistently great retail experiences, now more than ever.
This week we discuss evolving consumer habits and why some pandemic-born trends are here to stay.
THIS WEEK’S HIGHLIGHTS
- Latest retail trends: From appointment shopping to digital assistants
- Evolving consumer habits: consumers are demanding consistently great retail experiences.
- The Future Of Retail: Four ways for the retail industry to utilize AI.
FOOT TRAFFIC TRENDS
Industry insights so you can convert your foot traffic into more sales.
Evolving consumer habits
Regardless of where consumer habits bring people to shop, whether that be online or in-store, consumers are demanding consistently great retail experiences.
A recent survey by Ris news asked retailers what they think can be done to keep up with the ever-changing consumer habits. Some of the major takeaways included improving inventory visibility, empowering workers with technology, and becoming a master of the return process.
Today, about 30% of all products ordered online are returned, compared with only 8.9% bought in brick-and-mortar stores. According to a Peerless Research Group study, only 32% of retailers have any formal process for managing returns. By managing returns efficiently, you can reduce transportation and labor costs, enabling higher recovery of returned and excess inventory.
The latest on Retail Trends
While some trends come and go, there were a few trends that have stayed with consumers throughout the year.
Similarly to what we found earlier this year, nearly 40% of consumers are still willing to pay extra for climate-conscious products. Nearly two-thirds of shoppers (63%) would also recommend a product if they think it isn’t very harmful to the planet.
Security is still a major concern for many shoppers. In 2021, retail organizations saw a 75% increase in cyberattacks compared to the year before. If customers don’t feel that their personal information is kept safe, they become far less likely to make purchases at your online store.
Lastly, appointment shopping, which emerged at the beginning of the pandemic, is becoming a premier in-store experience that many customers are looking to have.