Trends in the Retail Marketplace
Consumers are more in charge than ever before. In order to be successful, and in some cases just to stay in business, retailers have to adapt to this new reality―and quickly. The fact is that moving forward we can expect the pace of retail innovation to continue to increase. So, what’s really happening?
It's a Consumer Market
Consumers now are very savvy on making decisions on where their money goes. With social media sharing, wearable technology such as smart watches, and mobile devices that are used for accessing product information, retailers are working harder to enhance the customer experience. To understand retail, you must first understand the consumer. Are you giving your consumers exactly what they want in the way they want to receive it through their online behavior?
According to Martha Van Gelder, Director of University of Arizona Center for Retailing, “It is a great time to be a consumer with unprecedented choices of where and how to shop. It is a very tough time to be a retailer competing in a rapidly expanding ecosystem where there are no limits or boundaries to the competition.”
We are living in a connected society. We’re online more than ever, especially mobile. In 2015, American consumers are spending, on average, 3 hours and 40 minutes per day on their mobile devices, a 35% increase from the year before. Adult smartphone owners in the US don’t go an hour without checking their phone, 75% of millennials are disconnected for an hour or less per day, and 50% check their phones before they sleep and after they wake up. As you can see, consumers trust information online and expect immediacy.
Micro-moments occur when people reflexively turn to a device — increasingly a smartphone—to act on a need to learn something, do something, discover something, watch something, or buy something.
Four things a retailer must do to succeed in a world of micro-moments:
1. Be Mobile - Service your customers, stay informed, and make decisions—from anywhere.
2. Be Relevant - Business Intelligence. Understand how your business is doing, and how to enhance your customer service and operations.
3. Be Engaging - Consumer engagement. Keep a “purchasing scorecard” for every customer—and know who your best customers are
4. Be there when the consumer wants you - Cloud services. Connect with your customers wherever they are (and wherever they’re headed).
How can retailers make sense of these trends and take advantage of the consumer’s thinking? Join us to explore retail best practices next week during the Eagle Online Academy. Classes are filling up fast! Learn more here.
Posted by Doug Smith, Director of Product Management, Epicor Eagle