The Week in Retail: 10 Must-Know Retail Industry Trends

//The Week in Retail: 10 Must-Know Retail Industry Trends

The retail industry has undergone a tremendous amount of change this year. A number of retailers have either filed for bankruptcy or were acquired this year while other retailers are growing quickly and expanding internationally. The growing use of mobile and omnichannel environments are changing shopping habits. Here is a fantastic summary of 10 retail trends that are changing the industry. (Retail DIVE)

Luxury brands took a long time to create online shopping sites because they believed this channel would not appeal to luxury shoppers and would harm their brand image. They believed that luxury shoppers wouldn’t take to shopping for expensive goods online, preferring experience buying in a store. Trend has now shifted. Luxury brands have recognized the need for a strong online presence in order to build customer relationships and increase sales. (Iamwire)

Almost 30% of apparel shoppers say price is the most important factor they consider when they are making a purchase. Comfort is second, at 22.5%, while brand (13.4%), celebrity endorsements (11.0%) and style trailed further behind (10.3%). Quality materials (5.4%) and trends (1.1%) had little influence. 55% of shoppers also had a preference for buying clothing at a physical store. (emarketer)

Its no surprise that Millennials choose retailers for different reasons than elders. Millennials are by far the most price-sensitive with low pricing driving their choice of retailer while Baby Boomers and seniors often choose brands based on the service they received and how they were treated. (Chain Store Age)

Feature Photo Source: Arthur Crowther

2017-10-03T20:02:11+00:00