5 Retail Trends to Follow Now
As consumers continue to seek convenience and instant gratification via mobile devices, retailers are challenged with thinking about new ways to generate customer interest and loyalty. To develop insights in these areas, Synchrony Financial recently tracked existing and emerging trends impacting both the retail and mobile payments space and published them in a new report. The report shows that consumers are particularly interested in the following:
1. Content marketing: With shoppers’ moral and emotional viewpoints in mind, retailers are tailoring their marketing efforts to convey a lifestyle or experience, rather than just sell a product. People who believe in the message can help share excitement for the brand. Social media can also offer marketers the opportunity for free content advertising, which gains traction through sharing by people who believe in the brand message.
2. Athleisure wear: For many people, casual clothing designed for exercising and (almost) everything else has become the "new denim." Some athleisure brands have surpassed sales of denim classics, and 80 percent of respondents to a recent Synchrony Financial survey said they have worn "athleisure" clothing for occasions other than working out. Many of today's consumers prefer comfort that allows for both movement and style.
3. Instant delivery: Retailers are going beyond free shipping and launching same-day delivery services. Some car services are even partnering with retailers to provide same-day delivery of groceries, clothing and other goods. Many customers value convenience and instant gratification, and will pay to get it.
4. Affordable high-end fashion: To extend their reach, many retailers are fostering partnerships to provide accessibility to high-fashion brands. Between mass-merchant retail brands offering high-fashion lines and low-cost retail brands collaborating with high-fashion lines, these items are made available to a wider range of the income scale.
5. Rented/used apparel: Twenty-four percent of U.S. consumers who responded to a recent Synchrony Financial survey said they have rented clothing, and 34 percent said they found the concept of renting appealing. Retailers can reach a larger audience through a rental business model by allowing their customers to tap into trends and rent apparel for special events at a fraction of the purchase price. In addition to one-time rentals, there are retail apps that allow owners to trade used clothing or send in items they want to rent out. These companies collect and store items, and handle delivery and dry-cleaning, much like a traditional rental company.