Even long before the Covid-19 pandemic, consumers were known to have the ability to change their minds. As a business, you constantly have to adapt to consumer trends and behaviours in order to retain revenue. But, how do you do that? This article looks at how you can adjust your business to cater for new consumer trends, factors influencing consumer buying behaviour, trends to look out for in the retail industry, and more.
A look at the trends
The recently released Euromonitor International Top 10 Global Consumer Trends report shows that 2022 will see consumers taking back the power they were forced to relinquish due to the pandemic and forge their way forward according to their passions and values. The report shows how shifting consumer behaviour is disrupting businesses through a few global trends. Here is a look at some popular ones:
- Backup Planners: Covid-19’s disruption of supply chains led to a shortage of products, but Backup Planners took control to get ahead of the crowd by using subscription services or community group buying to secure deliveries and, when thwarted, finding alternatives, or even delaying purchases or changing shopping habits. Backup Planners stay consistent in getting ready for anything and, no matter how much the world changes, their love for preparation has them always wanting to shop this way.
- Climate Changers: Because Covid-19 has been a catalyst in the transition towards a net-zero economy, concerns over climate change have grown, and consumers are looking to brands to step up with them in taking action through the products they purchase. Climate Changers make more sustainable choices and demand action and transparency from brands – there is no gap between climate awareness and intention to act.
- Digital Seniors: The pandemic broadened older consumers’ minds to the benefits of the digital world as they were forced online when the world shut down. As a result, this group is adopting more tech solutions to assist with their daily lives, such as browsing and shopping online. They embrace virtual solutions for socialising, health screenings, finances, and learning. TikTok is one platform which these consumers use because of their digitally native grandchildren, influencing and empowering them to be on social media.
- Financial Aficionados: While uncertainty, instability and lockdowns caused certain consumers to spend less and save more, others turned to apps to make smart money moves. Financial Aficionados increased their financial literacy and found alternate income streams, such as investing in the stock market and turning hobbies into businesses.
- Self-Love Seekers: As life returns to normal, consumers crave comfort and love. No longer in survival mode, these consumers are embracing the future and are proud of overcoming hardships. Self-Love seekers prioritise their happiness, feeling comfortable in their own skin and indulging in goods and services that elevate their sense of self and align with their motivations and identities.
While everyone is adjusting to the new normal, as a business, you need to start or change some of the current trends in your business in an effort to attract traffic and sales.
Here’s how you can stay in the know, plus some recommended trend ideas:
- BOPIS And BOSS: The buy-online-pickup-in-store (BOPIS) and buy-online-ship-to-store (BOSS) have been gaining more traction since the dawn of the new normal.
- Virtuality Is The New Reality: Beyond BOPIS and BOSS, customers are now relying on AR and VR to try out glasses, clothing and even furniture virtually! For instance, car dealerships have virtual tours and paint companies offer filters to help you decide on a colour.
- Enter The Metaverse: With strict social distancing requirements, consumers learnt how to stay connected, forming new online communities that offer a range of interactivity, from live streaming to gaming. As the digital world evolves beyond virtual hangouts to immersive 3D realities, consumers are embracing these digital spaces to socialise with communities.
- Stay Sustainable: People don’t want to just purchase a product these days. Everyone wants to be part of making the world a better place. Try to sell products that promote sustainability at all times.
The much-needed upgrades
Having to adapt to your consumers and target audiences’ trend behaviours and interests can get a little costly. You may need to make some operational changes, employ new staff to handle certain things, do research and buy new equipment. As a retail business, you can take advantage of industry finance from financial services providers such as WesBank. You can calculate your potential monthly premiums before you even sign up to get a sense of what to expect. Financial services providers help businesses handle the day to day running while they handle the finances.
Final thoughts
Setting up your retail franchise and keeping it in ship shape can be costly. Keeping up with consumers can mean having to employ new staff that will be able to deal with the behaviours and service those consumers. Always research what other businesses in the same industry as you are doing in order to determine what works and what doesn’t.
