- Two prominent generations, baby boomers and millennials. For a retail store to cater for the baby boomers (60-70 year olds), retailers need to adjust so that it is easier for them. On the other hand, for the millennials, retailers need to focus on fast but excellent customer service due to the fact that this generation wants things here and now; thus they are impatient.
- 87% of consumers factor the corporate social responsibility (CSR) into their purchases. This is where companies for example, "Warby Parker whom implement a "Give a Pair" initiative to make eye care more accessible to the less fortunate". This makes the consumer feel good due to the fact that they feel like they are contributing to a worthwhile cause.
- Personalised loyalty programmes are what needs to be implemented. Consumers these days are not excited by the spend-and-earn reward initiative implemented by many retailers. Retailers need to come up with more imaginative efforts for loyalty programmes to spark consumer interest again.
- Look at more modern pos technologies. "Cloud-based point-of-sale systems have proven that they can outperform old-fashioned registers in all aspects (performance, functionality, looks)." This could be as simple as using an iPad and mobile eftpos machine for each of the stalls so that they do not need to be designed with a counter for purchasing.
- "Create the location into a destination, rather than just a store."
- Design the store and provide product according to the demographic and location. Access the needs of the local communities and design accordingly.
- Bottom line is that it's all about the customer experience - improve customer experience to win with consumers. "Ask yourself if your efforts are truly making shopping faster, safer, and more enjoyable for your customers."
http://www.vendhq.com/university/retail-trends-and-predictions-2015
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