Retail Insights: 5 Trends and How Research Can Help You Take Action
There’s no shortage of retail trends. They’re fun to learn about, but it can be hard to discern what they actually mean to your business. Still wondering how to act on 2024 trends? Research can help! Here are five retail trends from the experts at PSFK, paired with practical ways that research can help you take action.
1. Trend: Innovation in Delivery and Fulfillment
Data to Collect: Explore customer preferences and pain points related to delivery. Gather insights on the effectiveness of current delivery methods and the willingness of customers to embrace innovative solutions.
Example: Conduct focus groups to understand customer reactions to drone delivery and AI-enabled carts. Uncover preferences, concerns, and the potential impact on the overall shopping experience. This qualitative data can guide retailers in refining their delivery strategies for optimal customer satisfaction.
2. Trend: Prioritizing Customer Experience
Data to Collect: Dive into the emotions and experiences of customers during their shopping journey. Understand how AI and interactive events enhance or detract from the overall experience. Capture feedback on the effectiveness of personalized recommendations and interactive elements.
Example: Organize in-depth interviews with customers who have engaged with AI-driven shopping assistants or participated in interactive events. Explore their feelings, preferences, and the impact on their perception of the brand. Qualitative insights will guide retailers in fine-tuning AI implementations for a seamless and enjoyable customer experience.
3. Trend: Focus on Sustainability and Social Responsibility
Data to Collect: Uncover customer values and expectations regarding sustainability. Gauge perceptions of eco-friendly designs and ethical practices. Understand the influence of sustainability on purchasing decisions and brand loyalty.
Example: Deploy surveys and interviews to delve into customers' perceptions of a retailer's sustainability efforts. Understand the emotional connection customers have with eco-friendly practices and how it influences their brand loyalty. This qualitative data will guide retailers in authentically integrating sustainability into their brand narrative.
4. Trend: Integration of Technology in Retail
Data to Collect: Explore customer reactions to shoppable TV, digital tools for merchants, and blended physical-digital experiences. Understand the effectiveness of these technologies in influencing purchase decisions and enhancing the overall shopping journey.
Example: Organize a series of focus groups to gather diverse perspectives on shoppable TV experiences and the integration of physical and digital elements in stores. Qualitative insights will unveil the nuanced preferences of customers, allowing retailers to tailor their technology integration for maximum impact.
5. Trend: Collaborations and Partnerships
Data to Collect: Understand customer perceptions of collaborations and partnerships between retailers. Explore how such alliances influence brand perception and customer loyalty. Identify the factors that make collaborations appealing to the target audience.
Example: Host online forums or community discussions to gather insights into customer reactions to collaborations. Understand the emotional connection customers have with joint ventures and how it influences their purchasing decisions. Qualitative data will guide you toward strategic partnerships that resonate with your audience and add value to the shopping experience.
Innovation is exciting but it can also be overwhelming! Commissioning a research project is a practical, manageable first step to explore how significant the trend is for your business. Pay attention to your gut reaction to which trends will prove to be meaningful and use customer research to help validate your hypothesis and build your business case.
