Monday, September 27, 2021

5 Retail Market Trends for 2020

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The Australian retail market has been on the rise over the past few years, and is now considered as one of the top competitive markets in the world. These retailers are providing services to increase customer loyalty and attract new customers. However, the retail market is constantly evolving, so it has become do or die for many brands. So how does the Australian market keep up? Here are five of the most prominent trends for 2018.

 

  1. A few years ago the focus was on getting the most or the best item for the lowest price, but recently we have seen changes in buyer behaviour. Today, people are placing emphasis on environmentally friendly, vegan and sustainable goods. There is more focus surrounding how the goods were made and sourced, with shoppers willing to pay a premium for items that meet that criteria. To combat this, many brands are changing the materials they use and how they make their products in order to meet consumer demand.

 

  1. Millennials are often criticised for wanting things immediately, this means retailers need to keep up. With online shopping still being the preferred method, online stores are trying to cut down delivery time further. Online shops like The Iconic have set the bar high by offering next day delivery for most items, and even same day delivery for some. The speed of delivery is clearly important, so we will see lots of other retailers improving their delivery times in order to stay competitive.

 

  1. Although shopping can be enjoyable, there is some shopping that no one wants to do- the weekly food shop for example. The goal is to make this type of shopping quicker and easier. One way retailers are trying to achieve this is by creating subscription services, and offering auto-renewals. This takes all the thinking out of essentials shopping and will mean that you only have to adjust or change if your lifestyle needs change.

 

  1. Personalisation has been a growing trend over the past couple of years, and its not going away for the foreseeable future. Brands like MonPurse have been paving the way for other personalised goods. Consumers want complete control over their purchases and are willing to pay extra to receive these touches. However, personalisation has evolved from having your name engraved on something, shoppers now want the ability to choose the colour, fabric and size of items. This is something you will be seeing many more businesses incorporating.

 

  1. Cash is old news, most people choose to use card now, but what happens if you forget your card? It appears that debit cards may also be on the way out. Most smartphones now offer features like ApplePay and AndroidPay. We can expect to see many more shops accepting this form of payment. The convince of having everything accessible from your phone is appealing to many people, so to keep up the shops will have to make this a service they offer.

 

The main thing when it comes to the retail market is versatility. Brands need to change in order to survive.

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