Three trends identified by 20/CENT Retail
To complete the “2021 trend series”, it's my turn to tell you what I expect. Of course, I have not browsed through the various reports published by other experts. And the aim here will not be to repeat or summarise what other retail specialists have said before me, and I will certainly not refute their hypotheses either.
My intention is quite simple, I would like to complete the series of articles published on the subject with my thoughts and expectations for this new year, and therefore to share My 20/CENT with you.
After much reflection, it seems to me that there are three points to focus on in the near future:
As a result of forced closures and various lockdowns, digital has experienced a meteoric rise in 2020. Whether by default or to test, many consumers have become active online, and many will continue to be so in the future, even if all restrictions are lifted.
For retailers, food and non-food, it is therefore important to be present on all channels and offer the same experiences and satisfaction through each of them. And this will have to be done quickly, while increasing the profitability of each channel. The capacity limits that some networks have experienced in 2020 will be less and less tolerated by consumers.
This represents an immense amount of work for the various retail players and requires even greater flexibility for workers who have to face the demands of ever more demanding consumers.
This "online and physical" duality is not just a challenge for retail players. It is also found in the world of events. Digital makes it possible to compensate in some way for fairs, exhibitions and conferences without an audience. However, this digital and virtual activity will continue to be developed by event organisers. It will therefore no longer be a back-up option, but rather an opportunity for all organisers to work on hybrid events and activities.
The price you pay
Finally, one last trend seems to grow in the last few months. And after analysing the latest developments in the market, I am convinced that this trend will continue to progress. It seems that the various players (retailers, or brands) are trying to divert the consumer's attention from the simple price element. I know, some of you will tell me that this is simply classic marketing, which consists of arguing to get a sale. But in my opinion, this movement goes further than that.
The consumer is more and more informed, he is more and more interested in where his purchases come from, in his health and so on and so on … So, it may be time to educate your consumer that certain things have value. And it seems that some retailers and brands have started that process. It is time to educate consumers about why prices are set at a certain level, and to convince them to make efforts when justified. This legitimacy of value can be part of an ethical framework, or be based on well-being, or health, or even on quality... In any case, the fight to seduce the shopper will not only be fought over price. It will actually be interesting to note the evolution of loyalty programmes rewarding responsible purchases, and the one of discounters who have to move away from their communication based only on the price argument.
In any case, regardless of your role or activity in retail, I wish you tons of success in the coming months.
PS: I have hidden different musical artists in this article. Can you discover them all? For the right answers vincent@20CENTretail.com
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