Market Overview

Retail Predictions - Take It from the Customer

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  Retail predictions are singing a very different tune regarding present and future business.  The consensus is: it is not the retailers who are going to direct how the market should go.  Rather, it is the customers who are going to dictate on the choices they will be making.  2014 will see the actualization of such a prediction.  What are the changes that the customer expects from retail stores?

 More Use of Technological Devices

   Consumers will like retailers to be more technology savvy.  After experiencing the convenience of online purchasing and fast shipping, they are expecting that everyone will follow suit, including traditional stores.  As of this writing, there are brick-and-mortar stores that are using devices to make information readily available for in-store customers, to make purchases and payments a lot easier and to make possible sharing of information with friends and relatives while customers are visiting stores.

Retail Predictions– More Mobile Stores

   Undoubtedly, there are people who want to save time by buying things that are brought almost to their doorstep.  No, this is not the type of transaction that one gets with online store purchasing and delivery system.  This is rather the type that goes with some companies who drive their trucks around to sell food items and clothes. Retail predictions in  2014 states that the revenue from this business type will increase by as much as 50%.

 

 Loyalty Programs Will Be Invented

   If you will be trying your luck this year with an online or an offline business, you must be serious with your research and not copy the loyalty programs that others before you have employed.  No matter what types of rewards you have in mind, the old strategy will not work.  Many have actually abandoned them.

   Make sure that your loyalty program will incorporate customization in your rewards, ones that can make your customers really happy.  For 2014 , retail prediction market analysis says that one must consider shopping behavior, social information and personal benefits in structuring the company’s loyalty programs.

 

    Retail Predictions– Transactional Speed is Very Important

  The decades that passed witnessed how transaction speed has become a mantra among consumers.  Consumers need quick answers to their questions and need a quick response to requests.  You will have to work harder because consumers are going to put up with slow transactions.  They want to immediately enjoy the product they are eyeing so make sure you are always ready.  Don’t give customers a reason to hop to the next store simply because you can’t answer a simple question.  Being connected to the internet all the time will do you a lot of miracles.

The retail business world is a busy world and no one can possibly know everything that’s happening around so it is retail predictions and trends that play a vital role in predicting the future trends. Customers are not going to expect perfection from their stores, but when they sense that you are not doing enough to keep them satisfied, they will do the necessary action – find a store that can give them what they want.  It’s the customer’s call that matters – now and even tomorrow.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

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