In this article, we’ll dive into how understanding and learning about retail trends are critical to business success, from brand trust to new technology.
So you’ve started your business, and are looking to grow.
There are plenty of opportunities around – perhaps you want to improve your marketing budget or improve your stock of wholesale hats in Australia.
With so many options, and the chance to succeed or fail, it’s important that you can gain advantages wherever possible.
Fortunately, you’re not alone. Understanding retail trends has become a multi-billion dollar business in recent years, with research firms and commerce departments undertaking extensive studies and research to understand what’s coming for retailers in the years ahead.
Let’s explore how utilizing commercially available retail trend data can be an important factor in driving business success over the long term.
Build Trust as a Brand
A recent study conducted by global communications firm Edelman found that trust is a crucial factor in product sales. In fact, their study in 2019 found that while reputation is important as a brand, trust drives a sale – with some 67% of survey participants identifying company trust as a crucial factor in staying with a brand.
Fundamentally, trust is built on a few key factors. Part of that is the element of a high-quality, trusted product experience. Take, for example, the regular purchase of a household staple such as milk or bread.
With so many options on the wall, one could simply purchase a different variety of milk or bread every week – perhaps never trying the same product every week.
However, customers behave very differently. They buy a product, try it out, and if they like it, perhaps if the same product is there the next time they shop, perhaps they’ll purchase it.
By providing a product that meets or exceeds customer expectations, you can build trust with your clientele and encourage them to stay loyal to your brand.
Understanding Customer Preferences
Another thing to consider is the customer experience. Where trust is one thing, understanding what your customers like is a great way to develop your brand into a trusted, well-liked product that meets customer preferences.
Consider looking at work done by professional firms in the realms of retail trends and consumer analysis. Many of these reports are free, such as the work conducted by Accenture, and they’re a great way to obtain key insights into the wishes and preferences of your customer base.
Taking Advantage of New Technology
There are a number of ways to gather information about customer preferences. One such way is gathering data through feedback forms and customer queries – it’s a great way to touch base with customers and get an idea of what they’d like to see more of within your store.
An additional way of understanding customer preferences is to understand the available data.
Businesses generate a large amount of sales data annually – spending some time to understand what products are high sellers, and what may not be performing as well, is a great way to get to the bottom of what currently works and areas of improvement.
There’s a wide range of technologies available that can take advantage of data to improve business operations. Modern technologies such as online inventory systems, digital receipts, and forecasting programs allow you to make the most out of your business.
You Avoid Surprises
Finally, understanding the trends that are present in your industry is a great way to prepare yourself for change.
While events such as a pandemic or natural disaster may not necessarily be able to be predicted with any certainty, developing your brand in a way such that it is prepared to handle significant events is a great way to ensure that your brand is around for a long time, and not simply a little while.
Don’t be afraid to make changes to your brand if you believe they’ll help you in the long run. Consider multinational video game titan Nintendo – would you believe that when they started as a business more than a century ago, they began their brand selling playing cards?
In fact, they still do so today – highlighting just how much that preparing and adapting can change can be key to surviving as a brand for a very long time.
It can be incredibly rewarding to run your own brand. However, it’s important that you avoid the pitfalls, and plan appropriately to maximize the chances of your business succeeding.
Don’t be afraid to leap into research and try new things – you never know, you may just be the next major brand that gets introduced to the world.