If there’s one thing that we’ve learned from the past twelve months, it’s that changes in demand can happen rapidly. These changes in consumer wants aren’t just due to personal shifts in taste, although these organically develop over time, but also as consumers become influenced by cultural changes and unprecedented circumstances that are out of the hands of the consumer and retailer alike.
In today’s world, information, particularly, data denoting consumer behaviour is perhaps the most vital element in understanding shopper’s desires. For example, what customers are buying, how often they’re making a purchase, what items they’re viewing, how they’re viewing those items, and so on. The development of social commerce, now an $89.4 billion market at present, makes it easier than ever to sell products over social media channels by harnessing user’s data to create a personalised experience.
The connection of two-way communication allows customers to connect with an eCommerce business and make a purchase without even leaving the app, a seamless experience for them, and a potential for increased profitability for you. In other words, as consumers increasingly adopt omnichannel shopping, merchants must weave in the context and shopper intent, as well as extend personalization to stores, to put data in the heart of their brand strategy.
As consumers move more seamlessly between online retailers and brick-and-mortar stores, they increasingly expect the brands that serve them to do the same. The need for manufacturers and retailers to deliver omnichannel excellence has become more acute as the pandemic gives rise to a hybrid model of shopping that combines digital commerce with products and services delivered by a local store.
There has been increasing noise around the future of retail and the rise of omnichannel, the partnership of both can drive sales, create increased availability and integrate digital touchpoints.
Landing page adaptation
Most recently many of us in the UK and Europe have been forced to adopt the principle of slow living. We’re spending more time alone or with heavily reduced social groups, and in the comfort of our own homes, and so, the trend of adopting a steadier pace of life has been growing online, both in the content we watch and in the purchases we make.
Last year 86% of fashion purchases were made online. Unsurprisingly exercise equipment purchases also rose exponentially; online kettlebells sales rose by 419%. Loungewear also saw a surge in demand by 433% as consumers sought to find the most comfortable clothing possible. So how did retailers pivot to meet this demand? Retailers including ASOS and Boohoo were fast to jump on the demand for comfy clothing. Their landing pages played host to specific categories of clothing reflective of consumer’s demand. Even John Lewis remodelled their website after legging and loungewear purchases hit a spike of 1,303% in March and April of 2020.
Aligning inventory management with the necessity of your products is vital for a successful retail operation. To cater for changes in demand retailers should hold enough stock and safety stock that is achievable for them to hold, both in economical and physical terms. Choose a fulfilment provider that grants its customer’s access to a personalised dashboard where they can track and monitor their inventory levels, 24/7.
Retailers now and into the future have a great opportunity to harness the valuable assets available to them, such as consumer data, to unlock exponential business value with the final aim to convert this information into omnichannel strategies that could boost benefits brands and suppliers.
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