Raydiant’s State of Consumer Behavior 2022 report has provided a valuable perspective on consumer preferences and brick-and-mortar retail trends.These customer insights have shown clear indications that the future physical retail will be defined by these trends:
Bargain Hunting
Research indicated that 24.8% of respondents are more likely to shop at stores that provide in-store discounts. Values, savings and bargains are top-of-mind among shoppers. Providing deals in stores is a sustainable solution that creates intrigue and value each time a consumer shops.
In-Store Experiential Elements
Leveling up in-store experiences can provide the utmost value to consumers. Raydiant’s survey found that 21.7% of respondents said that “experiences aimed at generating fun” can compel them to visit a new store and make return visits. This was the second-leading reason for consumers to leave a current brand for another.
Providing unique, standout experiential elements can bring in a wide array of new customers, whiling sparking the interest of old ones.
Convenience Shopping
For 23.8% of respondents, convenience is the second-leading factor in their decision of where to shop. Convenience includes BOPIS options and the ability to shop quickly and efficiently without confusing layouts or long checkout lines. Self-service shopping gives consumers the option to do things themselves, providing convenience and efficiency.
Technology Savings
In-store technology not only brings convenience, but also creates an opportunity to advertise competitive pricing. Retailers have found that using tech to deliver savings is a leading trend for consumers.
In-store signs, kiosk screens, and other dynamic displays can also be a cost-effective form of advertising. Apps also allow retailers to reach customers at any time and can expand the reach of physical stores.
Word of Mouth
Most consumers are likely going to share about their store experiences – whether they are good or bad. It’s up to retailers to craft a unique brick-and-mortar environment that caters to each individual and their needs. While it’s impossible to please everyone, the most successful companies in the market work diligently to understand their customer’s preferences. Offering convenient pricing and compelling in-store experiential elements are two things that are bound to spread positive word-of-mouth.
Source: Brick-and-Mortar Consumer Trends – Fast Company
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