A highly innovative, ever-evolving segment, retailers know that in order to create and support growth, they have to keep an open mind and be willing to kick “business as usual” to the curb. Constant changes, ranging from shifting global policy to advances in technology, make adaptability an essential trait for successful retailers, wholesalers, and distributors.
With this in mind, it is no surprise that three new consumer trends are on the horizon—and they’re getting ready to change how businesses in the consumer goods and retail industry operate—for good. Is your retail operation ready to adapt?
Emerging Markets Take the Stage
Consumers in emerging countries, including China, India, and Indonesia, are key to ongoing retail success.
According to a study conducted by McKinsey, the Asia-Pacific middle class grew by 18% over the last decade. Over the next, it is expected to grow nearly 30%. By 2020, studies show that there are expected to be more than 1 billion new consumers spending anywhere from $10 to $100 per day. That’s one consumer trend that your business can’t afford to ignore.
New Value Drivers Influence Today’s Consumers
One of the most important and far-reaching consumer trends is the shift in the value drivers that influence the purchase decisions of today’s buyers. While the traditional value drivers of price, taste, and convenience still apply, a study conducted by Deloitte found that 51% of today’s consumers are motivated by a new set of value drivers:
• Health & Wellness
• Social Impact
Digital Consumers on the Rise
You remember the 51% of today’s consumers that are motivated by evolving value drivers? Well, that same 51% is well-informed. And they depend on a variety of digital sources, including social media, mobile apps, and more to make their purchase decisions.
You may already know that your brand needs to be positive and prominent on social media and other digital sources. But, what you might not know is that $0.56 of each dollar spent in a bricks and mortar store is influenced by a consumer’s online interaction with the brand. (Source: Deloitte)
What’s more, e-commerce is growing. In 2010, e-commerce sales accounted for $8 billion in retail sales. In 2018, it’s projected to comprise $36 billion in retail sales.
AVOXI Solutions Support the Consumer Goods and Retail Industry
Ready to learn how AVOXI’s cloud communications solutions can help your retail operation address these consumer trends?
Request a demo or contact an AVOXI VoIP specialist today to learn more.
- Communications Solutions for Consumer Goods and Retail
- [eBook] Solutions to Support Multiple Sales and Distribution Model
- How Cloud Communications Enable Retailers to Reach Emerging Markets
- Consumer Buying Patterns Powered by New Value Drivers