With the rapid changes in modern retail promoted by hyper-connected consumers, new opportunities and challenges are opening up to improve the operational efficiency and profitability of the retail business.
It is essential to highlight the “efficiency of the retail business” and not only “the efficiency of the store”. The new retail is characterized by integrating definitively and efficiently the entire process involved in consumer relations – whether or not passing through the physical store.
The world needs help, and its residents are looking for solutions and actions to make it better. Anxiety about the climate is already a reality, as well as the desire to limit or reverse the damage caused to the planet’s ecosystem. This new emotional consumer reaction will require retailers to come up with new strategies.
The long-lived generation
People are living more and better. Brands need to be aware of this market. First world countries, such as USA and Japan, recognize that it is difficult to deal with the aging of the population and the significant changes that happen in the distribution of income. According to the UN, this issue will bring about the most significant social transformation of the 21st century, with implications for all sectors of society. According to research data carried out by the International Longevity Center, people over 50 in the UK spend a total of £ 314 billion a year, which is equivalent to approximately 43% of total household spending on product consumption.
End of ownership
It’s not about having, it’s about living. The shared economy gains strength in a scenario that consumers are more open to experiencing and brands need to understand the dynamics of this new market. People are failing to spend on things to invest in experiences. And it has been noticed. The product discovery process also seems to have changed forever: today’s consumers stop “going shopping”, but at the same time, they never stop shopping, as they are always connected to mobile apps and Instagram.