Retail industry being changed by six new consumer mentalities

  •  India
  •  May 06, 2019
  •  By WFB Bureau
Retail industry being changed by six new consumer mentalities

Consumers are no more demarcated as offline or online, they are in fact, sailing on both the boats with their own pace. If you go by the words of Pernille Kok-Jensen,Trend Director at Dutch Qualitative Research Agency, then she has very well talked about the basics of trends which retailers must understand. 

Talking at the Amsterdam-based trade show, Modefabriek; Pernille has stressed on the need to understand the trends of emerging consumers' mindset that retailers must be aware of.

Collision of the physical and virtual world:Online retail would be seen as an expectation rather than a convenience in the years to come. Moreover, consumers' on-demand lifestyle and the desire to have everything on the platter right at the moment; is going to demand speedy delivery of services from the retailers. Not just this, the consumers would also prefer to keep a track of their data usability as to where and how the data collected from them is being used in the retail space and how they are being benefitted from it. This would in a way expect more transparency from retailers and those companies being transparent about their data collection would be seen as more trustworthy by the consumers.

Pack up the traditional concepts with new style: With so much of information being fed to the consumers constantly, they are left with the only choice to filter the most authentic content. Brands filter such fashion consumers by using people whom they admire and go into the details of what these people buy and from where. From bloggers to Instagrammers, these influencers have a way to step into partnerships with more and more brands. They have been referred to as the "brand bandits" by Pernille who talked about how these micro-influencers on social media with 10,000 followers are giving their own twist to a brand and curating it that way. Brands which have their knock-offs with authentic clothing items yet misspelled label and their copycats as compliments of brands' success; tend to gain even more fans.

Be you and yet the best : Being best version of themselves is an aspiration for every consumer and for them, status has also been redefined with time. Now they don't go after strutting on the streets with a designer bag and luxury clothing to show their status. For them, designer goods have been replaced by doing something worthwhile and good for the society. They are more aware about brands and the impacts they are creating on the environment. Giving back gives them the joy of status. This trend has been very well materialized by brands like Adidas, H&M, Fabletics to name a few. By promoting body positivity campaigns and offering extending ranges of body cuts and sizes; such brands have affirmed a positive image in consumers' mindset.

Processes versus results-Serendipity on the go: In a fast-paced world, where consumers are heading on faster than before; a break is all they want. They would go for online shopping for getting things done in a speedy way. They would go for buying a pair of shoes but come back with a new haircut. This has led to the inception of 'concept stores'. The process of learning something new or innovative is catching the attention of consumers. They are excited about knowing something they didn't knew they needed. Results of a project or production is not what they are worried about. They in fact, are more interested in knowing about the process and the problems, failures and imperfections involved in the same. A brand which is open about all these is sure to get positive attention from consumers.

Five Senses involved :  Being a consumer means one is tirelessly using his eyes to stare at the screen; be it the laptop, TV or mobile phone. Eyes indeed need a good relief and a needful break! So in order to let the consumers use their other sensory receptors, a more straightforward trend is to let it happen like brands such as H&M and IKEA have been doing. H&M owned brand COS' add puts sound to the way that sounds like clothing being worn. 

Mainstreaming avant-garde : What used to be a status-quo for brands is no more linked to them. They have done away with placing limits on how people act, dress or shop. They who defined a person such as age, gender or binary structures and were reserved for a selected range of people, are now accessible and available for everyone and that is the change much welcomed and needed.

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