The New Consumer Fitness Trends

The revolution in retail has been marching steadily on over the past decade.

As retailers we must understand the forces driving the revolution and then explore new ways of responding and doing business in order to capture and larger, more loyal bases of customers. We must then converge all touch points and channels to meet the needs and desires of our savvy, time poor consumers.

Consider the external shaping forces:

• The role of technology and its impact at all levels of retailing.
• The well documented rise of the internet and it’s revolutionary impact on the world in which we live.
• The global economic crisis which has created a series of aftershocks such as consumers spending less and looking to save more

Consider also the consumer forces at play:

• Consumers’ increasing desire to have input into the desire and construction of purchases.
• The desire for more direct access to the source of goods.
• Higher expectation of the retailer in efficiency and enhanced retail experiences.
• Reconfigured buying habits including 'pretailing' (researching on line and across channels prior to purchase)

Retail is reacting to many of these influences through increased discounting and the more ‘unfit’ are facing a battle to survive.

So where is the good news?

There are some clearly emerging fitness trends that retailers can learn, implement and conquer in the new way of doing business.

• Consumers are demanding ‘make it about me and make it now.’ ‘Fit’ brands are changing to be more ‘navigational’ - helping consumers through all the complexities in modern retailing.
• With less disposable income, we are seeing a reduction in impulse purchasing to the perceived ‘must have’ items. The retailers’ goal is to trigger the emotional attributes of their offer to move the purchase motivation from the ‘like to have” products to “must have” products. ‘Fit’ brands are therefore basing their strategy on emotion – not price.
• “Your brand matters!” (Ross Dawson, author of Trends in the Living Networks) Just as we keep our credit card score in good shape, ensure you keep your brand reputation spotless – it will become a quantifiable asset.
• We are seeing ‘choice overload’ and there is growing evidence that customers are seeking ‘edited choice’ rather than complete choice.

Ensure your offerings are personality based so consumers can lock in instantly to their edited choices.

• You obviously would be from another planet now to see the rise of the mobile from phones and multi channel distribution points. We can purchase, process credit cards, accept payments, and link to our social network and online research with our mobile devices. Have you considered the implications for yourself as a retailer? Are you making it easy and accessible for your customers to do business with you when and where they want?
• ‘Be Green to be Seen!’ The sustainability message is become increasingly critical. Fit companies such as WalMart require all suppliers to have sustainability ratings on all their entire product range. Understanding product foot printing (a life cycle picture of the climate impacts of your products and services) will become the norm so make it your business to stay informed.
• Network opinions and crowd sourcing are becoming increasingly in vogue. Fit retailers are actively using social media channels to gain live feedback and opinions on a wide range of topics from preferred catalogue styles to consumer trends.
• From sales to marketing. More and more consumer research is going into the sales call, rather the marketing of products and services that align to your customer’s research. Know what your customer wants, how they want to buy it, when they want to buy it and be there for them!
• Overall, the new fitness message is about being better, more value laden and faster than your competitor.

Want to learn more about consumer trends?

The Retail Doctor’s ‘Fit for Business’ breakfast series continues in Melbourne on 29th July and Sydney on 31st August with the next event ‘Customer Connectivity – 2010 and Beyond’.

This breakfast seminar will explore trends in consumer behaviour and draw on global and local best practise to give you the tools and knowledge you need to connect with your all important customers. Visit www.retaildoctor.com.au/events , email louise@retaildoctor.com.au or phone 02 9460 2882 to register today.

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