Expert analysts at Mintel.com have looked into the evolving retail landscape and identified 3 key trends that brands should tap into to succeed amidst this transformation:
- Make shopping in-store more fun: To encourage more in-store shopping, winning brands like Uniqlo and H&M are transforming traditional shopping journeys into more immersive experiences, making in-store shopping a unique event rather than a mere transaction.
- Use Technology: The way people buy fashion has shifted, and young Gen Z and Millennial shoppers tend to combine in-store and online shopping, with their smartphones being used to complement the store experience. Brands like Zara are excelling at using technology to remove the friction from in-store shopping.
- Sustainability at the Forefront: Amidst the escalating consumer drive towards eco-consciousness, sustainable practices such as in-store repairs and resales will set brands apart.
Tamara Sender, Associate Director – Fashion Retail at Mintel, added that “Consumers can effortlessly browse for and purchase the latest fashion online, so stores are having to evolve to meet the changing needs of their customers…Key to fostering brand loyalty, however, also requires retailers to unify the retail experience using the latest technology, removing the friction from in-store shopping and allowing customers to seamlessly move between the physical and digital. As sustainability grows in importance both for consumers and businesses, stores can become a focal point for highlighting a brand’s environmental credentials. Offering alternative retail models such as repairs, resale, and rental in-store will tap into growing demand for people looking to reduce their carbon footprint and save money.”
