Canadian Consumer Trends – Does your Merchandising Strategy Measure Up?

When you develop a merchandising strategy with the thought of increasing your bottom line, the best way to start is by analyzing current consumer trends. A recent CBC report, “5 Canadian Consumer Trends to Shape the Future of Retail,” did just that by looking at what consumers want from their retailers. The Business Development Bank of Canada study found that “value-conscious Canadians want local, healthy, customized goods they can research online.”

The report outlines the top 5 consumer trends:

1.      Trend #1: The buy-local movement. According to the report, Canadian consumers are shopping close to home. In the past year, 45% of respondents reported buying locally-made Canadian products for both ethical and environmental reasons.

2.      Trend #2: Rising health awareness. Canadians as a whole are becoming more health conscious and their buying choices reflect that, especially when it comes to aging consumers. 50% of Canadians consider the health impacts when making a decision to buy, and one-third will pay a premium for products that are better for them.

3.      Trend #3: Frugality. Even as the economy continues to stabilize, for many Canadian households incomes remain stagnant and debt is still an issue for many individuals. With this in mind, many Canadian consumers report still being mindful of prices and cautious when it comes to spending. This is especially important when it comes to those retiring baby boomers living on fixed incomes.

4.      Trend #4: The desire for customized goods. So many customers are looking to purchase exactly what they want these days, and won’t settle for just anything. New technology has made it possible for them to make these purchases, so offering a variety of goods is a smart strategy to entice consumers.

5.      Trend #5: The impact of the internet. This one is huge, but even so, some retailers are still trying to ignore it. Consumers can now do an immense amount of research online before they finally make the decision to head in-store to buy. At the same time, online shopping continues to account for an increasingly large portion of consumer spending, so ignoring online sales all together is a bad idea.

These Canadian consumer trends are not exactly surprising, and for the most part these results correlate with things that have been happening over the past few years. With that said, they have grown in importance and as a retailer you can no longer ignore their impact.

For more about what the results of this study mean and how you can implement a plan to take advantage of them, please contact Storesupport today at 1-877-421-5081, or visit us online at www.storesupport.ca.

Check out the complete article here: http://www.cbc.ca/news/business/5-canadian-consumer-trends-to-shape-the-future-of-retail-1.2129072

The Future of Retail: A Consumer Perspective

It is not news that things in retail have been changing, and continue to change, with the newest tech advances in the marketplace. For a few years now online shopping has made huge headway when it comes to retail trends, and the preferences of shoppers everywhere are beginning to shift. Consumers are no longer content to have just one avenue to conduct their shopping.

Check out this interesting infographic Business Insider which looks at the future of retail from a consumer perspective.  It is based upon a global study, but much of the information contained within it is quite illustrative of the trends seen throughout individual nations. 

 

 

The Consumer Perspective:

-        60% of consumers want access to multiple retail channels (web, mobile, physical). This means that retailers should have various channels open and in use.

-        Consumers want some recognition – 61% said they want online stores to keep track of their purchases to make things easier the second time around.

-        56% said they would spend more at bricks and mortar stores if they could browse through their merchandise online first – so make sure to have a website up that gives at least a taste of what you offer.

-        30% responded that they didn’t think most stores were ready for these trends yet. Are you?

To meet the growing needs of today’s consumers you have to be ready. As this infographic demonstrates, the expectations are there – be sure that you can meet them.

For more on the future of retail and how to meet customers’ expectations please contact Storesupport today by calling 1-877-421-5081.

Bricks & Mortar Stores – Downsizing Your Footprint? Strategies for Success

2013 was a huge year for many big box stores when it came to downsizing or consolidating. A number of well-known stores chose to close locations over the past year, some as a response to the growth of online sales and others as a result of declining sales.  And this trend continues with several other stores looking to downsize their bricks and mortar footprint in the New Year. 

This downsizing trend can be a major project, one that requires planning and organization. Both retailers and brands located at retail need to be mindful of the impacts that a poorly executed downsizing can have on brand recognition and customer loyalty. So how can you maintain consistency during this process?

Whether you are a retailer or a brand, we’ve got some downsizing best practices to adopt for success.

Retailers: When you downsize, who is going to handle the extra work that comes with that? Your regular staff? If so, who will handle customer service? People support can be a huge part of any downsizing project. When you are moving to a different location, extra hands on deck are crucial to ensure efficiency. Whether you are moving stock, setting up shelves, or restocking, having enough people to handle the job is essential. Just because your store is going through a transition doesn’t mean that service should suffer – otherwise your reputation and image will suffer as well. A company that can offer the experienced and professional people support you need is the best way to go.

Brands: Planogram compliance is going to be a major challenge when it comes to a retailer’s decision to downsize. When you first set up your planogram, you likely made sure that it was done properly or were aware of compliance issues. However, once a store moves and the responsibility to correctly set up your planogram falls into the retailer’s hands, it can be difficult to ensure compliance. Instead of worrying about that, find a professional merchandising company to take care of it. This way you can ensure the plan is followed to your exact specifications and that any issues will be handled immediately.

If you are planning to downsize in the coming months, or know of a scheduled downsizing that may impact the performance of your brand, you need to be prepared. Waiting until the last minute is a surefire way to encounter problems, and so why not get things organized well in advance – that way you can tackle any issues as they arise without having to worry about planning at entire move or renovation at the same time.

Planning to downsize in the future? Let Storesupport help you cover all the bases. Contact us today by calling 1-877-421-5081.

New Year, New Strategy – What Does Your 2014 Retail Merchandising Plan Entail?

It is that time of year again. The holidays are behind us and the rush to get things prepped and ready for shoppers is finally in the past. This time of year often represents a slower period – so why not take the time to regroup and revamp? This New Year, get your retail marketing plan in tip-top shape. 

So, what does your 2014 plan entail? You likely already have a system in place to ensure that you have the right people and the right processes – but this doesn’t mean there isn’t room for improvement.

Move forward by looking backwards. First of all – before you revamp you need to review. Go over last year’s numbers – what worked and what didn’t? If things were great in one area, but not stellar in another, clearly there are improvements to be made.  

Check your inventory. Maybe the New Year means inventory time for your business. Knowing what is in your stockroom after the busy holiday season is crucial if you want to avoid shortages in the coming weeks. This may necessitate extra people support after your seasonal staff is gone, so find a merchandising company that can offer trained and experienced temporary employees. 

Price check. Make sure that ticketed prices and signage is correct coming out of the busy season. Even a small signage mishap can be costly, so make sure that you take the time to review those prices and replace any tags that no longer reflect the most accurate price.  

Stay up to date.  Keeping up with the latest retail trends is crucial, especially at this time of the year. People are often looking for the latest and greatest, even when they don’t know it, so make sure that you are keeping abreast of those changes. This could be something as simple as recognizing the growing importance of eco-friendly products and ordering to suit this need to something as complex as entirely new visual merchandising trends. 

Get some help. Having a plan in place for the coming year is important – but what if you don’t have the time to execute it or don’t really know where to start? A merchandising company can help with everything from extra people to planogram execution and compliance to complete merchandising plans.  

This year, maximize your return on investment with a retail merchandising plan that takes into account the newest trends and the most popular customer wants/needs. Storesupport can help. Contact us today by calling 1-877-421-5081 or visit www.storesupport.ca.