As technology evolves and consumer preferences change, retailers must adapt or risk failure.
The online sales site Afterpay has found three big retail trends from its experience with sellers and buyers.
- Authentic over aspirational
- Aspirational marketing where ultra-slim models and celebrities are a focal point is past its heyday. Today, consumers are looking for authenticity and inclusivity. Body positivity is in, as is diversity – and so are the brands that are embracing the move toward being more authentic and inclusive.
- Flexibility is fundamental
- Flexibility reduces friction and increases personalization. It gives people the ability to choose the most convenient way to shop – whether that’s direct to consumer (DTC) or via their favorite social media app, such as Facebook Marketplace or Instagram, or even in-store. Apps like Depop are also growing in popularity because they offer the flexibility to buy or sell as well as connect with different people and different types of fashion.
- Be innovative
- Innovation has always been essential for brands when it comes to bringing new products to market. But there is more pressure and more opportunity now for brands to innovate in other ways such as how they engage with consumers and the types of experiences they deliver.
This can take the shape of providing more of a blended physical-digital experience through new tools such as virtual reality and augmented reality. This also caters to many Gen Z’s preferences to balance the online experience with a more human element.