In January, TrendSource joined 29,000 National Retail Federation members at Jacob Javitz Center in New York City for the NRF’s annual conference to connect with retailers from around the world and learn about the hottest trends in 2013. Below are our top five (5) takeaways from this year’s conference
1. The Social Media (R)Evolution
It’s probably not appropriate to refer to it as a revolution at this point, but the evolution of social media persists and retailers are doing their best to keep up. The challenge isn’t necessarily getting people – it’s keeping them engaged and utilizing them as brand ambassadors.
2. The Showrooming Phenomenon
Roughly 6 to 8% of total customers are showroomers, meaning they visit a location to sample and “experience” products on the floor with no intention of buying. These showroomers either leave a location to shop online, purchase the same item at another store/online, or negotiate pricing based on competitive offerings while they are in the store. Showrooming percentages will absolutely increase in 2013 and beyond, so what strategies will retailers implement to create a differentiated in-store experience and win showroomers’ business?
3. The Who, What, When, Where, Why and How of BIG DATA
It was virtually impossible to go anywhere without hearing or seeing the words “Big Data.” The emphasis of big data at the conference had to do primarily with analytics, integration and real-time answers to retailers’ most pressing questions.
4. Online Sales Will Continue to Rise
Online sales are booming, accounting for approximately $96 billion worth of sales during the 2012 holiday season and that number is expected to increase as savvy, deal-seeking shoppers’ purchasing power goes up.
5. Differentiating and Enhancing the In-Store Customer Experience
Even with improvements in technology, social media, loyalty cards, etc., the in-store customer experience remains the most critical retail component. Retailers need to be highly committed to the guest experience in order to meet and exceed shoppers’ expectations, which relies heavily on the ongoing development of integrated in-store insights achieved through market research tactics like customer intercepts, voice of the customer (VOC) surveys, mystery shopping, etc.
From a retailer’s perspective, what are the hottest trends we can expect to see in 2013? Is the customer still king or is technology changing the way business is conducted?
