Even small business and chain retail stores benefit from industry research. Many business owners with hard or soft retail products often underrate the importance of business analysis. According to them, market analysis is waste of time and money. However, in order to run a successful retain business, you need complete understanding of the market conditions and customer mindset. Retain industry includes various discount stores, niche businesses and departmental stores.
All these businesses are closely related to the customers and as a result, they need deeper understanding of their target customers and their demands. It helps them improvise on their production, marketing and advertizing skills. Market research reports provide information about the latest market trends in the retail industry. Along with market trends, these reports also provide valuable insight about the customer demands, segments and prevailing competition in this industry.
Market Trends in Retail Industry for 2013
Business owners in retail industry need to keep a tab on the changing market trends. Proliferation of social media and rise of various analysis firms have made it easy for the retailers to understand their target market and customers. When you hire a business research company, you can easily find out what the customers are talking about, liking and expecting from your products. Over the past one year, the retail industry has shifted towards technological innovations. Considering the past trends, conditions are only going to stay better. Following are the basic market trends that are likely to prevail in 2013:
- 1. Increase in Visual Marketing: Visual marketing or shoppable media is a crucial aspect of industry analysis and your marketing plan. Retail businesses are likely to resort towards videos, tutorials and various print vehicles to encourage current customers and engage potential customers. The rise in popularity of mobile computing will also have positive effects on retail businesses. You can easily use these mediums to promote your business or products.
- 2. Innovative In-store Strategies: Recent gain in the popularity of online shopping is forcing the retail businesses to innovate schemes and ideas to attract more customers. According to various business analysis reports, retail business owners should use digital signage, interactive panels, tablets, self-serve kiosks, etc. techniques are proving to be helpful for many retailers.
- 3. Increased Physical Presence: Increasing the number of physical stores is a recent trend observed in business research for retail industry. This is used as the best weapon to tackle the increasing number of online shopping stores. Stunning physical appearance of products gives you an opportunity to display your products and promote them. If paired with excellent approach, customers always prefer physical shopping to online shopping.
Apart from these trends, personalized retail industry research reports for your particular business give you added information and recommendations about your target market. These study reports contain suggestions for attracting customers and tackling the competitors with meeting unmet demands in the marketplace.
MarketsandMarkets is a global market research and consulting company based in the U.S. We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world.
North – Dominion Plaza,
17304 Preston Road,
Suite 800, Dallas, TX 75252