Consumer Behaviour Trends Analysis in Singapore Retail 2023
In the retail industry, consumer behaviour plays a critical role in shaping business strategies, marketing tactics, and the overall success of retail businesses. As such, it is important to stay up-to-date with the latest consumer behaviour trends. This report highlights three consumer behaviour trends that are expected to shape the retail industry in 2023.
Revival of Brick-and-Mortar Retail: The Key to Success Lies in Personalised Customer Experience
Despite the rise of online shopping, brick-and-mortar retail is going to be around for a while. Retailers must offer personalised customer experiences, particularly in high-end retail, to attract and retain customers. The trend of ‘Experiential Retail’ is on the rise, with customers seeking interactive experiences when they visit retailers. According to a survey, 60% of consumers are more likely to become repeat buyers after a personalised shopping experience. Retailers must focus on providing a unique, customised experience that meets the needs of their customers.
Sustainability and Social Responsibility: Key to Attracting Consumers in the Retail Industry
Corporate Social Responsibility (CSR) is becoming increasingly important to consumers when making buying decisions. Consumers are focused on the sustainability of production and practices of retailers, and they want to shop at outlets that prioritise sustainability and environmental responsibility. Sustainable products have been found to have a 5.6x higher average sales growth than products that do not market themselves as sustainable. Retailers must prioritise CSR and ensure their practices align with the values of their consumers.
The Power of Social Media Influencers: Shaping Consumer Shopping Habits and Brand Preferences
Social media influencers, particularly TikTokers and Instagram posters, have a significant impact on consumer shopping habits and brand preferences. TikTok is the fastest-growing social media platform in the world, with over 2 billion downloads worldwide. Retailers must stay on-trend with the latest Social Commerce patterns and pay attention to what is popular among young consumers. Influencer marketing is a powerful tool for retailers to attract new customers and build brand awareness.
Consumer behaviour trends are constantly evolving, and retailers must stay on top of the latest trends to remain competitive in the market. Personalised customer experiences, corporate social responsibility, and social media influencer marketing are all expected to play a significant role in shaping the retail industry in 2023. Retailers who prioritise these trends and adjust their strategies accordingly are more likely to succeed in the coming years.
Reference:
https://www.the-future-of-commerce.com/2022/12/06/retail-trends-2023/
https://explodingtopics.com/blog/consumer-behaviorhttps://www.shopify.com/enterprise/consumer-behavior-trends
https://www.bayretail.io/blog/top-10-retail-tech-trends-to-watch-for-in-2023
