Buying and Selling Trends since 2010April 9, 2016
If you are a buyer or a seller there is only one thing that will support your cause and that is information. The kind of information you need is what is trending. Find out what customers want while customers find out what sellers are selling cheaply.
Consumer loyalty will be driven by retail experiences. For Rakuten directors, entertainment and retail converge. Today shoppers want a retail experience that reflects their tastes, both online and offline. To provide this experience, retailers have diversified their offers, but they often offer their services separately. With the arrival of 2015, retailers are bringing those different elements together under the same roof to offer a more connected experience that opens the door to new opportunities such as cross-selling, and strengthening customer loyalty throughout the entire retail and entertainment ecosystem.
Mobile commerce will continue to gain ground. It is predicted that in 2015 33% of online sales will be done via mobile devices. As this trend gains ground, more retailers will invest in mobile retail environments and marketing. This in turn will resound in greater adoption of omni-channel commerce, as retailers will try to offer the retail experience through multiple channels.
Retailers will have to ensure that they customize their products to satisfy the needs of sixty and seventy year olds in the coming years. This is a generation that puts alot of value on how they look.
Most boomers will be in their 60s and 70s next year, and retailers that cater to these consumers would need to adjust to make shopping easier for them. As consulting firm PwC noted, “the Baby Boomer generation will age with increased financial resources and with a greater emphasis on youth and vitality than previous generations. As a result, they not only will tax manufacturers to adapt products to their specific post-retirement needs, but also will require retailers to respond to their evolving needs as they approach the age of 70 in 2015.”
The recent launches of shopping functionalities in the social realm (i.e. Facebook’s and Twitter’s “buy” buttons and Curalate’s Like2Buy platform for Instagram) tell us that social is going to get a whole lot more shoppable in 2015.
The other trend in buying and selling that is taking over is buyers are purchasing thing as a group. The other thing about buyers is that they buy what their friends tell them to.
Today’s purchases are made by large groups of disparate colleagues with diverse goals and interests: The average B2B decision-making group includes 5.4 buyers. The challenge of this is not just the greater number of stakeholders, but also the increased diversity of stakeholders – often multiple departments, geographies, and varying levels of seniority are involved.
Customers engage suppliers relatively late in the purchase process: The average purchase decision is 57% complete, and more than 10 information sources have been consulted, by the time customers engage with suppliers. Alarmingly, the higher the purchase complexity, the later customers engage suppliers.