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Merchants must focus on emerging trends to stay ahead

On Behalf of | Feb 23, 2018 | Commercial Real Estate

Missouri retail merchants know a major key to profitability is staying on top of trends and anticipating the next big thing. With consumers getting more needs met through the use of technology and concentration of resources, the plight of retail can seem dark, but there is hope for merchants who maintain focus and stay ahead of the curve regarding the evolving needs of consumers.

An increasing level of urbanization is a trend of significant note for retailers. Convenience to customers and immediate access remain advantages over online shopping. More than 60 million people are moving to cities around the world annually, which means more retail spending concentrated in and around city centers or transportation hubs. Location is always important, but savvy merchants will remain cognizant of this when considering expansion or relocation. The efficient use of time is another factor going hand in glove with location. Retailers need to consider their customer base and cater to the specific needs of that individual.

Merchants who survive pay attention to emerging public perceptions about their products and services. In a society where greater emphasis is being placed on sustainable living, repairing, refurbishing, and reusing products is viewed as a more efficient use of resources than buying new. Marketing to this mindset can bring additional customers for already existing services. Consumer access to data has increased exponentially and will continue to grow as technology is further integrated throughout the production, sales, and post-sale timeline. Retailers who leverage this information favorably will set themselves apart. Tailoring customer experiences through increased knowledge gained from loyalty programs and other data-driven factors can pay huge dividends for merchants.

With emerging trends often come legal questions related to the handling and use of customer data and other issues. A business law attorney vested in keeping up with evolving legal issues as well as the longstanding basics of business services can provide merchants and developers with confidence needed to plan for changing retail environments.