The retail landscape is changing at lightning speed. Not only have these changes been driven by shopper demands and behaviour, but the global pandemic has also created added pressure.
Retailers have both flourished and floundered in this environment, with consumers becoming confident and demanding omnichannel shoppers.
The path to purchase is now more complex, as changing shopping patterns become the ‘new normal’.
Shoppers now consider a wide range of factors when choosing where to spend their money. From choosing brands whose values align with theirs to seeking value through rewards, there are many opportunities to attract the shoppers of the future.
To help retailers prosper and grow, we have reviewed over 150 separate data sources to produce an in-depth analysis of five key consumer drivers for 2023 and beyond.
This report highlights the unique and changing behaviours of Australian shoppers, who continue to spend and broaden their interests. It helps us better understand how we can harness consumer confidence and drive retail success. For innovative and brave retailers, the future is bright.
What’s inside the report?
Here’s a quick overview of the five consumer retail drivers. For more information, download the full Future of Retail report.
1. I want to shop anywhere, and at any time – ‘cos I never know when I’ll decide to buy something.
With the rise of devices and platforms, shopping time can now be all the time and anytime. It’s not just about the transaction but the ongoing, seamless experience across all digital and physical stores. This is the true “Omnichannel” experience, which can be very powerful for building brand loyalty.
2. I think shopping should be fun and memorable – and that’s what’ll make me do it more and more.
The retail landscape is becoming more and more competitive, with stores going to great lengths to provide an immersive customer experience. From the Bunnings sausage sizzle to beauty brands with add on treatments, the art of making you feel like you’re in a special place not only adds to shopper enjoyment it also adds to the bottom line.
3. I only buy from retailers I trust and respect – and don’t worry; I’ll be checking.
More and more Australians are turning to brands that reflect their values, which means it’s no surprise they are expecting more from retailers. From ethics to sustainability, being a good corporate citizen is not a nice to have; it’s a must-have for future retail success. A transparent transaction is now top of mind, and the retailers taking positive initiatives are seeing the benefits.
4. I want it now; until I don’t – but most of all, I don’t want to fuss about it.
Free delivery, click and collect, free returns; these are all major competitive advantages when it comes to online shopping. Many shoppers expect these services, and it can be a deal-breaker if they’re not offered. Similarly, shoppers often expect same-day delivery or deliveries at a time to suit them. So, if you want to avoid abandoned carts, your business needs to ‘deliver’.
5. I like to be made to feel special – and to get something more out of the experience.
Customer service is still at the heart of a good retail experience, but this now comes in many forms. Some retailers are thinking beyond loyalty points and identifying new ways to share and exchange value with their customers. As the customer expectations increase, so do the opportunities to reap the rewards.
Executive Presentations and Workshops
Book an in-house executive presentation where we will further expand on the insights, industry trends, and drivers identified in the Future of Retail report.
Whether you need assistance with new product developments, repositioning or brand messaging, this session will enable you to workshop strategic opportunities for your brand with our Global Retail experts. The presentation will be tailored to best suit your current needs, the key focus being to help you build a successful and resilient brand in 2023 and beyond.