Page 23 - Retail World Magazine Jan/Feb 2021 TOB

FIVE RETAIL TRENDS TO WATCH IN 2021 After an entirely unprecedented 2020, the new year dawns with more security and stability for Australia’s retail industry than since the pandemic began. IBy Vend Vice President APAC Gordana Redzovski f last year was about rapid pivots focused on survival, this year is about considered and strategic actions focused on long-term success. Here are some trends to consider. Longer-term pandemic behaviour Customers today are placing greater precedence on safer shopping. Click- and-collect boomed in 2020 – now offered by almost half of Australian retailers – while the use of contactless and mobile payments also grew. According to McKinsey, 56 per cent of shoppers intend to continue like this longer term. So, ensure you’re not only building your omnichannel strategy through methods such as click-and- collect, but are geared up to accept all forms of payments, including Apple Pay and Android Pay, and buy-now-pay- later solutions. Loyalty marketing Last year one-third of consumers tried new brands, and of those, 73 per cent plan to continue doing so. With shoppers unafraid to mix things up, make it harder from them to turn away from your brand. Start by having a deeper understanding of your shoppers. Where are they from? What channels do they frequent? What are their characteristics from a demographic and psychographic standpoint? With these segment insights, create the targeted strategies and personalised experiences that will keep them engaged with your businesses. After all, if they feel genuinely understood and important, their loyalty will increase. Loving local The shop local movement boomed last year, and with 2021 set against the backdrop of Australia’s medium- to longer-term economic recovery, it’ll be a defining theme this year too. So, promote yourself locally: invest in campaigns, champion ‘shop local’ or partner with non-competing businesses to spread the word. What’s more, with 90 per cent of global shoppers searching online before visiting a store, ensure your online presence is set up to boost your local visibility. To make your business more visible and appealing, populate a Google My Business profile with contact details and opening hours and bring it to life with photos of your store and customer reviews. Content creativity Compelling content will continue to be king in 2021 and beyond. With competition strong, producing impactful content will help you keep shoppers engaged and acquire new ones. Start by truly understanding them: their pain points, aspirations, interests and the platforms they frequent. Think about content that’s grabbed you before and how you can use that as inspiration within your own brand. And don’t be afraid to bring in your story and personality – it’s what makes you unique, after all. Then, decide where to post it. Video is popular, particularly among younger shoppers, with Instagram reels and TikTok surging. Getting creative with your content and being strategic with where you promote should give your business the boost it deserves. More intentional, less spontaneous As shoppers prioritise meaningful, high- quality products over mass-produced items, they’re becoming more intentional with buying behaviour. Indeed, consumers are planning their store visits further in advance and around two- thirds say their purchases are planned, not spontaneous. Therefore, it’s more important than ever to be active at the ‘research phase’ of the customer journey. Understand the tools, websites and channels they use, and develop a strong omnichannel strategy to cater to them. For example, a solution such as Pointy from Google lists your in- store products online so customers can see what’s available before visiting. Pointy integrates with POS systems, such as Vend, and helps cater to any shopper, however they shop. While predicting the future and planning longer term can feel daunting right now, it doesn’t hurt to think about what it may hold for your business. By looking at existing trends, you can build a solid foundation to help your business shine bigger and brighter this year. INDUSTRY INSIGHTS About Gordana Redzovski Gordana Redzovski is Vice President for APAC at Vend, leading the cloud retail productivity and intelligence platform’s presence across the region, including in New Zealand, where the company was founded, and Australia, its largest market. About Vend Vend lets retailers run their business in-store, online and on the go. Used in more than 25,000 stores in 140 countries, Vend integrates with business applications including Afterpay, Square, Shopify, Commonwealth Bank of Australia, MYOB, BigCommerce and WooCommerce. For more information, visit vendhq.com/au. JAN/FEB, 2021 RETAIL WORLD 21