As retail evolves, even customers are in the middle of a makeover.
The CEO of a major beverage company recently wrote a column about the traits of the changing consumer.
The column, cited on Business Insider’s website, highlighted five consumer trends that retailers should pay attention to. Here are the top three:
- The baby boomer generation will be the largest potential customer. The aging population has the highest disposable income and retailers need to cater to this demographic.
- Being green will also bring in green. The younger generations are aware and concerned about the environment. If you don’t embrace these “green” habits, retailers could lose face. Simply put, sustainability is good business sense.
- Technology, such as e-commerce, has changed consumers’ expectations. With today’s technology, people are able to get everything instantaneously. Suddenly millions of people can be aware of something immediately and they expect an instant response when shopping, reading the news or using social media.
A company’s success depends on how its leadership adapts to and executes global, national and local consumer trends.
Source: Business Insider, June 2012