Since its inception, the global retail scene has seen a sea change in consumer aspirations and a shift across multiple formats, from traditional point of sale to e-commerce platform, evolving further into mobile commerce.

In an attempt to stay relevant in this competitive retail ecosystem, companies and brands are trying to capture the tastes and aspirations of mercurial shoppers, unpredictable, heavily influenced by technological change, who are easily bored and have virtually no specific or permanent tastes. Retailers try to work in tandem with consumer preferences, continually striving to attract customers in every way possible.

Indeed, a rat race is underway, in which the imperative to stay relevant in relatively unexplored territory, such as mobile commerce, as well as traditional retail, has forced retailers to devise multiple strategies to satisfy preferences. ever-changing consumers. .

The definition of “value” that was previously evaluated as its perceived benefits against the cost of the product, has now changed to convenience, at all levels of consumerism. This again depends on the level of product innovation, as well as the fastest, fastest and most reliable delivery options.

With this being an era of experiential retail, companies are working to attract customers with multiple things like restaurants, theaters, and other entertainment options. We can say that retailers are competing to provide their customers with an immersive shopping experience, which will drive them to the stores. Retailers must also compete for consumers’ time with restaurants, spas, theaters, and more to ensure they can retain customers longer.

The much-needed improvement in the retail environment that retailers must ensure is exploring the power of social e-commerce. For example, Nike’s online fitness community curated playlists to match the pace of a runner and expert trainers to provide fitness advice.

In keeping with current retail trends, m-commerce is leading the way. Experts suggest that it is gaining traction around the world. For example, American shoppers prefer to use smartphones to make their purchases. The United States is nowhere near China, due to the unprecedented growth of mobile commerce in the country, where buyers have leapt beyond the era of personal computers directly to mobile commerce. The reason is simply the convenience that mobile shopping options bring them. WeChat is one of these free mobile messaging apps that has amassed 650 million users in less than five years of existence. The app also has a ‘Buy’ button that provides a seamless shopping experience.

By measuring the current shopping habits of millennial customers, who use their mobile devices as a shopping tool, retailers have begun to recognize the importance of mobile technology. Retailers have also identified the characteristics of millennial shoppers, who want personalization, connectivity, and understanding.

Consumers’ shopping habits suggest that there are a plethora of demands that retailers must meet. Now, it’s up to retailers to deliver, whether it’s an in-store experience, a brand that shoppers can identify with, a secure mobile commerce option, an online community to share ideas, or a combination of all of the above. In the long term, retailers, who understand the latent needs of their customers, are likely to win the race for relevance.

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