The retail industry is perpetually in flux, always reshaping itself to cater to consumer needs. This dynamic nature was further emphasized in 2023 as brands strive to balance endless customer preferences.
As the global pandemic recedes, the demand for quick, convenient services remains high. Despite digital platforms becoming a popular destination for product research, the appeal of brick-and-mortar shopping experiences still needs improvements. With inflation on the rise, retailers grapple with maintaining customer loyalty amidst potential price hikes.
The art of in-store and online merchandising is a crucial determinant of a retailer’s ability to retain clientele and attract new shoppers. Read on to learn the six major trends in general merchandise, ones that blend traditional strategies with modern digital tools to enhance customer service.
1. Retailers Embrace Cross-Sells and Bundles
Cross-merchandising has been a staple in brick-and-mortar stores, but it’s getting a digital makeover in 2023. Retailers are using customer data and digital tools to offer complementary products that enhance the shopping experience and boost revenue.
For instance, Ikea’s Inspiration Gallery allows customers to explore online sample rooms filled exclusively with Ikea products. This digital cross-merchandising strategy helps customers visualize how different items can work together in their homes, making the buying journey smoother.
2. Rise of “Store-Within-A-Store” Concept
To enhance in-store visual merchandising and drive foot traffic, retailers are adopting the “store within a store” (SWAS) concept. SWAS aims to create added customer value by offering product samples, tutorials, demos, or discussions within a larger retail space.
This concept taps into the desire of 70% of shoppers who rank the ability to see, touch, and try physical products as essential. Google reports that more than 61% of people prefer shopping with brands that have physical locations.
3. AI Adoption to Address Pricing Concerns
Inflation concerns are driving nearly 80% of consumers to rethink their spending habits. Many feel that companies are taking advantage of them by raising prices excessively. Retailers are turning to AI-powered pricing systems to regain consumer trust and optimize pricing.
These systems can dynamically adjust prices based on factors like supply chain issues and competitor pricing. Nearly three-quarters of businesses believe AI is key to adopting new pricing models and promoting growth.
4. Omnichannel Merchandising Dominates
Customers are demanding seamless shopping experiences that blend in-store and online shopping. McKinsey reports that up to 70% of consumers are shopping through multiple channels.
Omnichannel experiences that gained prominence during the pandemic have become essential for customers. A study from the Harvard Business Review reveals that shoppers who engage with a brand across multiple channels spend more in-store and online.
5. In-Store Displays Generate Social Buzz
Retailers have discovered that in-store visual displays can translate into social media buzz. Shoppers love sharing photos of exciting displays, window designs, or signs on social media. Retailers are capitalizing on this trend by offering discounts to customers who post pictures with their hashtags.
Consumers see User-generated content as highly credible, influencing their purchasing decisions. Sharing on social media can significantly impact a retailer’s bottom line, with customers trusting reviews and testimonials from fellow shoppers.
6. Retailers Invest in Digital Experiences
Digital experiences within retail settings are creating personalized, educational, and connected shopping journeys. In-store kiosks have evolved to offer customers interactive digital experiences that bridge the gap between online and offline shopping.
94% of customers say a positive in-store experience makes them more likely to return. Retailers are leveraging digital experiences to make shopping enjoyable and easy.
Unlock This and More with General Merchandise Distributors
As a leading provider of wholesale general merchandise, Atlantic Dominion Distributors is dedicated to ensuring your convenience store is fully stocked to meet your customers’ on-the-go needs. From health and beauty products to automotive fluids, we offer a broad range of supplies that cater to a diverse customer base. Whether a replacement toothbrush or a desperately needed gas can, Atlantic Dominion ensures your shelves are never empty.
Ready to enhance your store’s offerings and give an ultimate shopping experience? Call Atlantic