If you own or are looking to buy a retail franchise business, here are three trends that you’ll want to pay attention to right now.
Integration of Offline and Online
The buzz word is “omni-channel,” which, simply put, means offering a seamless customer experience through every sales channel, whether that’s in the store or in the digital world. According to Google, “…Digital doesn’t just drive e-commerce; it gets people in the store. And this influence doesn’t end at the entrance to the store: 71% of shoppers who use smartphones for research in-store say that it’s become an important part of the experience. Smartphones are the new personal shopping assistant for people once they’re inside.”
Offering your customers more products to choose from is no longer the answer in today’s marketplace. Choices abound and shoppers are overwhelmed. Instead of increasing your offerings, consider ways in which you can make it easy for your customers to find and choose the products that are right for them. A collection of 2016 retail forecasts from Vend suggests, “Merchants will learn that they need to thoughtfully curate items…They’ll win over customers not because they have the widest selection, but because they have the best and most relevant assortments for their target market, and they’re able to deliver those products using the preferred retail channel of each customer.”
Growing Hispanic Population
Hispanics are America’s fastest growing market. According to “Winning with Hispanic Shoppers“, an industry report presented by the Path to Purchase Institute, Hispanics make up 17 percent of the population and represent $1 trillion in buying power. By 2050, they could be 30 percent of the population. This growth represents a huge opportunity, and one that businesses would be wise to not ignore.