Small Business Retail Trends
From big data to rewarding loyal customers, we’ve rounded up top retail trends that impact you!
While the big retailers may have more bucks to tap into retailing trends, that doesn’t mean you can’t take advantage of what’s up-and-coming. In fact, some trends are better suited to smaller retailers anyway. In this blog we’ll look at big data, store format and loyalty programs—three trends perfect for smaller retailers to take advantage of!
Big Data for Small Businesses
For years larger companies have been data crunching to find out key information about customers. You may have heard that Target stores track and market to their goldmine customers—expectant moms—by noting when they make certain purchases including prenatal vitamins. While you may not get that personal with your customers, you can use affordable crowdsourcing programs to help you improve customer targeting. According to VendHQ, “Swarm gives brick-and-mortar stores the ability to analyze foot traffic so they can make better decisions and tailor customer interactions”.
Store Format is Going Small
As shoppers start to reject large retail environments that carry more than they are shopping for, small format stores will continue to grow. According to Rise News, “smaller format stores have the flexibility to fit into new, high-density living… and provide an environment for a more customized assortment based on shopper needs”. Consider specific products you can showcase that align with local taste—whether it’s carrying local BBQ sauce in your gourmet section or ribbon to match the local sports team’s colors.
Loyalty Beyond Points
Loyalty programs based solely on points-for-purchase are so last year according to VendHQ who explains that now that so many retailers are offing this type of loyalty program they no longer stand out. “The loyalty programs of the future will reward shoppers for their actions and engagement, rather than just purchases.” For example, in addition to points-for-purchase Walgreens now let’s members earn points for engaging in activities that align with Walgreens core values. Specifically, shoppers can earn points for tracking healthy activities on the Walgreens app—like working out and losing weight.
While creating a fancy app to track your customers may not be in the cards, you could consider a custom loyalty program just for your top customers. VendHQ recommends “Collect, which gives merchants insights into the spending habits of their top customers, allowing them to send personalized rewards and offers.”
From loyalty to store format to big data, many retail trends are perfect for small businesses. Retailers can take advantage of what customers want right now—great, customized service and products, to grow their store. How are you using big data to better target customers? Are you changing your store format to offer more localized products? How have you gotten creative with your loyalty program? We’d love to hear about how your taking on retail trends in the comments below!