These are the trends that retailers should watch in 2020.
The holidays are a critical time for fashion and beauty retailers looking to maximize sales and win the business of discount-hungry consumers. Yet the real prize comes from translating that holiday spike into a stream of “sticky” lifetime spenders. And, as the market grows more competitive, this is something that’s becoming increasingly important.
This trend is particularly evident in fashion, where “fashion waste” is a no-no for a consumer base embracing the circular economy. As a result, consumers are favoring rentals over outright purchases and are increasingly likely to rent rather than buy clothes for their holiday parties. This signals a huge opportunity for fashion retailers that are able to rethink their stores as convenience-focused brand experiences. As one example, Nike recently introduced Unlaced – a “store within a store” that lets women customize their footwear and discover limited-edition styles. Meanwhile, clothing brand Zara has put technology at the heart of its flagship store in London, with interactive mirrors that detect the garment the shopper is wearing and make outfit suggestions.
Brand superfans come in two flavors — financial and social — and each offer their own value to the business. Financial superfans invest their money in a brand and can be identified through analyzing customer profitability at the individual level . Meanwhile, social superfans invest their time and their social capital. Brands can spot them by cross-referencing social interactions and those they influence.
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