Smart Retail:The consumer has always been the king, and now that king is powered by a set of smart solutions that ensure a faster, smarter, and safer shopping experience. The proliferation of smartphone-based shopping, the growing trend of in-store mobile app marketing, and the revolutionary impact of the Internet of Things have come together to foster the culture of smart retail.
By engaging consumers during the pre-shopping, shopping, and post-shopping phases, businesses can significantly drive revenue and customer loyalty. Several new stores are being designed around showcasing the experience of virtual reality, giving the concept of “experiential retail” new meaning. The retail landscape is also witnessing the wonders of augmented reality, giving customers the best of mobile, online, and brick-and-mortar shopping.
With its suite of real-time data collection, qualitative and quantitative research, and smart retail analytics, Persistence Market Research allows businesses to engage with consumers and enhance their omnichannel experience. PMR’s services allow organizations to gain deeper insight into consumer purchasing behavior and incorporate these insights in the company’s product assortment and marketing mix.
The modern-day retail industry is facing a complex and challenging environment with the growing penetration of new technologies and the rise of the mobile connected consumer – a phenomenon that has completely disrupted the traditional retail business model. Today’s connected and empowered consumers know exactly what they want: the advantages of physical stores such as personal service and the ability to touch products as well as the advantages of digital retail such as rich product information, broad selection, and customer tips and reviews. For these consumers, shopping is as much an experience as it is an event. The ginormous impact of social media has allowed consumers to be in constant touch with their favorite brands and tell them their preferences, likes, and dislikes. The e-wallet, or digital wallet, is fast emerging as a staple payment medium in e-commerce, addressing the challenges of failed payments, refunds, and security. The structural and user experience-based benefits presented by the digital wallet is spurring its adoption. The growing popularity of in-app purchases has also stemmed from the success of e-wallets, allowing mobile application users to access special features and content such as upgrades, restricted levels, and special characters. Consumers are also demanding a seamless shopping experience while switching between multiple electronic devices.
What Persistence Market Research offers its clients is a wealth of strategic information to know the power that the connected consumer holds in the retail sector and how to capitalize on this growing trend.
The personal grooming market is impacted by diverse trends and consumer preferences and habits, just like its parent industry – the retail business. The growing demand for convenience and customization can be attributed to technological and innovative developments at both industry and consumer levels. Men’s grooming and fragrances have redefined the scope of personal care products and services, with the availability of a wide range of skincare and haircare products, a change in cultural attitudes, and higher prices. A strongly consolidated competitive landscape and comparatively slower product adoption are still the biggest challenges the men’s personal grooming market faces. Also contributing to the expansive product portfolio are the millennials, whose surge in spending power, demand to look younger, and strengthening relationship with social media has positively impacted the personal care market.The boundaries between product categories have been blurred by a series of product innovations and the introduction of multi-functions products.
Persistence Market Research is on top of these consumer trends, identifying the factors that have been reinventing the beauty industry.We offer in-depth analysis of this sector from company, country, regional, and global perspectives, ensuring our clients have a 360-degree outlook.
Sustainability can be an exceptionally powerful tool for the retail industry, given the technological and demographicchanges the sector has been undergoing in the past decade. While the financial sustainability of a business is absolutely vital owing to changing consumer demands, emerging business models, and new competition, the focus of most retailers is on the development and marketing of sustainable products. The demand for products that help solve socio-ecological problems has grown in recent years and several large retailers are now dedicated to expanding their product portfolio with a wide selection of convenient and affordable sustainable products such as beauty items, cleaning supplies, and groceries.
Retailers need to market ‘ethically sourced’ and ‘fairtrade’ products via sustainable practices so as to better position their green products within a given market. They also need to fully understand the sustainability initiatives of their customers and their supply chain, and this is where Persistence Market Research steps in. PMR is the ideal partner to ensure the potential of this remarkable trend is capitalized, while at the same time, achieving a specific environmental objective.
Apparel and Footwear
Braving the headwinds of economic turbulence is the apparel and footwear market, which has remained resilient and shown solid growth over the years.The merger of physical and digital shopping, coupled with the internet revolution and the surge of online sales are just some of the forces that have accelerated the apparel and footwear market. Sportswear, comfort dressing, and menswear have been the star performers in recent years, inspiring innovation among retailers and manufacturers.
Smartwear, on the other hand,has emerged as the front-runner for the apparel and footwear market. An increased focus on fitness and health has brought on the growing demand for smart fabrics and e-textiles. The U.S. continues to show steady post-recession recovery and its future in the apparel and footwear market looks promising. Asia Pacific is still the number one opportunity for retailers and international brands continue to penetrate the lower-tier cities in the region where the rise of high-income earners and luxury spending has become more widespread.
Our experienced researchers at Persistence Market Research provide unrivaled insight into the latest developments and trends in both local and global markets.
The role of the restaurant has changed with time, investment, and innovation and the smartphone is rapidly replacing the real-life experience of eating out, giving rise to the foodservice industry. Along with the ever-expanding pool of consumers, more and more operators have begun living their lives through or on their smartphones. Social media, branding, delivery, and online ordering and payment have been determining much of the success of several restaurants and foodservice providers in not just developed countries but even in emerging markets. The group of players wanting in on the rising trend of foodservice has expanded in recent times to include retailers, product manufacturers, logistics and delivery chains, and franchisees.
Persistence Market Research’s briefings allow industry players to gain a better understanding of the wider market and the key elements of the foodservice industry.Our clients are confident of the research provided to them to make the most of the growth opportunities presented by this segment.
The growing adoption of big data and analytics has given retailers of all sizes a wealth of strategic information that will allow them to better understand their customers and cater to their changing demands and expectations in the form of a more customized shopping experience. The rise of e-commerce brings with it a host of benefits, including price transparency, access to more product information, convenience, and free shipping. But it also comes with the challenge of highly informed and extremely demanding customers and massive amounts of data. The only way this information can drive frontline differentiation is if retailers deploy advanced analytics with the right approaches and tools.
The team of analytical experts at Persistence Market Research is equipped with knowledge, experience, and methodologies to generate practical and relevant insights for clients in the retail business. We strive to identify and realize the key opportunities across the industry.
Omnichannel or Multichannel Retailing
The success of a retailer today is measured by its ability to connect with the omnichannel customer. Thanks to the prolific use of smartphones and the nearly omnipresent Internet, customers have been shopping on the go. Retailers who operate in-store as well as e-commerce channels have benefited the most from the digital revolution. The key here, is to understand and anticipate shopping behavior, provide the shoppers with relevant information pertaining to local retail stores and chains, and to establish an organizational structure that supports omnichannel marketing and offers a seamless shopping experience.
Omnichannel or multichannel shopping has dramatically changed the way we view retail and comes with massive opportunity. Understanding the traits of the omnichannel shoppers and the retailers offering this feature is vital to the success of the business and Persistence Market Research directs clients by offering them the appropriate tools and methodologies that will help them drive sales across the organization.