Skip to content
  • 24/7 Support
  • Our Platform
    • How it Works
    • Integrations
    • Partner Program
      • Become a Reseller
      • Third Party Support for POS
      • Refer a Lead
    • Products
      • Gift Card
      • Loyalty Programs
      • GivexPOS
        • QSR
        • Restaurant
        • Retail
        • Sports Venues
      • Uptix Ticketing
      • GivexPay
  • Company
    • About Us
    • Careers
    • Investor Relations
      • Governance
      • Financial Reports
      • News & Events
      • Analyst Coverage
  • Blog
    • News & Insights
    • Case Studies
    • Events
    • Investor News
  • Contact Us
  • Book a Demo
Book a Demo

3 TOP TRENDS RETAILERS SHOULD FOCUS ON IN 2018

Date January 22, 2018

Author Carlos Cadenas

Share

  • Share on LinkedIn - opens in a new tab LinkedIn
  • Share on Twitter - opens in a new tab Twitter
  • Share by Email
  • Copy URL Link Copied

Do you happen to manage a busy coffee shop; work at a candy shop; or maybe own a bakery? For all of you in the retail industry, knowing what to expect for the coming year can put you waaaaay ahead of the competition. To give you a smooth jump-start, we highlighted the 3 TOP TRENDS industry specialists say you should include into your business’s strategy to improve on last year’s performance.

It’s Millennials’ Time

Here they are, the next generation to shift purchase habits after the baby boomers. Born between 1980 and 2000, Millennials are the largest living generation in the US, and their numbers are predicted to grow until 2035 (PAA – Population Association of America). With unique behaviour, urge for technology, and advocates of the so-called “sharing economy”, Millennials are seeking the most convenient of the services with the lowest price. Their priorities are different since leaving their parents’ houses is not the first priority and they’re also predicted to be the “renters” generation. Significant investments will probably go towards experiences instead of long-lasting products such as houses and cars.

To score high in a competitive industry, you must target the most valuable Millennials’ characteristics: their need for attention. With today’s easy access to social media, this generation wants to be heard and be part of something. Use your strategy efforts to invite Millennials to participate and engage with your brand, otherwise they will always skip your ad.

 18-01-22-top_3_trends_for_retailers_1000x400px.jpg

Get Ready for Mobile Payment

If you don’t accept mobile payment, think twice. As we all know, online purchases using mobile devices surpassed desktop purchases in China by 2015. And last year’s latest numbers point to more than 75% of online purchases executed using a mobile device. This behavior has been observed throughout the globe, where access to mobile devices and wireless internet has become more accessible. Combining it with Millennials loving their technology and convenience, those who are not prepared for the mobile era will face a strong hit.

To adapt to the growing generation, StarbucksⓇ launched its mobile payment app in 2010 and, after the first year, it accounted for more than 26 million transactions. In sync with customers’ trends and market demands, now 30% of the company’s transactions come from mobile orders.

Customer Experience, again?

Focusing on customer experience is not new, and with accessible, cheap technology, competitors are fighting as never before to provide their customers with the ultimate experience. Last year we saw brands taking different approaches to attract and retain customers, and this will continue to be a big focus in this year’s business efforts.

For example, Mastercard and Swarovski joined forces to launch a VR app where users were able to shop for products from the Atelier Swarovski wherever they wanted. With the app and a VR headset, customers could use their phone to see in much more detail all available products, their descriptions, prices, stories behind their creations, and purchase them without going to a store. Using this cutting-edge VR technology, both companies provided an immersive bricks and mortar experience to customers at a convenient time and minimal effort. From the customers’ side, virtually going to a store and buying the desired item without leaving their home is a convenience that everyone wants.

Now you have it. For 2018 you should mainly focus on understanding Millennials, how they behave and what they want from your company. And once you have a good grasp of this generation, you should thoroughly adapt your business to accept different types of mobile payments and, finally, improve your customer service. By following those three straightforward trends, you’ll navigate this year with ease and celebrate your tremendous success.

Related Company News

See all
  • Date January 19, 2023

    Author Lauren Moorman

    Givex to Exhibit Uptix Stored Value Solution and Mobile Patron Portal at International Ticketing Association (Intix) Conference and Exhibition from January 24 to 26, 2023

  • Date January 13, 2023

    Author Lauren Moorman

    Givex to Exhibit Unattended Retail Functionality and Evolution of Branded Currency in the Metaverse at NRF 2023, Retail’s Big Show, from January 15 to 17

  • Date January 5, 2023

    Author Lauren Moorman

    Givex Corp. Celebrates Strong Performance for the First Nine Months of 2022 with Three Acquisitions, and a 29% Increase in Revenue and an Increase of 22,000 New Merchant Locations Over the First Nine Months of 2021

TSX: GIVX

OTCQX: GIVXF

TSX: current price

Join our newsletter to stay up to date

By clicking the above button you are confirming that you agree with following our Privacy Policy.

This field is for validation purposes and should be left unchanged.
  • Our Platform
    • Book a Demo
    • How it Works
    • Integrations
    • Partner Program
  • Products
    • Gift Card
    • Loyalty Programs
    • GivexPOS
    • Uptix Ticketing
    • GivexPay
  • Company
    • About Us
    • Investor Relations
    • Careers
    • Contact Us
    • News & Insights
  • Already a Client?
    • 24/7 Support
  • Follow Us
    • YouTube
    • LinkedIn
    • Twitter
© 1999-2023 Givex Corporation. All Rights Reserved.
  • Privacy Policy
  • Policies
loading

Please wait while you are redirected to the right page...

Please share your location to continue.

Check our help guide for more info.

share your location

Region

  • North America
  • South America
  • Europe
  • Asia
  • Oceania

Language

  • Chinese (Simplified)
  • English
  • French
  • Portuguese
  • Spanish