Consumers know what they want but all consumers aren’t the same. As the world and the economy change, people’s shopping priorities, and values, are split.
Why do people shop? How do people shop? It’s all up for interpretation. It’s also up for grabs to retailers who choose to listen, adapt and innovate.
Vericast has identified four key consumer expectations for retailers to consider in our recent report — 2022 Retail TrendWatch. We uncovered insights from 1,840 consumers and 268 home retailers. Consumers provided their thoughts on spending priorities and buying outlooks for 2022, while retailers shared their two cents on the biggest marketing and operational challenges in 2022
People prioritize a good value when making purchases, but they also want retailers with strong values. They’re focused on DIY, but also open to splurges. They’re looking for products online and in-store, and for print and digital deals.
Such a dichotomy – what are you to make of it?
You can read the full report for yourself, but here’s a sneak peek at what we learned:
Expectation #1: Do it yourself + treat yourself
A Key Stat: 26% of people are doing more home repair, maintenance, or improvement projects themselves versus hiring contractors or service providers.
A Key Takeaway: Position yourself as a trusted advice-giver and people will look to you when they want to do it themselves. If they change their mind and decide they want to pay a professional, you’ll already be top of mind when it comes to their vision, trust and relatability.
Expectation #2: Value + values
A Key Stat: 55% of people are willing to try a new retailer or provider when purchasing a product or service for their home.
A Key Takeaway: People want to make their money stretch further. And so do retailers. Inflation, rising prices and supply chain delays influence people’s buying decisions. Your brand can compel people to try new products or switch retailers altogether.
Expectation #3: Relevance + immediacy
A Key Stat: 50% of people are more likely to purchase from a retailer that reaches out at the right time when there is a need for a product or service.
A Key Takeaway: It’s important not to take loyalty for granted. Give people a clear, compelling reason to keep coming back. Ensure you stay top of mind and inbox across the buying journey – online and offline.
Expectation #4: Mobile + mailbox
A Key Stat: When it comes to coupons, discounts or deals 28% of people are influenced by print and 24% say direct mail is their preferred delivery method for deals.
A Key Takeaway: While it may be a surprise that paper is a strong contender for digital deals, retailers should note it ultimately depends on lifestyles and preferences. The best approach is to use both digital and traditional marketing, from mobile to mailbox.
We’ve told you the trends and a takeaway for each – download the full report for more perspective, stats action items, and recommendations.
We believe with more meaningful insight, you can create more meaningful connections. Find out more at Vericast.com.
