5 Consumer Trends Dominating Retail

From increase in GenZ spending to channel switching, these consumer trends are driving growth in retail

- Phygital Bureau

Tech-savvy consumers are increasingly demanding a seamless blend of digital and physical channels to discover, research, compare, and purchase products at the best prices. With loyalty and trust more fluid than ever, shoppers are quick to switch to brands and retailers that offer the right mix of price, speed, and convenience through easily accessible channels.

With loyalty and trust more fluid than ever, shoppers aren't thinking twice before switching to brands and retailers that offer that elusive alchemy of price, speed and convenience via a combination of easily accessible channels.

To maintain your competitive edge in the year ahead, stay focused on sustainable growth while finetuning your business models to deliver the seamless experiences consumers have to come to expect, even demand.

Here are five key consumer-driven trends that will drive retail growth in the year ahead.

1 Channel-switching Behaviour Continues to Surge

Channel-switching behaviour is on the rise as consumers seek to combine the best of physical and digital channels for an efficient shopping experience.

Most start by browsing in stores and seeking recommendations from family and friends. They then go online to research via search engines, digital marketplaces, brand sites, and social media. For comparison shopping, they use both stores and online options, often using their smartphones to compare products and prices while instore.

2 Gen Z Flexes its Spending Muscles