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Here are the retail trends that we’ll be looking at that have implications for the credit union industry:
• The Rise of Omnichannel Shopping
• Mobile’s Momentum
• Big Data and Personalization
• Redefining the Brick-and-Mortar-Store
• New Retail Concepts Birth Customized, Crowdsourced Merchandise
• The Rise of Social Networks Amid the Millennial Revolution
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The Rise Of Omnichannel Shopping
• Online shopping is reducing shoppers’ trips to Brick-and-Mortar Stores
• Stores are adding buy online, pick up in store options to win back business
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Mobile’s Momentum
• Americans spend more time on a mobile device than watching TV
• Smartphone owners spend more money in stores than their non-owning counterparts
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Big Data and Personalization
• Big data is gleaned from shoppers’ online purchases and activity on social networks
• Retailers like Amazon are sending shoppers more personalized merchandise offers
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Redefining the Brick-and-Mortar Store
• Stores are being designed to entertain and engage shoppers
• Digital technology is enhancing and simplifying in-store shopping
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. New Retail Concepts Birth Customized, Crowdsourced Merchandise
• Online retailers are offering one-of-a-kind, customized products
• Shoppers have a say in what products get sold via crowdsourcing
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The Rise of Social Networks Amid the Millennial Revolution
• The Millennial generation will be the biggest consumer-buying group by 2020
• They use sites like Pinterest and Instagram as “social
shopping” venues
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The Rise Of Omnichannel Shopping
• Online shopping is reducing shoppers’ trips to Brick-and-Mortar Stores
• Stores are adding buy online, pick up in store options to win back business
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Mobile’s Momentum
• Americans spend more time on a mobile device than watching TV
• Smartphone owners spend more money in stores than their non-owning counterparts
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Source: eMarketer, “US Mobile Payments to Top $1 Billion in 2013, “ July 11, 2013.13
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Big Data and Personalization
• Big data is gleaned from shoppers’ online purchases and activity on social networks
• Retailers, like Amazon are sending shoppers more personalized merchandise offers
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Redefining the Brick-and-Mortar Store
• Stores are being designed to entertain and engage shoppers
• Digital technology is enhancing and simplifying in-store shopping
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. New Retail Concepts Birth Customized, Crowdsourced Merchandise
• Online retailers are offering one-of-a-kind, customized products
• Shoppers have a say in what products get sold via crowdsourcing
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The Rise of Social Networks Amid the Millennial Revolution
• The Millennial generation will be the biggest consumer-buying group by 2020
• They use sites like Pinterest and Instagram as “social
shopping” venues
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Source: “Who Are the Millennial Shoppers? And What Do They Really Want?” Accenture, June 201326
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27Source: 8thBridge’s Third Annual Social Commerce IQ Study
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