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New Report Surveys Trends in Retail

FedEx Office has published a retail trends Playbook titled "5 Trending Shopping Behaviors Driving In-Store Sales." The document reports the results of a survey on a broad range of topics regarding changing trends in consumer behavior and opportunities for brick-and-mortar profits. Both consumers and retailers were surveyed.

The focus of consumers is moving back to in-store shopping for things they don't get online.
(Photo by Andrea Piacquadio: pexels.com)

Six in Ten prefer In-store Shopping, Even If They End Up Buying Online

The research noted a growing desire for differentiating online and in-store experiences, with 37% saying they prefer brick-and-mortar because they can touch a product before they buy. Twenty-seven percent also said receiving the product immediately made them prefer shopping in-store.

The next group (24%) said the "shopping experience" was important to them, and 19% said "customer service" was important. That a simple return process was important to 16% of respondents may highlight problems with contacting online retailers.

"Experience" Increasingly Important to Consumers

The first trend in the report is "Placemaking and curating experiences." That means consumers are responding to retailers which enhance their offerings with things online retailers can't do, like events to draw them in and give opportunity for social interaction.

"There’s only so much a retailer can [deliver] on a smartphone screen. People seek people,"" said Jackie Soffer, CEO of Turnberry, in an interview with GlobeSt: "People are realizing you can’t do everything from inside your home. Retailing can be more than just a transaction; it’s an experience."

Trend 2: "Multihyphenate" Stores

"Multihyphenate" businesses are those that diversify revenue by adding non-core offerings, such buying a latte at a beauty salon, taking a meditation class in a clothing store, or buying a candle at your favorite restaurant. (Nearly half of consumers purchased a retail item at a restaurant last year.)

Eighty percent of consumers said they would try a new type of offering at a retailer known for something else. Also, 61% of retailers said they plan to offer more in-store options, like coffee or wine bars, and renting store space for events.

Some Surprising Trends

Trend 3 is a departure from the snobby past, with 64% of Gen Z saying they look for second hand items before buying new. Some major retail brands are even jumping on the pre-owned band wagon, like Lululemon, Kate Spade and Patagonia.

Trend 4: "BOPIS" (Buy Online, Pick-up In Store) became a thing during the COVID pandemic, but its popularity has continued.

Trend 5 is the multiplication of payment options. Today's consumers expect payment options beyond the tried-and-true cash or credit, with touchless options like phone apps being popular.

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