A recent report released by the Dentsu Aegis network has revealed some of the new trends and buzzwords for retailers in 2017.
Millennials are slated to be the major demographic of focus for retailers this year.
Retailers must be aware of the key drivers behind millennials' purchasing habits such as convenience, value and relevance, and need to take advantage of both digital and social channels to be successful.
Shop-ahead and one-click transactions have proven to be successful tools for retailers internationally, with mobile and social media key in providing real-time content consumption.
Dentsu Mitchell's national head of marketing Carla Bradshaw said millennials must be provided with added value throughout the buying journey.
“Cross-channel rewards show the customer you know how they shop and interact with your brand across devices.
“Keep the dialogue active with the customer post purchase by providing relevant content via live-streaming ‘how-to’ demonstrations or live chat to answer questions about the products they’ve recently purchased.”
Retailers can also look to offer further experiences that are personalised to customer behaviour and purchase history.
Providing rewards and experiences that 'money can't buy' will allow retailers to continue a strong relationship with millennials, this can be done by rewarding consumers through social media engagement.
Boundaryless retail, an evolution of omnichannel retail, should also be a focus for retailers in the new year.
The concept is based around breaking down existing retail barriers and being able to engage with a consumer on their terms, whatever they may be.
“Retailers need to prioritise ways they can save their customers time and effort during their purchase cycle, incorporating anywhere purchase platforms.
“Local retailers need to adopt this sort of innovative thinking to create a seamless experience for consumers. Those who don’t adapt to this way of thinking will be left behind,” Bradshaw said.
Finally, incorporating the use of augmented reality into the consumer experience will play a vital role in retailer success in 2017.
This technology allows retailers to remove the in-store barrier from the consumer cycle and provides shoppers with a faster and more convenient way to test and purchase product.
Bradshaw made note of make-up brand Sephora's recent take up of their 'try it tool' which allows consumers to test product through the use of their mobile phones.
The adoption of the tool has since seen an increase in in-store visits, with shoppers looking to do a final 'in person' test before making the final purchase.
Bradshaw urged retailers to embrace these changes should they wish to get ahead in the new year.
“Retailers who embrace change and deliver authentic customer experiences, provide convenience throughout the buying cycle by creating boundaryless retail shopping, and implement relevant augmented customer experiences will stay ahead of the game.”