Pressured by the shopper’s hunt for value, retail continues to change

 
The goal of getting great value continues to be a consumer objective, nearly three years after the Great Recession officially ended. Shoppers are adopting new buying patterns, and their tactics are forcing retailers to change. Here are major retailer trends we at PTIS see for 2012:

• Consumers come armed with e-everything. The expansion in consumer electronics is making the smart phones and other devices available further down the economic ladder. Research says 94% of Internet-savvy consumers use the Internet to check prices. Social networks are trusted sources for brand and product information.
• Shopper’s aim for the “best product at the lowest price,” upping the ante from the days when their goal was “a good product at a fair price.” They think in terms of “get smart, have fun and save.”
• Retailers are fragmenting and customizing to find profitable niches and combinations. Look at the ends of the curve for growth. Think ALDI as an extreme price marketer, and think of Whole Foods as a high-end success story.
• Private brands are a leading tactic among retailers looking to gain exclusivity and margins.