I can’t believe that I’m reading Supply Chain Digest but it’s the day before Easter and I’ve got nothing better to do. Aaaanyway, a story about seven key retail trends as identified by the CEO of Tesco speaking at the World Retail Congress in Barcelona.
1. Simplicity: Customers are busy. They want things that are easy to buy and understand – so don’t make it too complicated.
2. Speed: People want convenience. Hence Tesco Express, which allows customers to pick something up on the way home.
3. The ‘Immortality’ factor: Customers are looking for healthy foods and other products to reduce aging.
4. Globalisation: Impacts the sourcing of products, market expansion opportunities, and the sourcing of services like IT.
5. Consumer information: Comparing prices is sooo last century. Now customers compare ethical and environmental policies.
6. Trust: Hard to build, easy to destroy.
7. ‘Green’ consumerism: Customers are more aware of things like climate change and want retailers to do their bit.
These are obviously very well-known current trends but the list is a good summary of what is driving retail today. One question poised by Supply Chain Digest (I really must get out more) is “How can retailers exploit these well-known trends in a way that provides differentiation?”. Fair point. My own thought is that this list is very much what’s happening now. How will the list change in 3-4 years?