Photography is as much of a retail business as it is a service-oriented one — but keeping up in both industries can be difficult for photographers, graphic artists and photo printers to tackle. Yet, following the latest industry trends can help creative businesses keep a competitive edge. So what are the biggest retail trends that creative business owners need to know? A study from Bazaar Voice breaks it down — here’s how those retail trends can apply to creative businesses.
Shopping is becoming more social.
It’s no secret that social media is the new word-of-mouth marketing, but now consumers are even more likely to purchase products from brands that have a reputable social presence. Bazaar Voice says it’s not enough to just have one word-of-mouth method — social media, emails, customer-generated views, Q&As and product suggestions all work together to drive additional sales.
Millennials have the most spending power.
By 2017, millennials will have the most spending power compared to other generations, according to Bazaar Voice. That means those born between 1978 and 1995 will play a big role in retail sales. This age group tends to be influenced more by social media, while being a bit wary of traditional marketing — and they’re also more likely to buy from a brand that supports a non-profit cause.
Mobile is now a huge medium.
Shopping via smartphone is no longer an up-and-coming medium. Smartphone traffic now makes up a significant chunk of website traffic, from visiting social media to completing purchases entirely via smartphone. That means creative businesses need to make sure that their websites are mobile-friendly, otherwise, they’re inaccessible to a good percentage of visitors.
Shopping isn’t a one-channel experience anymore.
Shopping isn’t an either-or anymore. Consumers that shop in brick-and-motor locations often research reviews online before heading out in person. And even consumers that end up buying online look at the product in stores first. The most successful retailers blend the experiences seamlessly, so consumers can easily shop both ways, from in-store apps to consistent pricing between the physical and online stores.
Online data is enhancing targeted marketing.
The web is changing retail — but it’s also giving businesses more details about their consumers. Those details are becoming essential to effective marketing. With in-store apps and loyalty programs, businesses can even track their consumer’s habits in-store. That information in turn can help to target advertising to a customer’s interests. While technology is making access to the information easy, analyzing that information and using it effectively is the bigger challenge.
Photographers, graphic artists and photo printers provide both a service and a physical product — which means many of the trends changing retail today apply to these creative businesses as well. From social shopping and millennial consumers, understanding retail trends like the rise of mobile, omni-channel shopping and online data can help creative businesses maintain a competitive edge.