4 factors that reveal resale’s future is rosy

December 12, 2014

Resale’s future is rosy

The industry of retail and therefore consignment and resale, is changing. Shoppers are becoming more educated; the demographics of consumers are shifting and the use of social media is always changing and growing. What should you be watching and preparing for as this new year approaches? There are 4 main factors that will help determine where shoppers spend their hard-earned money. Take heart, resale’s future is rosy.

Changing demographics

One of the factors that will lead to your success is the changing demographics of today’s consumer. According to PricewaterhouseCoopers (PWC), as the Baby Boomers age, the next generation (Gen Y) is hoping to “emulate the lifestyle that their Baby Boomer parents have.” This means they want to continue that wonderful lifestyle they’re used to. PWC stresses, “Gen Y is a more diverse group in how they shop, where they shop and how they spend their money.” This makes this group a harder marketing target. The best way to reach them is by building relationships. The good news for consignment and resale is Gen Y “consumers will increase their focus on purchasing products from socially responsible and ‘greenfriendly’ manufacturers and retailers.”

Stronger online presence

Another one of the factors is how you appear online. In an article titled, “Retail in 2015: The Age of Uncertainty”, Retail Customer Experience stressed, “Most shoppers (86%) said that a retailer having an online presence is ‘important,’ ‘very important’ or ‘critical.'” With Millennials and many of those from Generation X, how you present yourself online totally represents you. It can be the determining factor for shoppers to even consider entering your store. Whether it’s a website, your Facebook page or an e-commerce site, make sure they clearly convey who you are (branding) and what merchandise you carry.

Make shopping an event

Increasingly, the upcoming generation of shoppers is looking for an experience, not just merchandise. It’s no longer about the transaction. It’s about the interaction. Bookshops are selling coffee and coffee shops are selling music. More than ever, shops have to become interactive and engaging. Providing classes, a lounge area, community events and contests are all ways to engage your shoppers.

Increased loyalty programs

Since 2013, loyalty programs have been on the rise. The smarter the store is about their shoppers, the better the loyalty program. Knowing when they buy, what they buy and how much they spend helps a store tailor their rewards program and keeps customers coming back for more.

 

Deb McGonagle

I have been a writer for various forms of marketing for over 40 years. I've written my share of radio and TV scripts, magazine and newspaper ads as well as direct mail brochures and newsletters. Currently, as the Marketing Director for Traxia, home of SimpleConsign software, I've moved into blog posts, eBooks and website text. It's been an ever changing and ever challenging journey but I've loved it all along the way.