Hot Merchandising Trends
In current times, the world of business is revolving about certain emerging trends. Many key players are giving rise to new approaches/practices in business to better control the market and maximise profit. Such unique practices are evident in all things with which such businesses are associated and identified.
On a normal day in business, there is a chain of players which encompassess the manufacturer, wholesaler/distributor, and the retailer. Each player on the chain has peculiar roles to play. The quality of performance of each of these players is a determinant of the cumulative success of the chain. Therefore, the manufacturer who dominates the chain of business needs to step up its game by allowing the innovation of great ideas that would yield the desired outcome of increased customer base.
To be specific, the following are steaming hot trends in merchandising that are helping businesses.
- Virtual Reality
This involves allowing customers to have a real experience of products that is to be bought before the customers even pay for the product. This concept eliminates every doubt such customers might be nursing and initiates the desire to have total ownernership of such product by purchasing it. Vitual Reality is practised by popular brands such as Toms, The North Face among others. However, the main drawback is the cost implication of creating the product of used in virtual reality and its associated devices.
- Mobile Payment and Checkout
Mobile payment engages technology to making payment for goods and services. This is possible on internet-enabled phones. With it, customers can easily shop on the go. Customers who are savvy in the use of technology are discovered to prefer mobile payment option to any other as it is easier and faster. Undoubtedly, it is correct to predict that this approach would be the best for the telecommunication industry and others where technology is a stock in trade. To add, the loyalty programs of brands who engage mobile payment can also be incorporated into this practice. Loyalty points would be awarded and recorded on every purchase made by the customer.
However, for businesses to effectively practise mobile payment, there is need to enlighten customers on security issues associated with it. This is important as it is a system prone to fraud.
- Building narrative websites
Without mincing words, the importance of website as a source of information about a business enterprise can not be over stressed. That said, there has been a noticeable increase in the number of websites on the cyberspace that can be said to be owned by business enterprises. More often than not, these website employs the use of narrative words to portray the services of the brand to visitors. Merchandise displays hosted on these websites have been noticed to be specific as they seem to target a certain crop of customers who are finding a solution to a problem. This is also evident in repackaging operations by distributors that are publicised. Each of the product usually get to the consumer with an explicit narration of the story behind their everyday business operation while they live up to the expectation these stories create in the mind of customers.