New business opportunities exist to launch local community based retailers and wholesalers that advocate certain values and produce their own goods. Furthermore, local community stores are experiencing a revival. Retail locations near cultural and spiritual venues will be attractive.
The investments of retail companies are focused on introducing sustainable solutions, products and energy saving measures, as well as virtual local community building and e-commerce solutions.Debit cards and cash are tending to be the payment solutions of choice.
The following are the top consumer demands and trends:
Products and companies that signal local, organic, and ethically sound production are preferred.
Consumers’ priorities are their social lives and the experience of community (even cooperatives at the community level are experiencing a revival).
Consumers expect that retailers will make the shopping experience as easy as possible.
Companies use local promotional web spaces, and branding is linked to value “movements.”
Retail companies are seeking to increase the proportion of goods they source from local high quality suppliers.
Companies should consider focusing on providing convenience and e-commerce options to make shopping easy and effortless for consumers.
Loretta Hunnicutt
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