Shopping habits have changed. Consumer expectations of the brands they purchase and where they purchase them have shifted dramatically. These changes will continue to impact retailers everywhere from Main Street to Broadway. Retailers of all sizes are constantly trying to navigate these changes, so it is important to understand the values of today’s shoppers.
By now, we should all be familiar with branded content on social media platforms like Facebook and Instagram. Ticket giveaways, opportunities to meet well-known radio personalities, gift cards to favorite local restaurants and many more are now offered by radio stations through both live broadcasts and affiliated social media accounts, which are “presented by” a sponsor.
Of course, these giveaways are great for listeners, as they can seize an opportunity to see their favorite local or even national artist perform on stage or treat their family to a nice meal. But did you know how effective these partnerships are for the radio stations and advertisers themselves on social media?
We know that consumer shopping behavior changed dramatically in 2020 – due to both restrictions and personal preferences. However, live events are on, places are open, and consumers are ready for it all.
The National Retail Federation revised their 2021 annual forecast and now projects that retail sales will total anywhere from $4.44 to $4.56 trillion this year. Yes, consumers are ready to shop, but where they shop, why they shop and what they buy will look different in 2021.
Next week we will celebrate Black History Month – an event that celebrates and recognizes the impact that Blacks/African Americans have had on our history. According to ASALH, the Association for the Study of African American Life and History, the theme for 2021 is The Black Family: Representation, Identity, and Diversity.
Without a doubt, 2020 has been a most unusual year, and the need for good tidings and holiday cheer have never been apparent than now. Shopping this season will be a way that consumers will turn their focus from current events and concerns to celebrating the holidays and a hopeful return to the routines that they all miss.
As states are in various phases of reopening, consumers find themselves in various stages of their own phases. These phases continue to shift and change the behaviors that had once been routine to so many. In order to meet the challenges, needs and concerns of their customers, businesses will need to be nimble to best address and meet their customers’ expectations.