Young males love shopping, prefer going in-store
Male shoppers are set to be the future of retail, and bricks and mortar is still the key to everything.
Research in the annual AMP Recommended Retail Practice Report highlights some unexpected trends for the future of retail which may give retailers reason to celebrate. The report focused on the experiences of future shoppers, aged 18-22, across Australia and New Zealand, producing some unexpected findings.
In short, there a lot of guys that love menswear, shopping and getting great deals.
Men are set to be shopping fanatics
- 46% of male shoppers are interested in staying ahead of trends. Just 36% of females said the same.
- 51% of males (18-22) prefer to shop in groups, compared with 36% of males over the age of 22.
- 56% of males (18-22) are more confident shopping in groups, compared with 29% over the age of 22.
There's no replacement for bricks and mortar, but online is invaluable
- 87% of shoppers (18-22) like or love shopping in store, compared with 79% of all shoppers. With an increasing preference for shopping in groups, there's no replacement for a social in-store experience.
- 61% of future shoppers (18-22) research while in-store, compared with 36% of the over-22 crowd.
- 63% of future shoppers (18-22) use retailers' online wish list functions, compared with 43% over 22.
- More than 80% of future shoppers want to check stock availability online to make sure it's worth the trip. Around one third lack the free time to go shopping.
The report emphasises the importance of aligning online and in-store shopping. For example, by ordering online and picking it up at leisure, or getting coupons and discounts online and taking them in store.
For a distinct in-store experience, the report highlights some successes cosmetics stores have had with exclusive social events like group beauty classes, or providing loyal customers the chance to have an intimate experience with leading experts and cosmetic professionals.
The report offers insights into the future of retail best practice and how important it is for businesses to make sure their online and in-store fronts are working in tandem to catch more customers. With males set to rival or outspend female shoppers in the future there are plenty of opportunities to be had.
Pivoting a business to take advantage
Having an active and vibrant online presence is crucial, but far too many are falling down for the most simple and unnecessary reasons, like a slow website. Make sure your business network is able to deliver a quality online experience but has room to expand when you get bursts of traffic following well-publicised sales or campaigns. Having "just enough" means you'll have nowhere near enough when you need it most. If you're in an NBN area and have yet to make the switch, it might be high time.
The intense growth in the future of male shoppers also means a lot for industries who can benefit. Now that there's research to back up the future trends of shopping and best-practices, a business with big ideas could cash in by attracting development investors now and in the future, when it pays off.
Even with more typical financing, being able to support a loan application with research can make a significant difference to the rates you can get.
As the AMP Recommended Retail Practice report shows, opportunities abound. Far from the feared disruption of physical stores and decline of shoppers the future of retail is looking brighter than ever.