According to the latest Faire Forecast which examined data from millions of product searches on the wholesale online platform, shoppers will be looking for more adventure-inspired accessories, opulent vintage pieces, natural goods and playful nostalgic items this year, with Faire identifying four trends that are guiding consumer and retailer behaviour: Intentional Detours, Victorian Noir, Neutral Good and Everyday Hopecore.
We discovered an increasing demand for items that allow people to unplug and reconnect; a growing appetite for bold, indulgent décor and accessories; a desire for more handmade, eco-friendly products; and a stronger pull from shoppers to reconnect with their childhood and rediscover their ‘inner child’.
I know from chatting directly with retailers almost every day that kind of insight is invaluable when it comes to guiding them to make smarter buying and selling decisions, which is why the report was a key point of discussion for people I met at Spring Fair last month. But while identifying trends like these is one thing, actually translating trends and integrating them into your business is another. The best retailers approach trends with a clear strategy in mind to ensure they still feel natural for them and their customers.
Here are my top tips for getting this right:
Put your customers at the heart: Retailers know their customers better than anyone so they need to think about what they are looking for when they come into the store and what is most likely to resonate.
Every shop, every season, has a colour story, so when it comes to weaving new trends into a store, choosing the right colours is key, ensuring the colours complement the shop’s palette and brand identity. If a shop leans towards a timeless, sophisticated feel, then the rich tones of Victorian Noir could be a perfect fit. Or, if a shop has a younger, more playful energy, then the bright hues of Everyday Hopecore could bring a perfect pop of neon colour. But beyond aesthetics, colour should communicate what a shop’s brand stands for and create a connection with customers. Retailers need to take a step back and think about the story they want to tell, and how colour can help them tell it.
Make trends work for you: Retailers also need to think about their purchasing strategy, their budget, and how much risk they are comfortable taking on before adopting a new trend. They should look at their existing range and consider how brand new products will fit alongside their existing best sellers, or whether they will need new merchandised space.
They then need to think about their tolerance for risk when it comes to trying something completely different. That’s often influenced by a shop’s financial security, past experiences, both good or bad, and customer behaviour. Sticking to tried-and-tested best sellers might feel like the safer option, but if a retailer knows that it customers love newness, and have found that testing new brands and products encourages repeat spend, and attracts new customers, taking a calculated risk could pay off.
New trends need a new strategy: “New products won’t sell themselves so retailers need a plan to build awareness. They need to start by thinking about the channels that will work best for their customers and the product, whether that’s in-store merchandising, such as window displays and feature tables, a ‘new in’ campaign via email or Instagram or a launch offer.
Define metrics in advance and remain accountable to them. Retailers can look at quantitative data like sales velocity and basket size and value and combine that with qualitative customer feedback to work out what success will mean for the shop. This will help to understand when to double down on a new product and when it is time to pivot.
Most importantly, retailers need to keep an eye on their average order value.They need to make sure that the new products and brands they are testing feel accessible at the price point customers expect. While retailers don’t want to make customers feel uncomfortable, they also don’t want to undersell themselves. They should protect and look to stretch the average basket where possible, taking a good look at the pricing of the products they want to merchandise. Whether they are offering premium or more value items, it needs to feel right for their customers.
Test and learn: Experimentation, testing and learning are key so retailers need to look at how they can try something new in the lowest risk way. One way is to trial a few new pieces in a small range, gauge the response, and go from there. I’d advise setting a testing budget as a proportion of the overall budget, scaled up or down based on individual performance and appetite for risk. At Faire, we offer free returns on orders from brands that retailers are trying for the first time. For those unsure about how to promote a new brand or product, try a promotion during a quieter period when any sales lift will be more noticeable. Think about shorter and longer-term tests. A flash sale can drive urgency, while a longer promotion helps to get a sense of consistent demand.
Most importantly, retailers should not jump on trends just because others are. The best merchandising plans balance staples and best sellers with newness. It’s important for retailers to their range fresh, while staying true to who they are and not taking unnecessary risks.
Charlotte Broadbent is general UK manager at the online wholesale marketplace Faire.
Top: Faire’s Charlotte Broadbent.
