Lynsey Abbott and Katy Norton, co-founders of Buying And Beyond, have over 30 years of combined retail buying experience, having worked for Monsoon Accessorize, Moon Pig, Hobby Craft (Katy) and Monsoon Accessorize, Marks and Spencer and Dobbies Garden Centres (Lynsey).
Last year, they launched Buying and Beyond, a consultancy providing personalised advice, guidance and support for all sizes of retail businesses through coaching and project work, with the aim to inspire and inform retail businesses to build, grow and scale product ranges. The company also has a podcast which takes listeners behind the scenes of retail buying.
In this article for GiftsandHome.net, Lynsey and Katy take a look at the future of retail.
“It was 2009, and the world was reeling from the Great Recession when we first became buyers. We had grown up watching the boom of consumer spendingon credit, and working in retail – particularly fashion – was still seen as the height of glamour. But the worst financial crisis since the Great Depression in 1929 took a heavy toll and the industry we entered was a very different world. We were challenged from day one.
However, it taught us very quickly one of the biggest rules in retail: environment is everything. What do our customers want right now? How might that change? And how can we adapt to that at speed? The answer is: be brave and be ready. Equip yourself to fail fast, take risks, and don’t be afraid to pivot from the original plan. This is more important now than ever.
Uncertainty has the high street in a stranglehold at the moment, with ever tightening budgets leaving a lot of retailers looking like rabbits in headlights. We’ve seen many of the big players too large to pivot. Others have lost their creativity and become too obsessed with data. It’s too reactive. Why wait to see how your customers respond? Be bold and show them what they want.
The brands we’ve seen have the greatest success are those that truly know their customers, and, as a result, have moved with them. They’ve identified how their shoppers’ lifestyles might have changed, or whether their values still align, and worked out how to adapt to that. In a world where consumers are increasingly using comparison shopping to find the best deals, defining your product offering and asserting your brand handwriting has never been more important to set you apart and show you’re still unique.
Crucially though, you can’t stand still. The landscape is constantly shifting as technology evolves. Customers now have higher expectations, are less brand loyal, and want things quicker. At Buying and Beyond, we’re always searching for ways that our clients can stay ahead of the game. Here are three key areas that need to be on your radar:
> Artificial Intelligence: On one hand, AI has radically increased consumer expectations. They now demand an exceptional user experience online – from intuitive websites and AI-driven personalised shopping on the browsing side to fast shipping and excellent customer service when completing the purchase. Successful businesses need to provide this as a bare minimum. But it can also be an advantage, using AI to better understand customer preferences, track purchasing behaviours, and tailor marketing strategies accordingly. It can also support and streamline processes, and provide an incredible tool to pre-empt events outside of your control, be it political, social or environmental, and provide solutions. Beware though, too much reliance on this data can also undermine the authenticity and creative spirit of a brand. For us, gut instinct still trumps AI!
> Sustainability: Today’s consumers are increasingly concerned with the environment – and they expect brands to reflect these values. This means low or zero waste products made with eco-friendly materials that are ethically sourced. Transparent production processes are also important. And the focus now is not just on new products. Circular retail is fast becoming a core part of many retailers’ identity, such as repair studios or returning unwanted clothes for money back. Pre-loved is now mainstream too and rental platforms are fast becoming the norm. It’s time to consider how to include this as part of your offer.
> Experiences: There are so many places for brands to exist now, from physical stores to ecommerce sites, social media, as well as wholesale platforms such as Faire and Creoate. But it’s not where you interact with customers, it’s how. Many consumers still deeply value the tactile and social aspects of shopping, and small businesses are well positioned to offer this with unique in-store experiences, such as pop-up shops, hands-on product demonstrations, and personalised shopping events. Collaborations with other local businesses are also a great way to build stronger community ties and generate a buzz. Social media also offers a cost-effective way to reach highly targeted audiences, helping to tell the brand story and build a loyal following. Influencer marketing campaigns and user generated content can establish a more authentic and trusted connection with their audience. TikTok 12 hour lives, for example, are just the next generation of TV shopping channels!
The future of retail will require innovation, adaptability, and a focus on creating meaningful customer experiences – it’s the only way to differentiate yourself in a crowded marketplace. Those who stay tuned to trends and remain agile will have the best chance of building lasting success.
Visit www.buyingandbeyond.co.uk
Top: Lynsey Abbott (right) and Katy Norton, co-founders of Buying And Beyond.
