Retailers Must Refine Their Selection Of Products For The New Consumer

Ezine Article - Business Articles

By Ron Pawlowski

Article Tags:retail, retailer, leadership, operations, sales, merchandise, global trends, global issuescustomers

As 2010 marches on, customers will still focus on a needs-based buying pattern over previous wants-based mentalities. Above this current trend, customers are becoming obsessed with product lines that are a reflection of the latest global issues, technological improvements or design styles.
Gone are the days where consumers were dazzled by sheer selection and massive SKU lists. Smaller, more focused product lines that keep up with the times are what customers prefer. It's now expected that progressive retailers will continually scrutinize products and clean out those that are at the end of their life cycle or are not reflective of current trends and priorities.
Not surprisingly, consumers still demonstrate a high interest in the latest technological gadgets like Cell Phones, Televisions, Ipods and other high-tech devices. However, current issues like our environment and energy are affecting the consumer's attitude towards selection. A less energy efficient appliance designed even just a couple of years ago will take a back seat to leading edge models that cost less to operate.
As a matter of fact, consumers will frown upon retailers who offer older products that appear obsolete just to pad out their selection.
What types of product do consumers regard as current and relevant based on global trends?
-Products that offer the latest in energy efficiency
-Products that required less energy to produce
-Products that require less energy to distribute
-Products that will have minimal environmental impact upon disposal
-Products that have proven reliability and longevity as customers keep making quality a high priority over previous disposable product lines
-Products that are current in design but can be upgraded easily in the future. Consumers expect longer life cycles from their computers, for example and will expect to upgrade their platforms at least once before buying completely new systems
-Products that offer the latest designs in safety. Products from power tools, to tires to baby seats continually offer leading edge refinements in safety, that is especially relevant to the family oriented consumer.

Does your product line reflect the current trends and issues that are top of mind with your consumers? In their eyes, is your product line current, relevant and focused? Do consumers believe that you conduct ongoing research and continually refine your product line as discussed and weed out older and less relevant products?
The days are over where big-box broad SKU merchandising just for the sake of sheer selection will impress today's consumer. Today, relevance to current global issues is the consumers acid test.


Take Action Today:
1) Scrutinize your product line and phase out products that are not current and may be perceived as tired and obsolete in the eyes of the consumer.
2) Refine your product line and be the authority in the eyes of your customers on what's hot and relevant. Demonstrate that you are well informed in regards to current global issues that they see as critical.
3) Add new and leading edge products to your merchandise line and prove to the consumers that you've done your homework.
4) Schedule your team to review your product line monthly and make product focus and refinement and ongoing process.

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