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Consumer Trends

The Evolving Consumer: An Overview of the Changing Consumer Trends in Canada

Global consumer trends are evolving faster than ever before. In Canada, the population is becoming increasingly heterogeneous with millennials representing a significant part of the population. These consumer cohorts are considered to be extremely dynamic in terms of their shopping habits, making it highly challenging for retailers to effectively capture their brand loyalty.

Furthermore, a typical Canadian consumer prefers convenience, choice, and control when they shop. As such, today retailers have to deal with a more diverse set of consumers with a much broader set of needs.

Let us explore some key consumer trends that Canadian retailers must keep abreast of while planning their strategies to entice customers in this market.

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Top consumer trends in Canada

consumer trends

Serving the millennial consumers

Millennials are often referred to as the ‘connected generation’. Some of the common millennial consumer trends include the use of smartphones and mobile devices to browse through products and shop. The purchase decisions of millennial consumers are largely influenced by social media or what they read about a product online.

These consumer trends mean that retailer must continuously and quickly reinvent their offerings in order to grab the attention of these consumers and provide the consumer experience that they are looking for so that their brand loyalty can be retained. Moreover, a strong multi-channel and PR communication strategy is a must-have for retailers.

Age of responsible consumerism

This is one of the most popular global consumer trends that will soon go mainstream in Canada. As the ease of buying goods of their choice increases, modern consumers will now favor brands that help them make more responsible and better choices.

Some top brands have already set the lead for such trends wherein they encourage consumers to support global issues such as environmental concerns and do their part in making a positive impact.

The modern consumer is a constructive result of growing economic pressure and increasing competitive options available. Get in touch with our experts to know how our market intelligence solutions can help your business adapt to the changing business landscape and formulate robust strategies to survive.

Personalized experience and on-demand shopping

Personalization is one of the key consumer experience trends that plays a major role in making the shopping experience relevant to modern customers. Businesses are increasingly using customer data and past shopping behavior data to personalize shopping experience for their customers. Furthermore, taking advantage of the growth of digital shopping, several brands are providing services such as same-day delivery that is becoming one of the most popular consumer trends, especially among the young shoppers.

Increased focus on health and wellness

Modern Canadian consumers are gradually showing greater interest towards health and wellness. As a result, brand and products that promote this ideology are garnering greater favor in the Canadian market. Furthermore, food products with dietary restrictions are also becoming one of the key growing consumer trends in Canada.

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Market research analysis

How Market Research analysis helped a Big-box Retailer Fine-Tune Their Processes to Adapt to the Changing Retail Dynamics in the US

As e-commerce and specialty stores grow in appeal, big-box retail stores are gradually losing relevance. The numerous store and company closures across several categories over the last decade is a key indicator of the shrinking demand for big-box retail. One of the prime reasons for this is that customers are no longer keen on being anonymous shoppers in large retail stores. Consequently, big-box retail companies must shift their strategy from competing on access and selection to providing better discounts and staging greater consumer experiences. Moreover, the proliferation of ecommerce stores in the US that are able to offer a wider option when compared to brick and mortar stores, consumers are becoming more inclined to use these platforms for making a purchase. All these factors are making it highly challenging for big-box retailers to grow and retain their customers. This is where the benefits of leveraging a market research analysis comes into play.

A big transformation calls for a holistic approach. Request a Free Proposal to know how our experts can help you identify gaps in your current business operations and align your business decision making to generate better outcomes.

Market research analysis

Business challenge

The client: A big-box retailer with stores across North America

Industry: Retail & CPG

A major big-box retail chain observed a steady decline in their store traffic over two consequent quarters. They were facing predicaments in identifying the exact reasons for the sudden reduction in the footfall. In an effort to increase their store traffic, the client even invested aggressively into promotional campaigns. However, they failed to achieve the desired viewership and conversions. This also had a great impact on their overall sales and profitability, with the net profits plunging by at least 15% each quarter. The client approached Infiniti Research to identify the critical reasons for their reduced footfall and traffic and also identify strategies to get back on track with the help of our market research analysis.

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Furthermore, by leveraging our market research analysis solution, the client also wanted to tackle other key challenges including:

Build brand loyalty

As consumers today have a wide range of options to choose from, they tend to switch between different online and offline platforms to make a purchase. With Infiniti’s market research analysis, the client wanted to identify the factors affecting consumer purchase and brand loyalty and build appropriate strategies to retain their customers and turn them into repeat shoppers.

Identify the right marketing channels

The client’s previous promotional strategies failed as they failed to identify where their target customers are before investing in marketing campaigns. Using Infiniti’s market research analysis solutions, the client was keen on grouping different customers based on their purchasing behavior and create targeted marketing campaigns to attract these segments.

Create promotional strategies

With the help of our market research analysis, the big-box retailer also wanted to understand their competitors’ promotional activities and strategize their own promotions and discounts accordingly. They also wanted to learn how their big-box retail counterparts are withstanding competition from new players such as ecommerce and specialty retailers.

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Solutions offered

To help the client tackle the above-mentioned challenges, the experts at Infiniti Research conducted a comprehensive retail market research analysis. The market research analysis involved qualitative and quantitative market research for augmenting sales and targeting the right audience for the big-box retailer. The experts at Infiniti also carried out a market trend analysis in order to understand the change in market trends that are affecting the sales and profitability of the business. The industry best practice assessment undertaken as a part of the market research analysis also provided the client details about the strategies adopted by their peers in the market to withstand competition from ecommerce and specialty retailers and retain their customers. The market research analysis also included a customer satisfaction and loyalty assessment through which the client was able to gain a better understanding of what their customer expectations were and their gaps in fulfilling them.

Results obtained

By leveraging Infiniti’s market research analysis, the client identified that one of the key reasons for the declining footfall was the lack of personalized in-store experience and offers. The market research analysis study helped the big-box retailer understand the promotional tactics adopted by their counterparts and formulate similar offers that were most viable for their business and at the same time attract more customers. They were also able to identify the right promotional channels where their target customers were most active and undertake targeted marketing campaigns to drive more sales. As a result of these targeted campaigns, the big-box retailer also observed a rise in the number of repeat shoppers.

By leveraging our market research analysis, the client consequently saw an increase in their profit margin by 25% within 6 months.

Learn more about how Infiniti’s solutions can help overcome challenges in retail.

Assessing the Millennial Customer Segments and their Buying Behavior for a Fashion Retailer – Customer Research Study by Infiniti Research

Business Challenge 

Even though the fashion retail industry has fared well in some years, market growth has been volatile at times. Growing consumerism, inventory management, sustainability, millennial buying behavior, and entry of new players have increased challenges for fashion retailers. This has pressurized companies in the fashion retail industry to leverage a consumer research study to learn more about customers’ needs, intents, and preferences.

A well-known fashion retailer was struggling to improve sales and better sell their products to target customers. Their inability to target millennial customer segments and analyze the purchase trends and channels preferred by millennials, resulted in a decline in their sales rate. This radical decline in the sales rate compelled the client to leverage Infiniti’s consumer research study to better analyze the millennial customer segment. By leveraging Infiniti’s consumer research analysis solution, the client wanted to assess customers’ purchase behaviors. Also, with the help of a consumer research analysis, they wanted to gain in-depth insights into the impact of demographics on millennials’ attitudes, various barriers to purchase, and potential solutions to overcome barriers.

Our consumer research solutions have helped businesses to boost their profitability by augmenting sales and targeting right audiences. Request for a Brochure.

Top Challenges Faced by the Fashion Retailer 

Problem Statement 1: Growing consumerism

Today, as customers turn to the internet for information and shopping, to smartphone applications for price comparisons, and to social media for opinions, the industry’s response has become more price sensitive. Additionally, consumers demand variety and novelty. This has increased complications in the supply chain, product development, planning, and production processes.

Problem Statement 2: Inventory planning

Customer preferences change fast, which speeds up inventory turnover requirements. This compels suppliers to improve turnaround time and exhibit excellence in stock visibility. By leveraging Infiniti’s expertise in offering consumer research solutions, the client wanted to exhibit excellence in stock visibility, operations planning, and inventory intelligence.

Problem Statement 3: Discounting and competition

Fashion retailers are increasingly relying on discounts to drive sales. It is challenging for players in the fashion industry to maintain a healthy margin, when competitors are offering heavy discounts.

Our consumer research solutions can help businesses to thrive in today’s competitive market by learning more about customers’ needs, intents, and preferences. Request a FREE proposal.

Solutions Offered and Value Delivered 

To help the client tackle challenges in the industry, the experts at Infiniti Research recommended a consumer research study.

Phase 1: Customer survey

With the help of in-depth qualitative interviews with customers belonging to different segments, our market research experts helped the client assess their customers’ purchase behavior. Additionally, by tracking trends, analyzing, and interpreting consumer behavior, the client was able to understand target consumers more effectively.

Phase 2: Inventory forecasting

Our expertise in offering inventory forecasting solution helped the client avoid excess inventory. We also helped them identify stock levels that are required to meet the rising demands for apparels.

Phase 3: Competitive analysis

By analyzing top competitors in the industry, our experts helped the client understand discounting strategies used by their competitors. The consumer research study further helped the client to offer better discounts for their customers, while maintaining healthy profits.

In a span of nine weeks, the client saw clear advantages from this consumer research engagement. The client gained a clear understanding of the customer’s purchase behavior, especially the millennial generation. The consumer research engagement further helped the client assist sales and support product teams. With Infiniti’s consumer research analysis, the client realized a savings of 11% in a year.

Get in touch to know more about our consumer research analysis solutions.

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