Understanding Consumer Buying Trends Building Dynamic Product Lines

Understanding Consumer Buying Trends Building Dynamic Product Lines

Understanding Consumer Buying Trends - Building Dynamic Product Lines
The ability to​ detect trends and to​ interpret that knowledge can tell you what consumers want now, but also help you predict what they’ll be looking for tomorrow .​
This can really give a​ retailer a​ big edge, particularly when it​ comes to​ selecting product lines.
What is​ a​ Trend?
A trend is​ not a​ group of​ popular items that everyone is​ buying .​
a​ trend is​ an​ expression of​ what matters to​ consumers at​ the moment—it’s a​ sign of​ what they’re excited about .​
a​ trend can actually give you many ideas of​ what products might be popular in​ certain groups .​
The trend towards natural living, for example, could inspire a​ whole line of​ products because that’s what people are concerned with and are thinking about .​
And trends grow and evolve and morph, but they have rhyme and reason—unlike fads, they don’t just come out of​ nowhere.
Trend Analysis
Lisa Suttora of​ WhatDoISell.com defines trend analysis as​ looking at​ a​ definable group of​ customers that you can get coming back time and time again…You’re not sourcing products in​ a​ vacuum, because you know exactly what types of​ products people are looking for .​
Though it​ may initially take you more time to​ study market trends in​ the beginning, it​ will save you a​ lot of​ time in​ the long run .​
You won’t be trying to​ figure out why you can’t move products, and you won’t be wasting money on just guessing at​ what you think will sell.
How Do I​ Become a​ Trend Spotter?
Spotting trends is​ a​ learned ability—it doesn’t require you to​ be trendy .​
It requires discipline—make it​ a​ habit to​ research trends daily .​
There are many avenues you can use to​ help you research:
• Most major search engines offer keyword tracking tools that show you how many people are searching for a​ given item .​
Worldwide Brands offers a​ Market Research Wizard that can show you how likely a​ product is​ to​ be successful based on market statistics.
• Consumer magazines and websites are great sources for gathering information.
• Check out trade shows, associations, and publications .​
Though trade publications tend to​ be pricy, the information in​ them is​ the result of​ millions of​ dollars of​ research and projects out from 12 to​ 18 months, which really gives you a​ jump on buying trends that haven’t even evolved yet.
• The media can provide some really valuable trending stats—newspapers often give numbers and demographics .​
Look for indicators of​ growth and decline .​
You want to​ get in​ on the upswing of​ a​ trend—not when it’s on its way out .​
Document everything so that you have it​ all in​ front of​ you and don’t forget anything important when you sit down to​ analyze the results of​ your research.
The key is​ to​ be consistent and do your research daily .​
Says Suttora, Trending information is​ not something you do once and then stop…Every successful business owner is​ going to​ continually be reinventing their product line…on an​ ongoing basis.

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