Analysing Retail Trends: Insights for local small business retailers the Remainder of 2024 and Beyond

Analysing data from numerous retailers across various settings, we’ve identified several trends that may be beneficial to others as we navigate the final four months of 2024 and beyond. Tower Systems is pleased to share these local small business retail insights.

Product Trends

• Relaxing Products: The jigsaw surge from during the pandemic has resurfaced. Sales are up and smart retailers are doing well. Likewise, there is growth in other brain related products and activities such as: adult colouring, art and craft, journaling, cross-stitch, knitting, games, and art. Smart retailers are not only selling these items but also providing opportunities for customers to connect with others engaged in these activities.
• Nesting: This category has experienced a valuable uptick this year. Nesting products include candles, diffusers, essential oils, rugs, cushions, homewares, pets, cooking items, and related products.
• Tactile Products: We’ve observed a surge in cuddly products, such as plush toys, pets, rugs, blankets, pillows, and similar items. Fitting under the sensory category this year, these products placed for impulse engagement are proving to be a value hit for retailers, extending the value of the basket.
• Easy Shopping: Retailers are gaining sales by simplifying the shopping experience through packaging frequently purchased items together and placing them prominently at the front of the store and at the counter.
• Postable Gifts: People appreciate the convenience of easily sending gifts to loved ones they can’t see in person.

Operational

• Working from Home: This is still a thing, especially in regional settings.  Leaning into the opportunity is smart for retailers, across almost any retail business.
• Online: This is critical for every retailers as more sales are transacted online. Having an easy to access, beautiful, m. enjoyable and well, stocked website is a key part of the plan.
• Contactless Retail: Having the EFTPOS machine facing the customer and positioned for easy tapping, along with implementing arrangements for the lowest possible EFTPOS fees, is essential.

Seasonal

• Early Christmas Shopping: Christmas sales for 2024 started as early as June this year. We have seen some businesses already do very well in this space.

Local small business retail has changed. Smart retailers leaning into change are the ones doing best. Our POS software can help retailers spot trends for their commercial benefit.

it has also created opportunities. The Victorian situation serves as a reminder that disruption is not temporary. History suggests that the winners will be those businesses that adapted early and were able to refine their offerings and processes as the market evolved.