Diversity, equity, inclusion, and other related words and concepts have exploded in popularity in recent years. Typically, these topics come up in conversations outside of the retail perspective; however, their importance permeates all throughout the retail world and has for quite some time! Learn how diversity isn’t just a trend, yet a lasting importance in our society, and how it can positively impact your retail store.
Consumers Care About Diversity
Diversity in business is a huge factor for consumers. Half of all consumers globally want to buy from brands that stand up for societal and cultural issues they align with, and a little under half of worldwide shoppers report not buying products from a brand if it doesn’t reflect how important diversity is to them. 70% of American millennials are more likely to choose one brand over another if it demonstrates diversity in their marketing. Diversity is a HUGE factor to a brand’s success! Look carefully at the brands you’re stocking your retail store with – if you notice a diverse variety of people on their packaging, that’s a good sign.
Diverse Businesses See Success
Different upbringings offer different perspectives in the workplace. Incorporating these different perspectives can be a huge boon for your retail store! Organizations who can capitalize on the talents and knowledge of their diverse benefit from increased employee retention and a better talent pool of employees.
Broader Reach to Consumers
Understanding diversity and implementing that in your store can translate well to consumers in more than just a financial sense. A diverse employee base can draw in customers of all types of backgrounds. It makes them feel comfortable when they see a variety of peoples in your store.
Representation in Brands
When we see ourselves represented by the things we like, such as our favorite brands, that instills a favorable opinion of that thing inside us. It’s a simple psychological hack that you can use to your advantage in your retail store! If you notice a specific group or groups of customers frequenting your store, it’s not a bad idea to incorporate brands or merchandising displays in your store that represent those groups.
Final Thoughts
Diversity is much more than just a trending fad of the 2020s, it’s an integral cornerstone of success for businesses in the 21st century. Consumers care greatly about brands that stand up for diversity, equity, inclusion, and other social causes – so much so that they’re willing to permanently support one brand over another if it supports these topics. Having a diverse employee base brings different perspectives into your strategic business strategy and subsequently attracts more customers to your store. Lastly, customers form favorable opinions of brands that represent them and will loyally support that brand. Do your retail store a favor by investing in diversity.
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