Manage a sporting goods retail store effectively by understanding industry trends

In 2023, the retail market will begin to recover and grow strongly, opening up opportunities for businesses in the industry. Sportswear is one of the retail industries that has made great progress thanks to the trend of paying more attention to consumers' health. Increased demand also means businesses have to reform their sales systems to better serve customers.

Join LBC International to learn about the sports goods consumer market and how to effectively manage retail stores, creating a competitive advantage.

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1. General situation of the retail market in 2022 - 2023

The business situation of the retail industry in 2022 has improved significantly compared to 2021. The general recovery of the economy has created conditions for the retail industry to grow again. According to a report from the General Statistics Office of Vietnam, total retail sales of goods and consumer service revenue in 2022 increased by 15% compared to 2019 - the time before the Covid - 19 pandemic.

The market recovery has led to many trends in retail store management. To achieve the expected level of revenue, retailers have applied many methods to increase purchasing power, push inventory and maximize business advantages. Besides promotions, discounts and gifts, the seller also actively expands sales channels.

In fact, multi-channel sales bring in higher revenue than direct sales at stores or only online sales. Among online sales channels, e-commerce is still the most popular, followed by Facebook, website and Tiktok Shop.

The majority of retailers with growing revenue in 2022 belong to the fields of fashion - accessories, grocery - mini supermarkets, cosmetics, sports and toys. On the contrary, the groups of living products, household appliances, medicine, functional foods, and mother and baby products recorded a decline in revenue. It can be seen that the potential of the sports retail industry is extremely large and the retail market is always a "fertile land" for businesses to exploit.

2. Sportswear consumption trends

Nowadays, people are starting to pay more attention to health, exercise has become a top priority. Mordor Intelligence predicts that the global sports products market will achieve a compound annual growth rate of 6.54% in the period 2022 - 2027. Previously, the market for fitness, gym, and yoga apparel and equipment has increased rapidly since 2019. Workout apparel in particular has extremely high sales thanks to the popularity of sports and consumers' health awareness.

With the desire to improve health, create an active lifestyle and a balanced appearance, consumers gradually consider exercise and sports as a daily habit. New sports such as pole dancing, aerial yoga or pilates appear and stir up young people. This has created momentum for market growth, increasing demand for sports products also means the need to improve retail store management systems.

Integrated advanced features (temperature control, humidity regulation, injury prevention...) make many consumers choose sportswear as daily wear. Fashion in sportswear is paid more attention, as evidenced by the combination of fashion houses Adidas x Gucci, Adidas x Balenciaga... From here, the luxury sportswear market gradually attracts attention, being the intersection of fashion, luxury and sportsmanship.

In addition, the sports goods consumer market in 2023 is also a game of online shopping and multi-channel sales trends. Along with the boom of e-commerce, retailers continue to update new technologies in online business to enhance the shopping experience, attract and retain customers.

Sports goods sellers can enhance digital transformation tools and data analysis to optimize customer experience before moving to multi-channel sales. Today, live shopping and livestreaming have become a trend, not only for entertainment but also for shopping, sales, promotion, KOLs introducing products... The conversion rate on these platforms can be 3 - 5 times higher than e-commerce.

3. Manage sporting goods retail stores in a synchronous manner

Retail Pro Prism is a solution that helps businesses manage sporting goods retail stores in a consistent and professional manner. With typical features such as: chain store operations management, product portfolio management, inventory, personnel performance, purchase history, loyal customer list... Retail Pro Prism is the most comprehensive retail management tool today.

LBC International's products are trusted by reputable businesses and retail systems around the world. Big names in the industry such as Typo, Piaget, N&M, Nike, Muji or Mango have been and are our strategic partners. The real values ​​that Retail Pro Prism brings promise to help brands connect better with their customers.

With great strides, the sports retail market is a potential "land" for businesses to exploit. Hopefully the above article will help administrators have an overview of market trends to build a business plan in 2023. Businesses that want to learn more about retail store management tools can contact LBC International for advice and support.

Articles and images compiled by LBC International.