Bazaar Voice recently published a report on key consumer trends. It noted that: “The rise of social is shaking up things in surprising ways. What does this mean for retailers? Everything. It means the competition, which has already been fierce, won’t get any easier. It means there’s a huge opportunity to capture new market share — and a substantial risk of losing market share to retailers who can execute effective strategies that address social, mobile, and big data. To succeed, retailers need to leverage five trends that are currently transforming the retail landscape. Retailers that embrace these trends and incorporate them into their strategy can realize higher conversions and larger transaction sizes.”

The five trends identified by Bazaar Voice are: (1) Shopping is becoming more social. (2) Millennials — those born between 1978 and 1995 — are becoming more important. (3) Mobile is becoming even more ubiquitous (used all the time, everywhere). (4) Seamless multi-channel retailing is becoming the standard for company success. (5) Big data will be even more important in discovering and reacting to the evolving marketplace.

Click the image to read Bazaar Voice’s full report.