Sri Lanka’s retail scene is changing faster than ever, and if you are running a business, you have probably felt it already. From how people shop to what convinces them to hit “checkout”, everything is getting a modern makeover and here are some insights to help you stay ahead of the curve.
Online Sales to the Fore
Several years ago (especially before the pandemic), warehouse sales meant queues, chaos and crowds. Today, however, most brands have taken this shopping frenzy online! Large-scale sales happen throughout the year, letting shoppers plan their bargains without the hassle of having to visit a store. And of course, the seasonal mega moments like the recent 11/11 and Black Friday sales still pull in everyone looking for a deal.
Buy Now, Pay Later Services Gain Popularity
Buy Now, Pay Later options like Koko and Mintpay have become game changers for retail companies in Sri Lanka, since they let customers split payments without needing credit cards. The convenience and flexibility are undeniable; a great example is how McLarens Group partnered with Koko to offer instalment payment options, both online (https://mll.lk/products/) and in-store, for products from leading brands like 3M and Meguiar’s.
Easier for Small Local Brands to Enter the Market
Sri Lanka’s retail world is no longer just for the big players, and small local brands are thriving thanks to lower entry barriers and the power of social media, of course. From homemade food and customised clothing to jewellery and more, many businesses start right from someone’s living room and grow through Instagram, Facebook and even TikTok. With fewer costs and more creativity, these homegrown brands are reshaping the market.
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Micro Influencers Hold a Lot of Sway
Gone are the days when glossy celebrity posts ruled, as audiences now crave more authenticity and “real-world” storytelling. That’s why brands are teaming up with micro influencers who may have smaller followings but real, loyal communities. Their content, of course, feels authentic and relatable while being filmed in everyday situations, which leads to better engagement and conversions without the hefty price tag.