MY TURN I BY TAYLOR HARNOIS MI Retail Predictions for 2025
A s the music retail industry looks ahead to 2025, I believe one thing is clear: success will hinge on specializa- tion and the ability to deliver a curated experience for customers — both in-store and online. The days of one-size-fits-all instruments are waning, particularly as consumers increasingly demand products that cater to their specific tastes and skill levels. Here are a few of my predictions for 2025. SPECIALIZATION: THE NEW STANDARD In recent years, the market for generic or entry-level instruments
customer behavior insights to iden- tify which products are likely to resonate with customers and the seasonality of their sales cycles. This minimizes the risk of overstocking slow-moving items, while also in- vesting in and stocking specialized inventory customers are seeking. ELEVATING THE CUSTOMER EXPERIENCE As usual, providing exceptional customer experiences is a major area of opportunity for music re- tailers in 2025. Customers expect more than just a transactional in- teraction — they’re looking for expertise, inspiration and support. Retailers that prioritize customer engagement, such as offering per- sonalized recommendations, prod- uct demos or workshops, will be better positioned to build lasting relationships with their clientele. On the digital side, music retail- ers need to have more than just an e-commerce presence. Online stores should replicate the curated, special- ized feel of a physical store, includ- ing detailed product descriptions, expert insights, interactive graphics and even virtual consultations. BALANCING TRADITION & INNOVATION Ongoing consumer demand will undoubtedly push music retailers to innovate, but it’s equally im- portant to preserve the aspects of their business that customers value most. For many musicians, the tactile experience of trying out an instrument in person remains irreplaceable. However, retailers may also consider hybrid strategies, such as offering “try before you buy” programs or in-store pickup options for online orders. MI Taylor Harnois is the general manager of Music Shop 360.
has remained steady with a surge due to COVID-19, largely catering to new players or casual enthusiasts. However, more advanced musicians are driving a shift toward niche offerings, preferring high-quality, specialized instruments that align with their unique preferences — whether it’s a mandolin perfectly suited for bluegrass or a saxophone tailored for jazz. This shift in interest has helped pump the global instru- ment market up, projecting it to reach $24.53 billion by 2030, up from $19.25 billion in 2023. For music retailers, meeting this demand means embracing a new level of expertise and curation that goes beyond what’s traditionally been offered. Music shops that specialize in a particular genre or music category are better positioned to attract discerning customers seeking expert guidance and superior prod-
uct selection. A Bluegrass-focused retailer, for example, can build its reputation on its intimate knowledge of the genre, offering instruments, accessories, and even in-store workshops that appeal to that specific audience.
“Success will hinge on specialization and the ability to deliver a curated experience for customers — both in-store and online.”
While general music stores still have their place in the market, their growth potential lies in catering to niche markets. For many sophisticated musicians, the choice of where to shop often comes down to which retailer demonstrates the deepest understanding of their specific needs and interests. In 2025, retailers that fail to differentiate themselves through specialization may struggle to stand out. ECONOMIC CHALLENGES FOR THE YEAR AHEAD Economics will also play a significant role in shaping the music retail industry in 2025. The rising costs of goods coupled with reduced discretionary spending has the potential to create challenges for music retailers. This uncertain environment makes it more impor- tant than ever for businesses to operate efficiently and strategically. One strategy for navigating this terrain is leveraging data analyt- ics to inform inventory decisions. Retailers can use sales trends and
30 I MUSIC INC. I FEBRUARY/MARCH 2025
Powered by FlippingBook