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Retailers worldwide are preparing for the most profitable time of the year, striving to make this holiday season the most lucrative yet. As always, a number of new trends are impacting the ways customers approach holiday shopping, and retailers must be on top of these developments to gain an edge.
With a better understanding of these behaviors, brands will be able to capitalize on the huge opportunities that lie ahead in the next 6 weeks. To help brands optimize their holiday campaigns and maximize returns, here's a look at 11 retail stats that every marketer needs to know....
More than 61% Shop In-Store
It is indeed good news for the traditional retailers against the 31% of people who turn to the internet. Until eCommerce finds a less expensive solution for same day delivery, traditional commerce continues to win on this point. In-store shopping has the ability to offer products to the customers immediately.
Not only this, the biggest benefit for brands operating brick-and-mortar stores is the way in which consumers spend their money while shopping. They need to understand that approximately 41% of shoppers spend more than they had planned to while shopping in stores. The product displays and the decorative store-fronts can strongly influence shoppers to make an impulse purchase....
Most consumers shop across multiple channels – in fact, a whopping 72% want to connect and engage with brands through digital channels. Most businesses have made or are beginning to make the transition to better engage today’s digital consumers.
Offline must be integrated with online methods, consumer data must be collected across all touch points, and marketers understand that personalized digital experiences will drive success.
Ever wonder just how much of an impact do digital marketing strategies really make? Or are you considering switching up some of your marketing spend? Take a look at these 5 compelling reasons why you should seriously think about ramping up your digital presence....
The report, Navigating the New Digital Divide which studied close to 2,000 urban Indian shoppers, said the conversion rate of shoppers who use a digital touch-point is 40% higher than the non-digitally influenced shoppers.
Besides more than a third of digitally influenced shoppers would prefer the flexibility of buy-online-pickup-in-store, the report said.
However, Rohit Bhatiani, director at Deloitte added, “Today, 90% of the retailers do not have a mobile app or mobile-friendly websites and hence these retailers are not even considered by consumers for pre-buying research. Retailers need to create a strong meaningful digital presence to attract customer attention.”...
Webloyalty research into online consumers has revealed that UK retailers could be missing out on as much as £66m in additional revenue through failing to personalise the experience they offer online shoppers. Over half of UK consumers said that they would make more of an effort to use a retailer if it offered a good personalised experience.
The top fifty retailers in the UK have an average turnover of £3.2bn*. For an average-sized retailer generating a turnover of £850m (such as Wickes or Mothercare), this could deliver a 7.8% uplift in sales**.
In monetary terms, this translates to an annual uplift of £66 million, not only stimulating online consumers to spend, but also helping to improve loyalty. For larger companies, this number would naturally increase even further....
How do we get more people into our stores? It’s an age-old question for B2C companies who have brick-and-mortar presences. How do you get people from thinking about your product to coming in your store and buying it?
The good news is, social media is here to help — and not just with bringing in the crowds. Social media allows you to have a deeper and more multi-faceted relationship with your customers than ever before. Don’t miss out on that opportunity.
I’m going to use Seattle ice cream purveyor Molly Moon as my model in much of this post. There’s always a line at Molly Moon’s, especially in the summer but even on rainy Seattle days. That’s not because they’re slow scoopers – it’s because their ice cream is that good and, dare I say, because they use Facebook, Instagram, and Twitter to their best advantage....
Recent research from the Centre for Retail Research (CRR) predicts that one in five retail stores on the high street will close in the next five years – in addition to the ongoing shop vacancy rate of 14.1%. But there's signs that the future doesn't need to be all about reducing store or staff numbers to boost finances.
Many retailers are adapting their model to shoppers’ changing habits and desires - taking advantage of technology to improve the instore experience and improve profitability. In doing so, they may be inadvertently reshaping the role of bricks and mortar shops....
When it comes to selling luxury via social media, some brands are far more artful than others, according to a new analysis of social-media platforms from L2’s latest report.
The report ranked some 250 prestige brands across 15 social media platforms. Swarovski is batting a thousand and present on all of them, followed by fast-fashion chain Uniqlo, active on 13. “Prestige brands are present on an average of seven platforms, with 15% on 10 or more,” writes Scott Galloway, professor of marketing at New York University’s Stern School and founder of L2. “Brands are still searching for the right balance between promise and performance and, as costs increase, will likely pare down the number of platforms they invest in.”...
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The 3rd annual digital experience study by analysts at Deloitte revealed a continuing trend, showing how mobile connectivity influences retail purchasing decisions. The study examined over 3,000 U.S. consumers to understand how their digital interactions (eCommerce, social, review sites, etc) are influencing in-store U.S. retail purchases. To nobody’s surprise, this year’s data clearly shows that digital influence continues to accelerate and shift the ground under the feet of retailers large and small alike.
The Deloitte study also pointed out that retailers are “dramatically underestimating the influence of digital, and are caught in a divide where they are making digital investments.” Buyers’ digital experience is becoming increasingly important.
Rather than view eCommerce and physical retail separately, retailers must understand how digital experience influences multiple channels.
As the rapid convergence of eCommerce and “brick-and-mortar business” continues, there are some practical ways you can create a more desirable digital experience for your customer.
The good news is, many changes aren’t costly at all, it’s just a matter of making a slight shift in your business approach....
Nowadays, omni-channel consumers are comparing products and prices online before ever entering a bricks-and-mortar store and when they do, they have a device with them to compare and research on the fly.
So, the question is: how can online retailers cash in on über-connected consumers and get them to spend money in their online store as opposed to someone else’s?The answer: gamify....
Back in the early 2000s, I was the editor of Progressive Grocer magazine, which did a “Super 50” list of top supermarket chains by revenue. In the first few versions of the list, however, the true top dog was missing. Walmart had been building supercenters and Neighborhood Market grocery stores at an aggressive pace, but it didn't report its transactional data to IRI.
We finally worked with several data companies and did square footage analyses to come up with a number to attach to Walmart's grocery sales and confer top honors upon it.
It was a relief to us on the editorial staff, because everyone knew Walmart ruled the roost. It appeared there was nothing Sam Walton's troops could not conquer. Then came digital....
Women may always be a mystery to men, but that need not be the case for retailers. Here is a closer look at how female consumers are navigating the retail sector right now that can help you land more sales with women shoppers.
Who, what, when, where, why and how? These are the questions that every researcher seeks to answer. If your business needs to find success in its efforts at marketing to women, these are questions that can help provide insights about female consumers that you can use to shape your marketing strategies. Here are some research findings about women shoppers that made our list of things you should know....
Before deciding to read this topic, ask yourself first – What are the things you wished was there in your last visit to a shopping site?
Should there have been more scope for interaction? Should there have been a price comparison facility? Did the web design communicate what it promised to sell? Would you purchase more if they offer seasonal discounts / free delivery next time?
Being 'user friendly', is the focal point of all e commerce sites. A design that is user focused, generates more conversions. So, if you were given the opportunity to make some improvements to the last visited shopping website, what would you have added or changed?
This post will bring to you a set of five best shopping site names, which try to maintain the key marketing principles, together with a beautiful web design....
According to research conducted by Nielsen, we know that 92% of consumers report that “word-of-mouth and recommendations from people [they] know” are the leading influence on their purchase behavior. Only 37% trust search engine ads, and just 24% trust online banner ads.
They trust their friends and family the most when looking for brand recommendations. But what types of recommendations carry the most weight? Brands are eager to tap into the power of recommendations, and many companies measure an “NPS,” or Net Promoter Score, which illustrates how likely someone is to recommend a specific brand or company.
According to a U.K. study by Fred Reichheld, “a 7% increase in word of-mouth advocacy unlocks 1% additional company growth.” His research also shows that “a 12% increase in brand advocacy, on average, generates a 2x increase in revenue growth rate plus boosts market share” and, conversely, “a 2% reduction in negative word-of-mouth boosts sales growth by 1%....
The BBC's Jill Martin visits US clothing company Lolly Wolly Doodle, which is helping to lead the way in selling directly through Facebook.
As a family-run company with just 160 employees and a funny name, US children's clothing manufacturer Lolly Wolly Doodle (LWD) does not immediately seem like a trendsetter.Yet the North Carolina firm and its owner Brandi Temple are at the forefront of how small retailers are increasingly selling their wares directly through Facebook.
Billionaire investor Steve Case, the co-founder of US internet group AOL, is so impressed with LWD and its "Facebook commerce" business model that earlier this year his Revolution Growth fund invested $20m (£13m) in the company.
He says that LWD has the potential to be a billion-dollar business.Mr Case adds: "Ms Temple really had pioneered the whole area of social shopping. It's really bringing consumers almost into the design process."For most people focused on e-commerce, social is an afterthought. For her, it's the main event. I think that's unique."...
Brands like Amazon, Netflix, OKCupid, Pandora and Twitter are tracking customers’ online behavior to produce targeted offerings and increase sales. What stats are they looking at and offering as a result, you may ask? This infographic tells all....
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