From the Co-Founders of The Retail Owners Institute.Tips | Tactics | Insights on the Business of Retailing.
A data analytics firm has identified four types of holiday shoppers, and advises marketers to have an appropriate strategy for each one.
Well, of course, none of this is news to retailers! But we think it could make a good topic for your next manager’s meeting. (And, it might be news to some of them!)
According to data analytics firm Cardlytics, there are four clearly-defined holiday shoppers:
According to their study, the “Slow and Steady Shoppers” account for 46% of seasonal spending. Yet you may not see them in your stores as often; they have been empowered by online shopping.
The “Early Shoppers” (doesn’t everyone know at least one of those?) represent just 10% of the holiday spend. A powerful appeal to them is product scarcity.
Black Friday shoppers want the social experience and the deals, whether on Friday, Saturday, Sunday or Cyber Monday.
The Late Shoppers are not to be dismissed. They represent 28% of the season spend! And this year, they are in for a special treat: Christmas is on a Monday.
Our suggestion: at your manager's meeting, invite suggestions for how your organization can modify your approach specifically for each of these 4 shopper groups. Their input can be golden! ------ source: “Four Types of Holiday Shoppers Marketers Need to Reach” Cara Salpini, October 13, 2017.
You've seen them, right? All the stories about how strong this year's Holiday sales are expected to be.
Meanwhile, the department stores – Kohl's, J.C.Penney, Macy's – keep reporting sales declines. And malls, seeing less foot traffic and fewer shoppers, are scrambling. So, where will those robust retail sales come from?
• Those who make things happen
• Those who watch things happen
• Those who say, "Umm, what happened?"
Increasingly, it looks to us as if the 2018 Holiday Season is going to be one where most retailers will be saying, "Umm, what happened?!?"
Most shoppers prefer to shop in stores, not online.
But – gulp! – there's a catch!
Despite the ease and convenience of online shopping, “the majority of American consumers still choose brick-and-mortar stores over e-commerce.” Why? According to Retail Dive’s Consumer Survey* of 1,425 U.S. consumers, there are three main reasons:
Refreshing, isn't it? Shoppers want a shopping experience, in a real store. And it confirms that Amazon is nowhere close to being the only game in retailing. (If only everyone would quit hyperventilating.) But, there is a far more sobering message here about today's very demanding shoppers.
In today’s seemingly chaotic retail environment, much is being said and written about the importance of good customer service. And there are many suggestions on how to do it. The Retail Owners Institute asks the question, “Good customer service? Of course. But, for which customer?” Consider, for example, how different lifestages can create much different expectations for “good service”.
The ROI NEWS asked retailers this question about the effectiveness of Social Media: “Does it raise sales?!”
We invited retailers to take a short, quick, 6-question survey about their use of promotional tools in general, and, in particular, “Social Media”: Facebook, Twitter, Pinterest, Instagram, LinkedIn, Other.
We asked, and you answered!
You quickly confirmed that “social media” is in fact a hot topic among retailers!
And, you are willing to share your experience with it with others, and for that we say, Thank You!!
This looks promising!
"Consumer confidence hits 18-year high" is a welcome headline to retailers. In The ROI's view, consumer confidence is one of the most reliable indicators of retail sales trends.
And just as the Conference Board was reporting that their consumer confidence index was at the highest level since September 2000, the National Retail Federation reported that consumers anticipate their Holiday spending to be 4.1% higher than last year. This corresponds with the NRF's economic forecast of Holiday spending increases of 4.3%-4.8% over 2017.
Pat Johnson and Dick Outcalt, The Co-Founders of The Retail Owners Institute®, have been called "The Zen masters of retail finance!" Since 1999, they have been assembling their proprietary content into a unique self-help website. The Retail Owners Institute is an unmatched resource that assists retailers worldwide with basic financial training, assistance and easy-to-use tools. Their engaging and empowering how-to resources about the financial levers in retailing are informative, fun(!), and retailer-friendly. Their promise: "Everyone will 'get it'!" Pat and Dick are recognized experts in strategic retailing. Working only as a team – Outcalt & Johnson: Retail Strategists, LLC – they have been consulting, publishing, and speaking professionally throughout North America since 1990. They focus exclusively on retail, or wherever retail is involved. They work with CEOs, CFOs, boards and owners of retail operations, as well as manufacturers or wholesalers expanding into retail. And they also are Retail Turnaround Experts.
Since 1999, empowering retailers and store owners to "Turn on your financial headlights!"