Re-Inventing Retail

From the Co-Founders of The Retail Owners Institute.
Tips | Tactics | Insights on the Business of Retailing.

Quick - Imagine an Online Shopper Bookmark

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Quick: Imagine an online shopper. Did you imagine a man or a woman?

Full disclosure: We thought that online shopping would be dominated by tech-savvy males. Didn't you?

Well, we thought wrong!

According to the March 2018 release of a study by First Insight (Mind the Gap: The Gender Effect on Shopping Habits)
  • "Men are not embracing mobile shopping, or traditional discount retailers as much as women." 
  • "Additionally, men favor in-store shopping at full-price retailers, driven by a greater need to see and touch a product before they buy."
  • "Men are less likely to price compare online before they buy." 

After some reflection, several reasons emerged to explain why our assumptions needed some updating. 

First, since they shop for their families and themselves, women do the bulk of all shopping wherever it occursSo of course they would be drawn to the convenience and time-savings possible via online shopping. Generally, they have no time to waste! 

  • According to the study, women who shop in-store have already done their homework.
  • They already know product and price comparisons.
  • When they are in your store, they are on a mission; they value efficiency and results. 

This also suggests that the men who are shopping in your store might need a different approach by the salesperson.

  • One that focuses on "educating" the shopper a bit more. 
  • Explain the features of the merchandise and its value for the customer, and present some alternatives. Good candidates for cross-selling!
  • Remember, the study found men are more likely to pay full price. 

Are these gross generalizations? Of course! 

But the prevailing assumptions about how men and women shop are also generalizations. 

And seem to be wrong! (Or at least, misleading.)

Amidst all the changes in retailing, it is always a good practice to revisit our assumptionsLots of you look to us for nuggets like this. We don't want to disappoint!

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About The Co-Founders

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!"