How Consumers Shop in Different Parts of the Country

Posted on November 4, 2015 by bermanevansretail
With the holiday shopping season getting underway, it is imperative that retailers — both chains and independents — know how shopping behavior differs throughout the United States.
Here are some conclusions from Nielsen based on its research of “gift splurgers “:
“The report considered the holiday shopping season — from pre-Thanksgiving sales to Cyber Monday — to take a look at a highly coveted consumer category dubbed ‘Gift Splurgers.’ These consumers say they like to shower their loved ones with gifts and see themselves more as spenders rather than savers. Understanding where and who these eager holiday shoppers are — as well as their media habits — can be key for retailers.”
“While 62 million, or 26% of all U.S. adults, consider themselves Gift Splurgers, retailers are most likely to find them in Miami and Tampa. In fact, 31% and 29% of adults in these markets fall into this generous group, respectively. While Denver ranks low among all adults, the Mile High City is top for Millennial Gift Splurgers with 40% of these young shoppers residing there.”

 

 

Posted in Part 1: Overview/Planning, Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 3: Targeting Customers and Gathering Information, Part 6: Merchandise Management and Pricing, Part 7: Communicating with the Customer | Tagged , , , , , , , , | 1 Comment

Better Understanding the Mind of the Multichannel Shopper

Posted on November 3, 2015 by bermanevansretail
Each year, the number of consumers who shop at multiple formats — including both off-line and online — increases.
To better understand these shoppers, MasterCard recently published: The Retail CMO’s Guide to the Omnishopper— “What transaction data and consumer insights say about the attitudes and behaviors of tomorrow’s global customers.”
Consider this from MasterCard:
“The days of mono-channel and the un-digital shopper are over. Today’s consumer is coming at merchants from all angles, as she considers an accelerating set of content, payment methods, and offers. Retailers and manufacturers alike must cease to market to an exclusive channel. Their focus must not be on channel, but on the master of multiple channels. Retailers must market to tomorrow’s customer: the omnishopper. The retail CMO who does so intelligently will know where to place the next bet. Because the consumer is already one step ahead.”
Click the image to access the full MasterCard report.

 

Posted in Part 1: Overview/Planning, Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 3: Targeting Customers and Gathering Information, Part 4: Store Location Planning, Part 5: Managing a Retail Business, Part 6: Merchandise Management and Pricing, Part 7: Communicating with the Customer, Part 8: Putting It All Together | Tagged , , , , , , , , , , | 1 Comment

24/7 Wall St.: A Valuable Site to Visit

Posted on November 2, 2015 by bermanevansretail
24/7 Wall St. is a very useful site about which you may be unfamiliar. It has articles across all areas of business (many that are retail-related), top ten lists, and a lot more.
Here’s one interesting area in which 24/7 Wall St. reports:
“Each year, 24/7 Wall St. identifies 10 American brands that we predict will disappear, either through bankruptcies or because of mergers. Bankruptcies of large public companies in 2015 have already exceeded 2014 totals. Similarly, the total value of mergers and acquisitions is projected to hit a record high in 2015. While some of the companies on this list may disappear because they continue to be at the bottom of their industry, some may disappear because they are doing well. Over the years, some of our predictions have been better than others. Some of our predictions — like Alaska Air — have been dead wrong. Other brands we said would disappear — like Aeropostale — have survived but are still failing companies. Blockbuster, DirecTV, American Apparel, and Sony Ericsson are among the brands that have gone bankrupt or have been acquired since appearing on our list. These brands have not yet disappeared completely, but may still in the near future.”
Here are some specific examples of what 24/7 Wall St. publishes:

 

Click the image to visit 24/7 Wall St.

 

Posted in Global Retailing, Online Retailing, Part 1: Overview/Planning, Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 3: Targeting Customers and Gathering Information, Part 5: Managing a Retail Business, Part 6: Merchandise Management and Pricing, Part 7: Communicating with the Customer, Social Media and Retailing, Technology in Retailing | Tagged , , , , , , | Leave a comment