What did you learn about your customers in 2015? What is on your road-map to grow your business in 2016? We have your Retail Trends right here!
Across all retail, we saw some fascinating shifts in how consumers are spending their money. Here's a great example: over the 2015 Holidays, some retailers like Bath & Body Works reported their ‘Best December Ever’ with an 8% sales lift vs. other retailers like Macy’s who’s sales fell 4.7%. This says to us that consumers are still spending, but capturing share of wallet is the challenge facing retail marketing today.
We love this quote from analyst Paul Lejuez in the Wall Street Journal:
“You can’t just look at the mall and say the consumer is weak, some of those guys are losing share. The consumer is spending, but the question is: what are they spending on? They want newness, and they are finding it in technology and experiences. They are going to see “Star Wars” and going out to eat.”
Along with the overall consumer shift in spending more money on experiences and technology than ‘things’, consumers are looking for retail experiences that excite and engage them. The biggest successes are from retailers focusing on:
- Personalization that cuts through the noise and is relevant to busy consumers AND lets them know that you appreciate them (VIP events, campaigns and gifts are trending)
- Convenience in researching, checking out, buying, shipping (preferably free…) and returning for both online AND in-store
- Technology that aids customers in-store (mobile check out, electronic shelf tags, informational kiosks)
Taking research from UPS & ComScore’s 2015 Pulse of the Online Shopper & Wall Street Journal, we pulled for you some of the insights from last year – to help you make 2016 your ‘Best YEAR Ever.’