It's all over the news, Sports Retailers are fumbling!
As this LA Times article points out there's stiff competition for Sporting Goods Retailers - Larger sporting goods rivals, big-box discounters, eCommerce, specialty high-end brands, and more scramble for share of wallet. Although "the sporting goods industry has grown steadily [it's] also become increasingly specialized. If you want stylish $50 sports bras and $100 yoga pants, you go to Lululemon. Discount sporting equipment? Big 5. Top-notch customer service? REI. Cheap and casual workout clothes with a side of laundry detergent or toilet paper? Target or Wal-Mart will do." There is still high demand, with the U.S. market boasting $63.7 billion in 2014 sales, but with celebrities (i.e. Kate Hudson, Beyonce), athletes, and other non-sports-focused brands like Forever 21 pushing out new lines of athletic, fashionable, casual-wear - the competition for loyalty is stiff!
Market Watch notes that "another problem is Dick’s Sporting Goods’ high dependence on Nike Inc. and Under Armour Inc.for growth... [However,] both Nike and Under Armour are increasing their direct distribution and sales through other channels, including Amazon.com Inc." With brands customers are loyal too entering the competition by distributing through other channels, it can be hard for larger retail companies with many stores to stay nimble and compete for loyalty.
So, how can you compete? By understanding your customers, your business, and providing a truly omni-channel experience that wins customers back again and again!
The below 'AgilOne Retail Trends' snapshot has combined research from PwC, our own research from our clients (retailers like you!), and more to give you better insights into consumer behavior, peer performance, industry benchmarks and case studies showcasing best practices for growing customer for your Sporting Goods business.
This AgilOne Retail Trends Snapshot highlights:
- Research & Purchasing trends between In-Store, No Research, Online, & Other
- Top insights that help you leverage consumer behavior
- Top industry benchmarks & resources
- How your Sporting Goods peers are leveraging customer-centric strategies to grow their business
- Targeted insights on what you should implement this year to stay ahead of the curve!
We hope you enjoy!
What other ways are you growing your business in 2016? We would love to hear from you in the comment section below or reach out to us directly at firstname.lastname@example.org.