"The Average Holiday Transaction Size According to Channel: $114 on Computer, $89 on Tablet, $80 In-Store, $70 on Smartphone"
One of our fantastic partners, Demandware, measured the amount of time consumers spend on retail websites - comparing the amount of time between Q1 in 2015 and 2016 as well as dividing the results by desktop, mobile, and tablet.
Bonus: In our “hot retail news” this week we have a list, Top 10 Tips for Accelerating a Retail Website's Performance from Internet Retailer – make sure to check it out!
Now that you have the steps to be a segmentation master, make sure to browse the top headlines for this week!
Top Retail News & Insights
Every Friday we post top trending retail news for you and are now introducing a fun fact to help you benchmark your marketing efforts against peers. Get the articles here.
1. MarketingTech: Brands must optimise mobile retail experience to keep customers on side (UK)
According to the Centre for Retail Research, online spending by UK consumers has now reached £52bn, representing growth of 16.2% year on year. Nearly a third of that spend was through a mobile device, and the report predicts this market will grow to over £60bn by the end of this year.
In the UK alone, more than three million people commute for over two hours a day. Travel time, given the frantic pace of life, equals down time and many commuters will not only read, socialise and network during this time, they're also likely to shop, pay bills or connect with a brand.
2. The Real Deal: Is NYC’s retail bubble about to pop?
When 685 Fifth Avenue hit the market two years ago, investors practically lined up around the block. The building’s roughly 25,000-square-foot retail space — which sits on the corner of 54th Street — came with 152 feet of frontage in the heart of Manhattan’s most profitable shopping district. Best of all, the property’s only retail tenant, Gucci, was about to leave, allowing any buyer to sign a new tenant in a neighborhood where asking rents were growing at an annual average of 8%.
Who wouldn’t want to get in on that?
3. The Retail Doctor: Retailers, What Good Is Big Data If You Don’t Use It To Boost Conversion Rates?
When I was working with a franchise startup, we were seeking a POS system that could grow with us. The winner had multiple reporting capabilities.Our thought was, the more information, the more reporting a franchisee could do to thoroughly understand what was happening in their business.When we rolled the system out to new franchisees, many were overwhelmed with the 500+ possible reports. They never went into the system to get the data they needed, they just called corporate. Here's how you fix this rotating circle...
4. Medium.com: Metrics Versus Experience
Besides evoking big-budget movies pitting two passionate-fanbase superheroes against each other, framing things as “metrics versus experience” is entirely the wrong way to start the conversation.It’s like saying “carbs versus eating healthy.” You don’t lead with that if you want to start with credibility in a discussion about nutrition.
Being able to measure stuff gives you insight into what people are doing within your product. Unless you like living under a rock, having more information is a good thing. Sure, you need to be able to sort through what information is important and what isn’t, but arguing that the whole concept of having more information is bad is not really a defensible position. Metrics is not the villain.fa
5. Fierce Retail: 50M parents have started back-to-school shopping (full article below)
The Fourth of July holiday weekend has barely ended, but back-to-school shopping is well underway and already trending higher over last year.
More than a third of all parents – nearly 50 million – and nearly half of college freshmen parents have already started shopping, according to the Rubicon Project's Back-to-School Consumer Pulse Survet.
Some 61 percent of parents said they will spend more this year than last, averaging $917 per child. College freshman will have a higher budget than kids in K-12, and dads will spend more than moms (and are less price sensitive).
Technology purchases will be the most popular this year and take up the bulk of BTS budgets, with Amazon and Walmart the top technology destinations this year. Roughly 72 percent plan to buy a PC (not a Mac), and tablets are increasing in popularity.
Tech purchases are also more likely to be made online, while more traditional BTS items such as apparel and school supplies will be made at brick-and-mortar stores. Walmart, Target and Amazon are the top three destinations for these product categories.
Mobile use continues to grow, as does app activity. Approximately 71 percent of parents said they use a retail app and 66 percent use an app to compare prices. Nearly half of these shoppers have Amazon's app, as the online retailer continues to dominate the mobile channel.