Four out of five retailers attribute almost 50% of their sales to baby boomers.1 But, this is soon to change as 80 million Millennials are entering their peak consumption years. That’s according to this report put together by Synchrony Financial. In it, they share their findings about Millennial and Baby Boomer shopping habits and strategies on how to win over Millennials without losing Baby Boomers. In...
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Managing your consumer experience journey must be one of, if not the core tenet of your strategy as a retail marketer. It is no longer acceptable to to be reactive to the journey your customer takes to learn about, and hopefully buy, your product. As a retail marketer, you must be proactive about shaping the consumers’ path to purchase. How do you shape a consumers’ path...
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According to this article posted on CMO.com, there are four ways big brands can innovate and compete like mobile startups. Those four are: Leverage innovation in your existing products and services Prepare your enterprise to take action Secure C-level sponsorship and funding Connect everything to the customer relationship We will just talk about the fourth one, because that’s most important to us. The author of this article goes deeper into each...
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Millenials represent a huge audience that is getting bigger and bigger in terms of their retail spending impact. Accenture, in a recent report, estimates millenials represent $600 billion of retail spend, and they expect that amount to grow considerably over the next 5 to 10 years, ultimately reaching $1.4 trillion in spend. Millenials are the first digital generation, but that doesn't mean they are online only...
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The author of this article by Momentology wrote, “70% of consumers want more personalized shopping experiences,” and they “are willing to divulge a little data if it means making their lives easier.” With this information in hand, we recommend marketers ask themselves one question: How can we deliver a personalized shopping experience at scale? Fortunately, this article by the Harvard Business Review offers a solution: “[The] best...
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Tesco, the large British retailer, recently announced one of the largest losses in British corporate history recently. Much of the loss was attributable to property write downs as a result of a recognition of changing consumer shopping habits the retailer had failed to adapt to in recent years. The company has new leadership which is orchestrating a turnaround. Donal MacDaid, in Talking Retail, summarized the key...
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