CrossCheck Blog

The Fall 2018 edition of the National Retail Federation’s “Consumer View” focuses on the increase in consumers engaged in value shopping. “Beyond the Bargain Bin: The Rise of the Value-Conscious Shopper” was compiled after the organization surveyed over 3,000 U.S. adults to gather data on their shopping behavior and attitudes.

“Consumers’ choices in terms of where, how and why they buy are redefining retail and creating a new playbook for the industry,” stated the National Retail Federation (NRF). Learning the shifts in the consumers' shopping patterns by demographic breakdown is useful for retailers as they search for new ways to increase sales revenue.

Father’s Day spending in the U.S. is expected to reach a record high of $15.5 billion, the National Retail Federation (NRF) reports. To celebrate father figures, home improvement stores can present simple DIY backyard projects that families can complete over the holiday (Sunday, June 17, 2018) weekend, and promote the campaign with the effective multi-media marketing efforts suggested below.

National Small Business Week (NSBW) was launched in 1963 to recognize “small business owners and the critical contributions of America’s entrepreneurs.” Those efforts continue today under the auspices of the U.S. Small Business Administration (SBA) which claims that (1) “more than half of Americans either own or work for a small business;” and (2) “small businesses create about two out of every three new jobs in the U.S. each year.”

This year’s festivities were celebrated Friday, April 29 to Saturday, May 5 in all American states and territories. Events included the NSBW Hackathon, National Awards Ceremonies, NSBW Bus Tour, NSBW Twitter Chat, and a virtual conference.

In the National Retail Federation’s (NRF) Winter 2017/2018 Consumer View report, the trade association examines U.S. consumer preferences about today’s retail shopping experience including fulfillment, marketing techniques and emerging technologies. The quarterly report surveyed 3,172 consumers from November 11 – December 1, 2017 and possesses a “margin of error of plus or minus 1.7 percentage points.”  As consumer buying habits and demands continue to reshape the retail industry, businesses must successfully adapt to remain relevant.

It’s not a matter of if, but a matter of when. And it’s not a matter of how to prevent it, but a matter of how to embrace it to generate more retail sales. The subject is showrooming and one that the CrossCheck Blog has covered on numerous occasions. The playing field has changed since CrossCheck first covered showrooming in 2013, and the consciousness has evolved from problem to solution (see our recent article “Showrooming Solutions for Brick & Mortar Retailers”). First, a little refresher course is in order.

In a 2016 survey of U.S. adults, the Pew Research Center found that 45 percent “have used cellphones while inside a physical store to look up online reviews of products they were interested in, or to try and find better prices online.” This phenomenon, known as showrooming, occurs when consumers examine and or test merchandise in stores then compare pricing online and leave the business for a competitor’s lower priced item(s) or to research prices at home. The result? Lost sales. The good news? According to the National Retail Federation (NRF):

NRF 2018, the retail industry’s mammoth convention and exposition, is expected to draw over 30,000 attendees with an offering of educational and networking sessions, tradeshow exhibits, special guest presentations, podcasts and receptions. The event is produced by the National Retail Federation (NRF) and scheduled for January 14 – 16 at the Jacob K. Javits Convention Center in Manhattan.

NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, main street merchants, grocers, wholesalers, chain restaurants and internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private-sector employer, supporting one in four U.S. jobs (42 million working American) and contributing $2.6 trillion to annual GDP.

“Consumer View,” a new quarterly research project by the National Retail Federation, looks at “shoppers’ experiences with technology, what brings Millennials and Gen Z into the store and what differentiates the online and in-store shopper” in its inaugural publication. Focus areas include retail shopping by the generation, technology, store visits, browsing and intent, and customer satisfaction. Highlights follow.

The CrossCheck editorial team appreciates infographics having useful statistics, a compelling argument and graphics with eye appeal. A recent work titled “Why Millennial Consumers Want Personalized Customer Service” by Time Trade Systems seems to “have it all." Here are a few highlights about retail customer service to whet the appetite:

• Millennials will make up 50% of the global workforce by 2020.
• 87% of millennials would abandon a dressing room (and the store altogether) if an associate is not readily available to help them.
• 71% of millennials prefer to shop a brick-and-mortar Amazon store versus Amazon.com.
• 63% of millennials wander the aisles until they find an associate.
• 75% of millennials use their mobile devices to compare prices.

Millennial shoppers have made a big impact on the way companies are changing things around. When looking at what inspires millennials to buy, a lot of purchases were made from eco-friendly or charitable companies. Products are being pushed by magazines and blogs that are popular in the realm of millennials, such as Darling Magazine and Refinery29. Millennials are buying clothes, beauty products, workout gear, accessories and even water bottles from companies that make donations from purchases and market their eco-friendly campaign. Millennials readily pay more for a product they know helps the environment or a charitable foundation.