Game changer: The increased power of the consumer
WHITE PAPER |
It’s all about the consumer now more than ever. What drives a customer to your products? Why do they buy? And can you make your targeted profit?
Economic growth and consumer spending over the next several years will likely trail historic levels. A rising tide will no longer lift all ships, but rather market share will become an important ingredient to higher sales. Shifts in distribution channels and new technology now represent the biggest opportunity for profitable growth.
Consumers are frequenting different distribution formats depending on the product: consumables, soft goods or hard lines. That decision (by the same consumer) is often based on several factors: price, fashion, quality or service, or a combination. It is increasingly important to realize that a growing percentage of consumers are using a variety of channels to purchase from the same retailer, making transparency an important issue.
Connecting with the consumer
It is increasingly important to identify your customers and anticipate their needs and expectations. There is a difference between what consumers say they want and what actually drives their purchases. Technology is providing increased consumer data for both retailers and vendors. Analysis of these findings will generally enhance their ability to better focus on that consumer, whether it is through new initiatives such as store level marketing or better targeted merchandise offerings. Social media continues to grow in importance and adds effectiveness to the marketing effort. These should help achieve the goal of increased shopping frequency, conversion and average ticket.
Learn more by reading the entire white paper.