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With January's numbers looking rather flat, the threat of sequestration for tomorrow, and economic uncertainty making us all a little nervous - what can we expect for the rest of 2013?  Is there a light at the end of the tunnel?  Experian Marketing Services sent along some predictions for the rest of the year for retailers.  Have a look at tell us what you think!

1. Economic uncertainty continues

·      Fiscal cliff hangover could be fueling tax concerns prompting Americans to cut back

·          Latest Experian Consumer Expectation Index showed a decline in consumer confidence going into the end of 2012

·           In good and bad times online retail traffic goes up as consumers search for deals

o   As such, online traffic to top 500 retail sites increased 13% YoY in January 2013

o   Amazon.com remained the top visited Retail site in Jan-13 vs. Dec-12 and increased its share of visits among the top 500 sites (ranking below)

o   QVC.com, Overstock.com and HSN.com all saw their market share of visits increase in Jan-13 vs. Dec-12 among the top 500 sites

·         Consumer awareness continues to improve as more retail information is readily available

2. Consumers are “always-on”

• Consumers move seamlessly across devices/channels and are “always-on” so multichannel marketing is no longer a trend

o   According to a recent Experian Marketing Services survey, 36 percent of U.S. organizations interact with customers and prospects in five or more channels.

o   Among young adults ages 18 to 34, mobile phones now tie with televisions when it comes to reach.

·         Demographic data alone is not enough for marketers to rely on to truly understand customers.

o   Millennials, the generation of 18- to 34-year-olds, represent upwards of 80 million consumers. Nearly two-thirds are under 30 years old. 52% of Millennials rank far above or above average when it comes to being early adopters of technology.

o   Representing about 25% of the U.S. population, baby boomers are nearly 80 million strong and account for more than 75% of America’s net worth.

o   Can reference past election as Obama campaign utilized multiple sources of data to target voters

3. Showrooming – friend or foe? Retailers must decide

·               Bricks and mortar stores face a choice in showrooming or price matching to online retail

o   B & M Retailers such as Target and Best Buy are rolling out policies to price match online

·               No one is safe from comparison shopping (third biggest category of traffic to retail is other online retailers)

• antidote to lowest price focus is differentiation and service

Comments  

 

0 #1 Hotel POS 2013-03-14 13:00

Nice post! This looks very useful for every retailers out there. Thanks for sharing the information!

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