Loyal retail customers have for long now given Bricks and Mortar (BM) retailers an advantage over their competitors. However, the advent of the internet and the subsequent development of the online shopping channel have changed the shopping behaviour of retail customers.
Continue reading Demise of Loyal Retail Customers in the Digital Age
Generation Y or Millenniums, comprises of individuals that were born between 1980 and 1994, and make up about 25% of the world’s population. Gen Y is therefore an important cohort for retailers to target because of its size and purchasing power. Retailers, as with the other generational cohorts (Baby Boomers, Generation X and Generation Z), need to know what the shopping behaviors of the Gen Yers are. But first we need to know who Generation Y is?
Continue reading Generation Y, Showing the Way for Retailers in the Digital Age
Generation X, which refers to those born from the mid-sixties to late seventies is one of the most highly educated generations in history and is characterized by technological and media savvy, skepticism and pragmatism 1. Above all, these shrewd customers usually make informed purchasing decisions and often search the internet for the best deals. So what makes Generation X different from other generational cohorts?
Continue reading Know Your Clever, Less Distinctive Customers – Generation X
The teens and tweens of today are a cohort of kids that doesn’t have a definitive name yet, however some have dubbed it Generation Z. Generation Z, the largest demographic cohort comprises 25% of the US population (Wikipedia, 2015). They will start working by 2020 and earning lots of money that need spending. Therefore Generation Z should be taken seriously by retailers who need to know who they are and what their needs, wants and preferences are.
Continue reading Selling to the Young Ones, Generation Z
If you were born 50 to 70 years ago, you’re a ‘Baby Boomer’. Yes, most of you are still alive and do most of things you did as a youngster, but doing it differently. Retailers should realize that you are different from other generations and therefore behave differently when shopping. If they make your shopping trip a pleasant one, they may find that you (Baby Boomers) can be a profitable customer niche. Similarly can retailers with an online presence achieve more sales and positive word of mouth once they recognize Baby Boomers is a valuable consumer segment.
Continue reading Shopping Behavior of The Baby Boomers
Customers of different ages (or generations) behave differently when they go shopping in a store or online. This aspect of human behavior and demographic segmentation are sometimes forgotten by retailers. The market for retailers is in turmoil because of changes in consumer behavior, intense competition and digital disruptions. Subsequently most retailers have to reduce the price of their products to maintain their sale volumes.
Continue reading Demographic Segmentation – Dividing the Market by Generations
Pop-Up Shops are short-term, temporary retail events that are “here today, gone tomorrow”. It is the temporary use of physical space to create a long term, lasting impression with potential customers. “The pop-up retail phenomenon, once known as flash retailing, has grown in recent years” say experts at Gordon James Realty, a local property management firm. Retail space for pop-up shops is rented for a fraction of the cost of a long-term space and is a cost-efficient way for a retailer to increase its brand awareness and make a profit.
Continue reading Pop-Up Shops as a Marketing Tool for Retailers
Women are the world’s most powerful consumers, and their impact on the economy is growing every year. In fact, women call the shots in the vast majority of consumer spending decisions. In the USA, women buy or inﬂuence 80% of consumer purchases.1 That’s why the shopping behavior of women are important to understand.
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Most people want to experience the joy of shopping. People no longer consume purely for practical purposes. They purchase products and services in the hope of expressing who they are, and in hope of becoming happy. Savvy retailers can help their customers to enjoy their shopping spree.
Continue reading The Joy of Shopping
Retailers spend big money to convey messages about their products and their prices to their customers. However, if the customers understand the marketing messages differently as what the retailer has intended, then big money may be wasted…
Continue reading Are Your Customers Receiving Your Marketing Messages?