Beyond the Holidays: Year-Round Retail Lessons from a New Shopper Study
I’m excited to share the latest in a series of Revionics-commissioned studies conducted by Forrester Consulting. The newest research, “Holiday Shoppers Want Transparency,” emphasizes the degree to which shoppers know exactly what they want – and the importance of retailers offering the right pricing, promotions and channel strategy to align fully with their shoppers’ preferences.
The study establishes clearly the importance of price transparency and prices shoppers perceive as fair. Shoppers very actively use their mobile phones to search for prices and promotions across multiple channels and retailers, with 51% saying they use their phones while in a store to compare prices and offers elsewhere. Interestingly, only 10% say they actually use their phones for making purchases.
Particularly when it comes to planned purchases of a special item, shoppers were highly inclined to research prices in advance, with 74% of shoppers actually doing advance price research.
It was interesting to see how closely shoppers stuck with their planned strategy on which retailer and channel they used for holiday shopping. It is a strong indication that retailers can gain from analytical insights into their shoppers’ existing shopping patterns to effectively predict what prices and offers by channel will inspire shopper loyalty. This is particularly critical given that 32-37% of shoppers say that if they received an offer in their non-preferred channel, they found a different retailer who would honor a similar promotion in the channel of their choice across brand-specific/retailer’s website v. brand-specific/retailer’s physical store v. major online-only marketplace.
There are lots more revealing insights that retailers can glean to more carefully craft their channel, pricing and promotion tactics to hone their price image and engage shoppers – but I’ll leave it to you to read for yourself with our complimentary copy of the study available here.