Regardless of where consumer habits bring people to shop, whether that be online or in-store, consumers are demanding consistently great retail experiences.
This week we discuss evolving consumer habits and why conscious purchases are on the rise.
THIS WEEK’S HIGHLIGHTS
- Impulse buys reach new heights: Why consumers are spending more on impulse purchases.
- Evolving consumer habits: consumers are demanding consistently great retail experiences.
- Privacy concerns: Google reaches record $392M privacy settlement over location data
FOOT TRAFFIC INDEX
Here’s a look at last week’s foot traffic compared to the same time last year.
FOOT TRAFFIC TRENDS
Industry insights so you can convert your foot traffic into more sales.
Evolving consumer habits
Regardless of where consumer habits bring people to shop, whether that be online or in-store, consumers are demanding consistently great retail experiences.
A recent survey by Ris news asked retailers what they think can be done to keep up with the ever-changing consumer habits. Some of the major takeaways included improving inventory visibility, empowering workers with technology, and becoming a master of the return process.
Today, about 30% of all products ordered online are returned, compared with only 8.9% bought in brick-and-mortar stores. According to a Peerless Research Group study, only 32% of retailers have any formal process for managing returns. By managing returns efficiently, you can reduce transportation and labor costs, enabling higher recovery of returned and excess inventory.
Click HERE to learn more about how to keep up with the ever-changing trends.
Conscious Purchases
A recent report found that 57% of shoppers will spend the same amount or more during this year’s Black Friday and Cyber Monday than in 2021.
The survey also found that 40% of consumers are willing to pay extra for climate-conscious products this holiday. Nearly two-thirds of shoppers (63%) would also recommend a product if they think it isn’t very harmful to the planet.
Even with the price of goods increasing, consumers are willing to spend extra if it means the product is beneficial to the environment.
Click HERE to learn more about the recent surge in conscious purchases.
Retail Snippets
Privacy concerns: Google reaches record $392M privacy settlement over location data.
Report: Target earnings miss by a mile amid significant change in consumer shopping patterns.
Holiday hiring: Self-checkout now comprises nearly 40% of grocery checkout options.
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