The Week in Retail: The Retail CMO’s Guide to the Omnishopper

//The Week in Retail: The Retail CMO’s Guide to the Omnishopper

A new report by Mastercard shows that consumers still prefer to shop at physical stores. They are choosing to shop at stores because of better customer service and a faster, more social buying experience. Over 90% of sales are still made in stores. However, 80% of shoppers research online first to be informed about their purchases. The study combines survey data from thousands of global shoppers. 73% of respondents said they were frustrated by items not being in stock. Only 26% of shoppers like to try new merchants and only 20% said that technology led them to consider a new retailer. The complete “The Retail CMO’s Guide to the Omnishopper ” report can be downloaded here. (MasterCard)

By 2020, retailers will spend about $2.5 billion on IoT-related technologies such as Bluetooth-equipped beacons and radio frequency ID tags (RFID). Also by 2020, it is expected that $38.5 billion will be spent on IoT-related connected devices in use worldwide. According to Forrester Research, nearly 50% of respondents believe that privacy and security are currently the biggest concerns in the adoption of IoT. Andrew Rose, Principal Analyst at Forrester Research mentions that there is an increased risk of data to be stolen or compromised when deploying emerging technologies such as IoT. (CXOtoday.com)

Attention is slowly shifting away from Millennials to Gen Zers. The Gen Zers, loosely defined as those 20 years old and younger, are starting to spend their own money and are developing habits that could influence their buying through adulthood. There are approximately as many Gen Zers (82 million) as there are millennials (83 million) and baby boomers (76 million). Right now, Gen Zers already have some $44 billion in purchasing power. To reach them, marketers will have to grab their attention fast — in about eight seconds, according to Tom Gerace, chief executive of Skyword. “It used to be that companies spent a little money making the advertisement and a lot of money distributing it,” Gerace said. “Now, brands will spend a lot more money to create the stories and spend less on distribution.” (Boston Globe)

Feature Photo Source: Jahangir Khan

2015-09-13T19:37:33+00:00 September 13th, 2015|Articles|