The digital world has clearly revolutionized the retail environment. However, through all of the changes, one facet of the marketplace has remained surprisingly unaltered … the integral role that the in-person shopping experience plays in motivating and qualifying a consumer’s purchase decision.
Last year, 37.3% of traditional “Black Friday” consumers began shopping between 8 p.m. and 11:59 p.m. on Thanksgiving Day. Shopper traffic over the two-day Thanksgiving Day and Black Friday period at retail outlets totaled more than 1.07 billion store visits. Sales during the two-day period were $12.3 billion, and online sales grew an explosive 18.5%.
When retailers and brands deliver experiences that fail to meet customer needs and expectations, these customers — left feeling confused, frustrated and angry — quickly terminate the relationship and seek other options from competitors.
Lately you can't turn on the television or pick up the newspaper without seeing a story about Millennials, also known as Generation Y. People are endlessly fascinated by their traits, values, work habits and shopping patterns. Why all of this focus on the group of people born between the early 1980's and 2000's?
The year 2013 was a wake-up call for retailers with regards to national data breaches, with frequency jumping 62% from 2012 to 2013. Eight chart-topping breaches exposed information totaling just over 10 million people last year, as opposed to one single breach of that size the year before.