MARKETING/SOCIAL MEDIA

Survey: Six-in-10 Millennial women make product recommendations

BY Dan Berthiaume

Boston – Six-in-10 (59%) Millennial women make product recommendations to share highly positive or negative consumer experiences. However, according to a new survey of 1,100 American women without children born between 1979 and 1993 by Mom Central Consulting, 50% say that reading a bad review online about a business wouldn’t stop them from shopping/visiting.

In addition, when making technology purchases (computer, cellphone, tablet, etc), Millennials rely most on their friends advice (66%), more than their spouses/significant others advice (59%), or parents advice (37%) In-person word-of-mouth recommendations prove most influential in all purchasing categories for Millennials, especially: food/beverage (68%), vacations (67%) and household products (63%).

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FINANCE

Report: Best Buy may sell Chinese business

BY Dan Berthiaume

Minneapolis – Best Buy Inc. is reportedly considering selling off its Chinese business or finding a partner to help operate it. According to the Wall Street Journal, Best Buy is working with Bank of America Merrill Lynch to examine its options in China.

Best Buy’s operations in China may be worth as much as $300 million in a sale. Best Buy entered the Chinese market in 2006, but has had difficulty establishing itself against local competitors. The retailer sold its ownership in European electronics retailer Carphone Warehouse in 2013. Best Buy did not comment on the report.

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News

Flaw found in PayPal two-step authentication

BY Dan Berthiaume

San Jose, Calif. – Researchers at computer security firm Duo Security have discovered a flaw in the two-step method PayPal uses to authenticate account-holders. The flaw involves a temporary security key PayPal users can generate with a personal device as an additional step along with their password for account log-in.

Working properly, this second step requires a hacker or fraudster to have physical access to a user’s personal device, as well as access to their password. However, Duo researchers discovered that experienced computer programmers could exploit a vulnerability in how the PayPal mobile app communicates with the PayPal server to bypass the security key and gain account access using only a password. The flaw does not apply to desktop logins.

PayPal has issued a temporary patch for the problem and says users should not be at risk since it uses many other fraud prevention and detection methods beyond two-step authentication.

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