As we move further and further away from the 2008 recession, retailers can be confidently optimistic in their overall outlook for the 2015 holiday season.
Confirming this optimism, the National Retail Federation (NRF) predicted a boost in sales growth for 2015 over 2014. Retail industry sales will increase approximately 4.1% in 2015, up from 3.5% growth in 2014, according to NRF in its February 2015 economic forecast report. That boost would be the biggest annual growth since 2011, when retail sales for the year increased 5.1%. Additionally, NRF predicts non-store sales will grow between 7% and 10%.
Baby Boomers outspend other generations by approximately $400 billion per year in the U.S.; and Millennials spend $600 billion annually. Hispanics, meanwhile, represent the fastest growing consumer group. It is easy to understand why retailers need to reach these three groups more effectively.
Your customers rely on their mobile devices for more than just communication. They're also using them for product research and, increasingly, finalizing purchases. In fact, 85% of consumers say that mobile devices are a central part of their everyday life, according to Salesforce Marketing Cloud's 2014 Mobile Behavior Report.
These customers, as well as your employees, demand the ability to connect anytime and anywhere. Does your mobile strategy reflect these demands?
Technology and shopper demands both are evolving at a rapid pace. Retailers must implement innovative ideas and programs, or risk being left behind.
A new or upgraded Enterprise Resource Planning (ERP) system can lay a strong foundation for innovation. In fact, 32% of businesses already have replaced an ERP system due to, “obsolete technology foundation or infrastructure of ERP systems,” according to Aberdeen Group research.
Nearly a decade ago, social media was a small fraction of retailers’ marketing mix. Most of the time, businesses were focused on building up their social profiles and pushing out messages and coupons to their followers.
But now, the rules of social engagement have changed: Best-in-class retailers understand that ongoing communication, information sharing and engagement drive successful social initiatives.
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