With Black Friday only weeks away, retailers are preparing last-minute strategies to attract and engage the new “value-driven consumer,” who will be searching for the best deals, and using new media tools to save at checkout. According to Citigroup analyst Deborah Weinswig, this new category of shopper spans demographics and economic standings.
Following the “Consumer Hourglass Theory,” Weinswig said consumer spending will primarily be at the top and bottom of the hourglass as high-income consumers recover and low-income consumers remain challenged. “This should benefit retailers that cater to high-income consumers (such as Saks and Nordstrom) as well as value-oriented retailers (such as the dollar stores).”
The new 2010 Holiday Outlook, available as a complimentary report from Retail TouchPoints, addresses the trends and strategies driven by value-driven shoppers. The Outlook also provides insight on current shopper-driven technologies, new applications designed to empower the shopper and tactical ideas on how retailers can utilize mobile commerce opportunities to heighten functionality and convenience for shoppers.
The Outlook also addresses emerging trends in mobile commerce, cross channel opportunities and the growing number of retail phone apps available making it easier for shoppers to compare retail deals. With JC Penney and Target sending mobile coupons to shoppers for in-store redemption, Weinswig claims that mobile commerce will quickly become a common practice.
“More and more consumers are using their mobile phones as part of the shopping experience and we expect retailers to continue to develop their capabilities in this area going forward,” she said. Despite mobile commerce still being in its infancy, Weinswig predicts that retailers will increase mobile couponing for the holiday season to gain customer loyalty with special deals. This free download provides other key ways to optimize mobile commerce to provide consumers with an easy-to-use shopping method.
Although Internet and smart phone commerce is convenient for quick and economic shopping trips, sources like Bill Martin, co-founder of ShopperTrak, believe that many shoppers still thrive off of the pure excitement of the holidays and the “holiday shopping experience.” However, these value-driven shoppers still plan their shopping trips extensively to minimize additional costs. Martin gives key ways retailers can optimize in-store experience for the economically sound shopper in this year’s guide.
The 2010 Holiday Outlook also features insights from other leading industry analysts, including Leslie Hand, Research Director, IDC Retail Insights, Laura Davis Taylor, VP Global Retail Strategies, Creative Realities, LLC, Gary Schwartz, CEO & President, Impact Mobile, and Lorcan Sheehan, SVP of Marketing at ModusLink.