Retail sales for 2019 have been on an up and down swing from January to April
Today’s post is written by Ivy Ray, Senior Procurement Specialist at SafeSourcing Inc.
Retail sales for 2019 have been on an up and down swing from January to April. Sales rose by .2% in January and went down .2% in February, followed by a big 1.7% jump in March, and now a .2% drop in April. Economists are not sure how to gauge the mood of consumers this year, as if they have ever.
The retail industry has had to constantly reinvent itself to keep up with the ever evolving market. Brand loyalty is not enough to keep customers engaged, in our extra competitive ecommerce environment. Whether online or in-store, retailers need to find ways to up their game in order to attract customers’ attention.
Most millennials are seeking a more engaging experience rather than merely shopping for products. Companies will have to consider the image their brand conveys to the world, and work to create retail experiences that match consumers’ changing values and world views. Many shoppers will research consumer reviews before ever making a purchase.
When it comes to fulfillment, customers are looking to get their products fast and free. I can recall 30 years ago when Sears didn’t have the product available in the local store, I could opt to order it from the catalog and patiently wait for it to arrive…about three to four weeks later. These days consumers are used to being able to order an item and have it delivered within a day or two. This can be a deal breaker for some, so cutting down on shipping time is a major consideration.
BigCommerce’s 2018 Omni-Channel Retail Report found that only 11.8% of Gen-Z shops on Facebook, while nearly 25% of Baby Boomers shop on the social platform. Millennials, meanwhile, prefer to buy products they discover on Instagram and Snapchat. Convenience, price, and free shipping were the top 3 reasons U.S. consumers across all generations chose to buy an item at a branded online store. Brand reputation and loyalty rewards were close 4th and 5th reasons.
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