Millennials vs. Baby Boomers: Retail Sales Strategies That Appeal to Both

For decades, marketers have spent every last cent they had tailoring their retail sales strategies to appeal to Baby Boomers. Boomers, once the largest generation, have now been overtaken by Millennials, who are the largest living segment of the population. Millennials, who are roughly ages 18-36, are the generation everyone loves to hate, dismissing them as lazy, whiny, and unwilling to work. Continue reading “Millennials vs. Baby Boomers: Retail Sales Strategies That Appeal to Both”

Ecommerce Holiday Shopping Predictions for 2016

As retailers continue to lament the nosedive retail sales have taken, eCommerce is a bright spot amid an increasingly bleak retail outlook. Sales are notoriously difficult to predict, especially online, but 2015 can teach us much about what to expect in 2016. Make sure your brand is ready for the season with these 2016 eCommerce holiday shopping predictions.

Online Sales Are Booming

Online sales are growing like never before. In 2015, eCommerce grew by more than 13%. On Cyber Monday alone, consumers shelled out more than $3 billion. And retailers who think that only brick and mortar stores benefit from Black Friday should think again. Consumers spent $2.74 billion on Black Friday in 2015.

Consumers appreciate the convenience and privacy of online shopping. They don’t have to deal with pushy sales representatives, can spend hours curating the perfect shopping cart, and don’t have to fight lines or traffic. For your business to capitalize on these preferences, you need to make the eCommerce sales process as seamless and stress-free as possible. That demands an optimized site, clear pricing, and detailed information about each of your products. A helpful live chat can close the customer service gap, and may even close the deal on a few extra purchases.

Consumers Buy for Themselves, Too

Ecommerce retailers who market only giftable products make a potentially fatal error. Consumers shop for themselves during the season of frenzied purchasing, spending an average of $139. Use this trend to your advantage by offering a variety of sales, including on items that customers typically only purchase for themselves. Because consumers often purchase gifts that they’d like to receive themselves, buy one get one deals can be especially profitable. Consider also offering gift certificates or discounts on a future purchase to customers who shop during the holidays. This is an investment in future sales that can help you start 2017 on a high note.

Discounts Are Waning

Big box retailers entered the 2015 holidays season with leaner inventories than in previous years. That trend may continue in 2016. This means that retailers have fewer incentives to offer major promotions since they don’t need to offload lots of inventory.

This means that businesses which offer incredible sales may pull consumers away from big box retailers. It also means that your sales might not have to be as big as you think to get the attention of customers. No matter what eCommerce pricing strategy you use, make sure to build excitement in the weeks leading up to a sale. Customers can’t participate in sales they don’t know about.

Some Days Are Bigger Than Others

Cyber Monday and Black Friday are the perennial favorites of discount-hungry consumers, but they’re not the only big shopping days. Plan your sales around other popular days and watch the business flood in. A Google Analytics study points to the shopping days on which ads most often lead to purchases. Those are:

  • The second Monday in December (December 12th in 2016)
  • The second Tuesday in December (December 13th in 2016)
  • The third Monday in December (December 19th in 2016)

Since your ads are more likely to translate into conversions on these days, plan a more aggressive marketing strategy, and don’t shy away from spending a little extra cash.

Mobile Shopping is Big

Consumers are increasingly shopping on mobile devices. If your site isn’t optimized for mobile, if your apps don’t work well, or if product descriptions disappear on your site’s mobile page, you’re losing business for no good reason.

Consumers often build a shopping cart on their desktop, then buy on the go. And sometimes they curate their cart on the go, then purchase at home. Ensure your site can easily switch between mobile and a desktop by making it easy for customers to set up an account that saves their cart.

Shopping Lasts Longer Than You Think

Very few consumers finish their holiday shopping on Black Friday or Cyber Monday. Indeed, many continue a shopping spree well into the new year. Accommodate this trend by continuing sales after the holiday, and offering incentives for consumers who want to return purchases or buy something for themselves.

People Purchase an Idea

The advent of sites such as Pinterest make it clear that consumers aren’t just purchasing objects. They’re purchasing ideas, and often entire lifestyles. You will make more sales if your products fit neatly into consumers’ dreams for their lives. Selling products that work well together — shoes and bags with the same print, a bookshelf that matches a baby crib — helps consumers envision how a product will work in real life. It also makes your products ripe for use on sites such as Pinterest, where a wider audience with a large disposable income may see them.

Last-Minute Shopping and Fast Delivery

The advent of free or cheap overnight delivery on sites such as Amazon means that more consumers are waiting till the last minute to make their purchases. Compete with these sites by shipping items quickly and offering affordable last-minute shipping. Retailers that delay shipping for days, that don’t provide tracking, or that routinely deliver items later than promised stand to lose out in an increasingly competitive market. Consumers want their merchandise now, and if they have to wait, they’ll go somewhere else.

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Is Cyber Monday The New Black Friday?

A generation ago, the mall was an inevitable stop on the holiday shopping journey. Now, many consumers finish their shopping without ever listening to the drone of Christmas music, seeing giant sale signs, or fighting for their place in line. Cyber Monday is on track to become the new Black Friday, and the longstanding Friday shopping tradition may soon be a relic of the past. The right eCommerce pricing strategies are increasingly important for online sales, particularly in the days after Thanksgiving. Continue reading “Is Cyber Monday The New Black Friday?”

6 Retail Marketing Trends That Will Catapult Your Business

One of the worst things you can do with regard to your business is to insulate yourself from the industry you serve. In the case of eCommerce, the technology and tools you use to foster growth move along at such a rapid pace that you’re bound to become outdated unless you’re closely attuned to the latest retail marketing trends.

The eCommerce space may be constantly evolving, but with the right knowledge to guide the future of your business, you can benefit from emerging trends and retain a significant lead over your competitors.

Examples to Lead

In recent years, eCommerce has grown by leaps and bounds, and though we understand that the advancements involved may seem overwhelming at first, we can’t stress enough just how vital it is that you make a concerted effort to implement the latest practices. After all, the performance of your business would only benefit with the most popular and powerful marketing trends in your back pocket. Here are a few tips to follow based on what approaches are currently conquering the retail space.

1. Leverage “micro-moments”

Mobile technology has largely reinvented the business landscape across the board, and consumers are constantly checking their smartphones for updates and to stay connected. By tapping into “micro-moments” with push notifications and other messages, you can reach consumers on a whole new level catered specifically to their lifestyle.

2. Embrace omni-channel marketing

Customers nowadays expect fluidity between mobile devices, laptop computers, phones and physical locations. Your business functions at its finest then when all these channels are united. Feeding leads from one to the next creates a unified experience that offers a pervasive awareness of your business. Take a look at where your supply chain can improve, and consider introducing an app to support your new omni-channel structure.

3. Incentivize consumers to promote you

You may have noticed that many successful businesses have turned to exclusive discounts and rewards for premium customers who sign up for a free program. Now these incentive programs are expanding outward, encouraging frequent patrons to spread the word about your business on social media and elsewhere. Believe us, satisfied customers are the best marketing tool you have.

4. Don’t delay automation initiatives

Few methods to streamline your operation will ever prove as effective as automation. From scheduling outreach emails tailored to each specific customer subset to dynamic pricing that adjusts to the market, countless possibilities await your business. In fact, did you know that there are ways to even automate discount pricing strategies to stay one step ahead of your competition? The Incompetitor software platform monitors all of your competitor’s pricing strategies in real time so that you can stay ahead.This more intuitive approach to the industry is precisely the time-saving tool you need to foster fresh growth.

5. Kick up content marketing efforts

Content marketing may be more important than ever before, particularly in the eCommerce space. This approach, of course, offers consumers a value-added bit of content that will hopefully boost awareness and ultimately sales. As content marketing continues to evolve, more innovative and competitive ways to capture leads are coming to the forefront.

6. Promote your site’s personalization

Today’s consumers have been groomed with customized interaction across their technology, and your business too can leverage this as part of your marketing strategy. Users expect an experience that is designed specifically with them in mind. For your business, that fact could have great impact on users’ purchase decision and allows you the chance to guide the shopping experience, perhaps even using location-based marketing and other sophisticated technology.

The Path Ahead

Of course, the trends detailed above are only some of the directions that the eCommerce world is heading down. However, we’re confident that you now have a better grasp of where your business needs to be in order to become or remain at the forefront of the industry.

Once you are on top of the latest developments, you’ll need to keep a close eye on what may be waiting just around the corner and anticipate how your business can continually innovate. Your customer experience should always remain paramount, and one of the best ways to ensure that this is the case is to never let your business slip behind the times.

For more invaluable insights into how you should approach marketing your eCommerce business and use automation to drive future success, check out our new eBook, “Key Automated Marketing Strategies for eCommerce Store Success.”

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Spikes & Dips July 2016: State of E-commerce in the US

What is our Spikes & Dips Series?

Intelligence Node’s Spikes & Dips series tracks the retail price change of a basket of products spread across online retailers using our real-time retail analytics software. ‘Spikes & Dips’ covers the top 1000+ leading North American e-commerce retailers and is continuously monitored by proprietary market-monitoring algorithms. Intelligence Node’s algorithm processes approximately 1 Billion products daily and are taken from real-time, live data. All benchmark indexes are tracked in real-time, however, updates will be published in our monthly State of E-commerce newsletter.

The goal of our Spikes and Dips series is to put online retail price movements in the context of macroeconomic factors thus enabling retailers to understand how these macroeconomic factors influence their day-to-day retail pricing strategies.

 

Number of Products

no of products chart 1

 

Product Listings online cumulatively dropped by 19% across the major categories. Beauty & Care, Fashion and Home & Décor categories saw the largest decrease at an average of 22% MoM. The electronics category saw minimum decrease of 3% MoM.

 

Amazon retained top spot with the share of product listings of the entire US catalog going up to nearly one fourth of the combined catalog in July.

Chart 2

Categories where most SKUs were added.

chart 3-1 spikes and dips

 

65% of the total US catalogue was listed under the categories Fashion and Home & Décor.

 

Average Price & Discount

We studied the price movements in July 2016 vis a vis June 2016 to understand pricing changes in various verticals. This chart reflects the average price changes in May 2016.

chart 4 spikes and dips

Average Prices increased across all major categories after a steep decline in June. The average price grew by 15% and 14% across these fashion and Home & décor categories respectively. The electronics category surprisingly, remained the only major category with the least increase in average price at 3% MoM.

chart 5 spikes and dips

We studied the retailers who witnessed a rise in average prices. The table shows the % change in the prices by various retailers across categories.

What is Trending?

We looked at various price, discount and catalog movements to discover trends for various categories.

chart 6 spikes and dips

The major categories witnessed a slack increase in trend movement MoM. Beauty & Care was the only category to see a sizable increase of 7% in trend movement MoM. The Food & Grocery category witnessed a 10% MoM decrease in ranking.

chart 7 spikes and dips july

 

We studied the retailers who witnessed a rise in average prices. The table shows the % change in the prices by various retailers across categories.

 

Insights by Player: Amazon vs. Walmart

chart 8 spikes and dips july

 

Prices across all major categories rose significantly on both Amazon and Walmart in July MoM. Amazon witnessed prices higher than those on Walmart across all the major categories with Beauty & Care and Home & Décor at the top of the list. On an average, prices of the major categories on Amazon were 6% higher than those on Walmart.

chart 9 spikes and dips july

On average, the overall price on Amazon was 5% higher than that on Walmart.

Conclusion

The activity stabilised in July, in preparation for the heavy discount season to come next quarter. Retailer focus was on increasing profit margins and adapting to the holiday season. The July Spikes & Dips Series built upon the movements we saw in June, as retailers actively started offering even based discounts and offers.

Intelligence Node can provide highly targeted insights – including SKU based analytics – to help you monitor your competition in real time. Request a free demo and learn how to harness the true power of retail analytics to drive business success.

To request a demo, click here.

Spikes & Dips May 2016: State of E-commerce in the US

What is our Spikes & Dips Series?

Intelligence Node’s Spikes & Dips series tracks the retail price change of a basket of products spread across online retailers using our real-time retail analytics software. ‘Spikes & Dips’ covers the top 1000+ leading North American e-commerce retailers and is continuously monitored by proprietary market-monitoring algorithms. Intelligence Node’s algorithm processes approximately 750mn products daily and are taken from real-time, live data. All benchmark indexes are tracked in real-time, however, updates will be published in our monthly State of E-commerce newsletter.

Continue reading “Spikes & Dips May 2016: State of E-commerce in the US”

Spikes & Dips April 2016: State of E-commerce in the US

What is our Spikes & Dips Series?

Intelligence Node’s Spikes & Dips series tracks the retail price change of a basket of products spread across online retailers using our real-time retail analytics software. ‘Spikes & Dips’ covers the top 1000+ leading North American e-commerce retailers and is continuously monitored by proprietary market-monitoring algorithms. Intelligence Node’s algorithm processes approximately 750mn products daily and are taken from real-time, live data. All benchmark indexes are tracked in real-time, however, updates will be published in our monthly State of E-commerce newsletter.

Continue reading “Spikes & Dips April 2016: State of E-commerce in the US”

Spikes & Dips March 2016: State of E-commerce in the US

What is our Spikes & Dips Series?

Intelligence Node’s Spikes & Dips series tracks the retail price change of a basket of products spread across online retailers using our real-time retail analytics software. ‘Spikes & Dips’ covers the top 1000+ leading North American e-commerce retailers and is continuously monitored by proprietary market-monitoring algorithms. Intelligence Node’s algorithm processes approximately 750mn products daily and are taken from real-time, live data. All benchmark indexes are tracked in real-time, however, updates will be published in our monthly State of E-commerce newsletter.

Continue reading “Spikes & Dips March 2016: State of E-commerce in the US”

Spikes & Dips February 2016: State of E-commerce in the US

What is our Spikes & Dips Series?

Intelligence Node’s Spikes & Dips series tracks the retail price change of a basket of products spread across online retailers using our real-time retail analytics software.

‘Spikes & Dips’ covers the top 1000+ leading e-commerce retailers and is continuously monitored by proprietary market-monitoring algorithms. Intelligence Node’s algorithm processes approximately 750mn products daily and are taken from real-time, live data. All benchmark indexes are tracked in real-time, however, updates will be published in our monthly State of E-commerce newsletter. The goahttp://demo.firm.in/inode/wp-admin/post.php?post=152&action=edit#l of our Spikes and Dips series is to put online retail price movements in the context of macroeconomic factors thus enabling retailers to understand how these macroeconomic factors influence their day-to-day retail pricing strategies. Continue reading “Spikes & Dips February 2016: State of E-commerce in the US”

Spikes & Dips January 2016: State of E-commerce in the US

What is our Spikes & Dips Series?

Intelligence Node’s Spikes & Dips series tracks the retail price change of a basket of products spread across online retailers using our real-time retail analytics software.

‘Spikes & Dips’ covers the top 1000+ leading e-commerce retailers and is continuously monitored by proprietary market-monitoring algorithms. Intelligence Node’s algorithm processes approximately 750mn products daily and are taken from real-time, live data. All benchmark indexes are tracked in real-time, however, updates will be published in our monthly State of E-commerce newsletter. The goal of our Spikes and Dips series is to put online retail price movements in the context of macroeconomic factors thus enabling retailers to understand how these macroeconomic factors influence their day-to-day retail pricing strategies

Continue reading “Spikes & Dips January 2016: State of E-commerce in the US”