We’re back with another issue of This Week in Retail. This time, we’ve got stories on the impact of digital channels (i.e. web, social, mobile) on in-store sales, what you can do spice up your point of purchase displays, and the changing perception of consumers towards in-store marketing programs such as the ones implemented through beacons.
Check ‘em out below:
1. Digital will influence half of sales in retail stores by the end of the year – How much do digital channels influence in-store sales? A LOT, according to a new study from Deloitte Digital. The company is predicting that “digital interactions will influence 50 cents of every dollar spent in retail stores at the end of 2014—equal to roughly $1.5 trillion of store spending.” All the more reason to ramp up your digital strategy and pay closer attention to how it affects your brick-and-mortar sales.
2. Mobile, social driving 36% of in-store sales – Jeff Simpson, co-author of the Deloitte Digital study above, told MediaPost that retailers should “fully grasp the impact different channels have.” Social media for example, was found to be a strong post-purchase channel. “People go back and share what they just bought, so it has the most impact as the last step. But that also fuels interest other people have in making the same purchase. So while they will then go elsewhere to begin their research and search for coupons, the idea came from social. It’s very cyclical,” Jeff said, emphasizing the importance of focusing on the impact of online channels.
3. This could be the biggest thing in retail and it’s not mobile – Steve Olenski makes a case for the Internet of Things (IoT) and why it could be the biggest thing to hit the retail industry. According to Steve, IoT “is projected to expand at a rate 270% higher than mobile in less than six years.” IoT, which pertains to the concept of physical objects (e.g. watches, cars, refrigerators) all connected and talking to each other, is predicted to disrupt retail in the same way e-commerce has.
4. Retail display 101: tips for effective point of purchase displays – This post presents some interesting data on how in-store displays influence buying decisions, and what you can do to improve your point of purchase displays. It offers some easy-to-digest tips that you can immediately put to action.
5. Shoppers warming to in-store opt-in mobile marketing – It looks like shoppers are becoming a bit more open to in-store mobile marketing. According to BizReport, a survey by eDigitalResearch found that of “1,300 smartphone user participants, almost half (45%) are ‘very willing’ or ‘somewhat willing’ to allow retailers to send personalized messages to their mobile device.” More than three-quarters (78%) of that 33% “said they would be ‘extremely’ or ‘somewhat willing’ for data collected by retailers to be used to personalize communications.”
About Francesca Nicasio
Francesca Nicasio is Vend's Retail Expert and Content Strategist. She writes about trends, tips, and other cool things that enable retailers to increase sales, serve customers better, and be more awesome overall. She's also the author of Retail Survival of the Fittest, a free eBook to help retailers future-proof their stores. Connect with her on LinkedIn, Twitter, or Google+.