This Week in Retail: Mobile wallet insights, advice from shoppers to merchants and 3 other must-reads

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We’re tackling some hot topics and tips in today’s issue of This Week in Retail. You’ll learn about the impact of digital wallets, social media, and mobile on your business. Plus, if you ever wanted to get inside your customers’ heads, check out 101 must-read prepared foods shopper insights where consumers give straight advice on what merchants can do to improve. 

Check out these great stories below:

1. ‘Mirror, mirror, on the wall, whose digital wallet will be used most of all?’ – If you’re looking for a highly detailed, all killer no filler piece on digital wallets, check this one out. Karen Webster from PYMNTS.com lays out the numbers surrounding digital wallet adoption and what they mean for providers, merchants, and consumers. Need a TL;DR version? Here goes: In a 2013 survey about mobile financial services, 17% of smartphone owners said they used mobile payments in-store. Millennials are the power users of the technology, and PayPal is the leading digital wallet provider in terms of awareness and usage.

2.  Which retailers are doing loyalty right? – Looking for real-life examples of winning loyalty programs? In this post, the Retail Touchpoints staff shares their thoughts on which retailers are succeeding at gaining and retaining customer loyalty. Have a look at what they said and see if you can implement their insights in your own loyalty program.

3. The new shopper – Nielsen released its 2014 Connected Consumers Report on the Australian market and had some interesting findings on the retail habits of consumers. According to Inside Retail, the report found that “six out of 10 Australian consumers now use a combination of both online and traditional retail stores as part of their product research or purchase process.” The study also revealed that grocery, liquor, restaurant, clothing, and pharmacy items had the highest online to offline conversions.

4. Social networks drive 7.7% of visits to retail web sites – Are you sharing updates and product information via social media? You most certainly should. According to a report by Experian Marketing Services, clicks from social networks now account for 7.7% of all retail website traffic, thanks to the fact that consumers are increasingly using sites like Facebook, Pinterest, and YouTube to discover products.

5. 101 must-read prepared foods shopper insights – Earlier this year, Progressive Grocer asked a consumer panel the question, “What advice would you give your local supermarket to improve its prepared foods offerings?”. What follows is 101 bite-sized tips on how groceries can improve their prepared foods departments. While most of the tips are food-centric, there are quite a few nuggets that’ll apply to any merchant. Give it a read!

 

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+.

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