Holiday sales of electronics and appliances in U.S. stores are expected to get an early start this year, with consumers spending a larger-than-usual share in November, according to an analytics-based forecast produced by IBM.
With a 99% proven accuracy, the forecast relies on 19 years of historical data and sophisticated analytics software developed by IBM to analyze both long-term trends and seasonal peaks.
Michael Haydock, Global Business Services partner and IBM Retail Analytics Leader, noted that disposable income, as reported by the U.S. Commerce Department is on the rise along with the household savings rate, which can attribute to a pent-up consumer demand. This increased savings rate will jolt electronics and appliance sales, since these technologies are seen more as a necessity than a luxury.
Continue reading “IBM Forecasts Black Friday, Cyber Monday Key Days For CE & Appliance Sales”
While Black Friday has traditionally kicked off the holiday shopping season by giving consumers exciting in-store offers, this year, industry experts suggest the real-time access consumers can find via smart phones could be a potential threat to the usually-high expectation for in-store traffic.
Up to 138 million people plan to shop Black Friday weekend (Friday, Saturday and Sunday), higher than the 134 million people who planned to do so last year, according to a preliminary Black Friday shopping survey conducted for the National Retail Federation by BIGresearch. The survey, which was just released yesterday, found that approximately 60 million people say they will definitely hit up brick and mortar stores. On the contrary, another 78 million will wait to see if the bargains are worth braving the cold and the crowds.
The ability to “wait and see,” or capitalize on the online deal assortments via Cyber Monday, have previously been obsolete, but the mobile phone is giving customers an additional channel through which to search, compare and shop.
Continue reading “Mobile Could Be Real-Time Game-Changer For Black Friday Shopping”
While online spending continues to thrive, a new survey by Leo Burnett shows that all hope isn’t lost for brick and mortar outlets if they focus on excelling in the customer experience.
Despite the constant availability, variety and convenience of the web, 50% of consumers say that the in-store shopping experience and seeing a product in real life is still irreplaceable. Moreover, 43% said they still thrive off of seeing and touching the actual product before making a purchase. Leo Burnett surveyed 2,200 American shoppers to examine some of the biggest challenges retailers are facing with regard to sustain and grow sales — starting with the need to nurturethe consumer mindset.
However, there is a significant minority closing in on brick and mortars, with 20% of participants claiming that the Internet is a substantial and even preferred substitute for going to a store. Online research before purchase is also a key trend in the survey, with 34% of respondents indicating they gather information via Internet before making an in-store purchase.
Continue reading “New Research Offers Tactics To Bring Customers Back In-Store”