Retailers, Innovation Is Key ! | Retail Is Detail
March 19, 2015 Bernard - Retail Is Detail

Retailers, Innovation Is Key !

 STAY AHEAD OF THE PACK AND KEEP CONSUMERS ENGAGED

Shoppers never stop shopping, and retailers must evolve to stay ahead of the pack and keep consumers engaged. Today, brick-and-mortar stores need to innovate continually to capture their shoppers’ attention as e-commerce attracts a growing number of users.

In addition, while consumer confidence was on the rise in over half of the countries Nielsen surveyed in the third quarter of 2013, including the U.S., shoppers remain focused on value for their money. As a result, retailers need to stand out to compete for consumers’ limited baskets.

U.S. BASKET SIZE AND TRIP FREQUENCY

Today’s consumers have more retail choices than ever, but they’re cutting back on their overall purchases. In the U.S., trip frequency has fallen 15 percent over the last six years, while basket size has climbed only 9 percent. And we’ve seen similar trends around the world. For stores to beat the competition, they need to encourage consumers to increase the number of trips, grow the size of their baskets, or both. Innovation can help them win sales.

Source Nielsen. CONSUMER | 01-07-2014

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