The ‘2016’ Black Friday & Holiday Shopping Season

Black Friday is often a landmark for shoppers every year as it signifies the commencement of the holiday shopping season. Customers look forward to this time of the year and so does the retailer. Whether it’s customized and personalized offers or indelible in-store experiences, retailers try and get it right around this time of the year in order to achieve higher margins of profits and conversions. Black Friday 2016 is around the corner and the shopping frenzy is more than just setting in.

black-friday-shopping

The Big Weekend

The extended weekend that includes Thanksgiving and Cyber Monday has always given retailers something or the other to cheer about over the last few years. There was a huge doubt on how people would react considering the results of the US Presidential Elections, but everything seems to be easing out now. Findings from the National Retail Federation Survey states that as many as 137.4 million Americans are estimated to hit the stores for shopping over the weekend. The turnout expected is more than last year (135.8 million). This will provide the retailers with a good head start for the rest of the holiday season to follow. Overall, a slightly better forecast of holiday sales has been provided for 2016 by NRF. The holiday season sales are expected to rise by 3.6% this year. While the forecast is not alarmingly high from what has transpired over the last few years, but it is certainly expected to be one of the better seasons of recent times. The NRF Survey also found out that as many as 74% of people are planning to go shopping at the store on Black Friday itself. Thus, a big weekend is definitely on the cards.

A Statistical insight on Black Friday & Holiday 2016

Retailers understand the importance of having an omni-channel presence. As a result, the focus will not only be to provide customers with relevant, customized and personalized offers, but provide them across all channels. According to the estimation provided by NRF, the overall spending during the holiday period is expected to be US $655.8 billion in 2016. With 74% people expected to go shopping to the retail stores on Black Friday itself, retailers can expect a blockbuster season ahead. Let us have a look at where the consumers plan to shop from during the holidays.

black-friday-data

The illustration above clearly provides ample evidence of the need for retailers to have an omni-channel presence. 55.7% and 56.6% of customers will prefer shopping from discount stores and departmental stores respectively. On the other hand, 56.5% of people will avail the online medium. Grocery Stores and supermarkets account for 44.5% as well.

Another study by Prosper Insights reveals that American consumers plan to spend a mighty US $935.58 during this holiday shopping season. Retailers will be looking to utilize the bulk amount of big data that they have access to in the best possible way. Apart from this, according to data on Sessioncam.com, 41.9% shoppers will prefer to pay by debit cards and 24% by cash. Faster payment systems are something that retailers will try and adopt as no one would want to spend their day waiting in long queues. Faster payment checkout options on the mobile app or at the store kiosk will be vital.

Overall, retailers are hoping for a productive Black Friday to kick start their long holiday shopping extravaganza.

POS & Digital Signage: The Future of Retail

For quite some time till now and for a long time to come, an enhanced ‘customer shopping experience‘ is what will be the main force driving conversions for retailers. In this highly influential online world, there is still enough room for offline retailers to make customers stand up and take notice. According to a survey by POP Advertising Institute, 67% of purchase decisions are made in-store. It’s an interactive world today and therefore the crux lies in making the information about various products and services available to customers in the most appealing way but at the same time being contextual is the key. Retail Displays are an important facet that helps retailers provide interactive content for today’s interactive customers and will continue to do so in the time to come.

 

Digital Signage

A major aspect that is taking customer interactivity to a whole new level is Digital Signage. Digital projection via LCD and LED screens in order to display images, stream video and convey information is an effective way of engaging customers and enhancing their shopping experience. The in-store branding has to be consistently captivating for keeping the customers engaged for a long time. Resorting to Digital Signage is surely the way ahead. The following figures provide a clear indication as to why digital signage will be most effective for both retailers and their customers in the near future.

    • According to a study by Markets and Markets, the digital signage market is expected to rise from $16.88 billion in 2015 to $27.34 in the year 2022 at a CAGR of 6.7%.
    • The rising demand for signage will be the most in North America. The following graph depicts the demand for digital signage across different industry verticals till the year 2024. The Retail vertical definitely dominates.

digital-signage-by-2024

    • A recent study by Adaptive IP Services (Digital Signage Solution Provider) revealed the following.

digital-signage-by2024

  • According to IDC forecasts, the use of digital signage in retail will grow from $6 billion in 2013 to $27.5 billion in 2018 at a CAGR of 35.7% in these five years.

Point of Sale Displays

With a healthy rate of people freezing in on their decision to buy within the store, it doesn’t require a wise man to understand the impact that Point of Sale (POS) displays can have on customers. Effective promotion and marketing of the customer’s needs is important for the timely stimulation of demand leading to successful conversions. Sometimes, just the mere presence of a product in the store is not enough to drive its’ sale. It should be appealing enough to evoke the ‘desire to acquire’ within the customer. This is where POS displays come in handy. The following data provides a telling insight as to why retailers should secure their future by resorting to POS displays.

point-of-purchase-in-store

  • According to a study by Transparency Market Research, the global point of sale terminal market in 2013 stood at US $36.86 billion. It is expected to grow at a CAGR of 11.6% between the years 2014-2020.
  • The integration of digital POS physical stores can be brought about by allowing mobile POS proximity payments as it can alter the in-store shopping experience of customers in a huge way by allowing them to make payments from their mobiles or tablets and at the same time it will serve as a channel of purchase.
  • The above graph states that by 2018 in the U.S, mobile POS proximity payments are expected to reach US $5.4 billion. It also indicates that the total retail POS purchase is expected to rise from 0.01% ($3.98 trillion) in 2012 to 0.13% ($4.2 trillion) in 2018. (Javelin Strategy & Research)

How Big Data Analytics Is Helping the Retailers to Meet Their Customer’s Demand?

Big Data Analytics is the process of measuring a large number of data sets containing large and different types of data. This big data analytical process is being helpful in knowing various market trends, customer’s preferences and many other business related information. Many big retailers now appoint big analytics to get a fruitful result from their Retail business. To get the most effective result from Big Data Analytics the Retailers merges the structured data with the semi structured data

Goal or Motive:

The main motive of the big data analytics is to improve the business by collecting a large volume of transaction data as well as the data that are useful to meet the customer’s satisfaction level.

big data analytics

Benefits of Big Data Analytics:

  • Led to more effective marketing.
  • Help in knowing new revenue opportunity.
  • Help in providing better customer service to satisfy their needs and demands.
  • Improve operational benefits.
  • Helps in implementing services that are far better from the rival companies.

How to Implement the Big Data Analytical Process?

Big data analytical process uses tools that are commonly used for advanced analytics processes like:

  • Predictive analytics.
  • Data mining.
  • Text analytics.
  • Statistical Analysis.

Mainstream Business Intelligence software’s (BI) can also be used in this data analytics method.

Some Retailers implementing the big data analytical system also now a day depends on the Hadoop clusters technology to collect huge amount of raw data. These raw data is being further been filtered and used for analytical warehouse. It may also be used by the hadoop software.

Pitfalls in Implementing the Data Analytical Process:

  1. Lack of internal analytical skills.
  2. High cost of hiring experienced analytical professionals.

The Benefits That the Retailers Are Being Experiencing from the Big Data Analytics Process

  • Delivering information about individual shoppers; this big data analytics process helps the retailers to know their customers well. The retailers through this process can know their customers by their name, their shopping habits etc. The big data analytics process keeps a track about the last few purchase of the individual customers.
  • Helps in guiding the customers to discover their associated products; The retailers by knowing the buying habits of the customers , knowing their daily needs and demands can guide them to make their shopping much more easy and smooth. This way the big data analytics process is useful for the retailers as well as the customers.
  • Tracking and analyzing the shopper’s visit data in online retailing; with the help of this big data analytics process the retailers now with a click of mouse can measure the shopper’s behavior, the amount of time spent by the shoppers in each page. This helps the retailers to design their page layout, preparing their promotional messages keeping the customers need and demands on mind.

 

Conclusion:

Big data analytics process thus is useful for both in-store retailing as well as for online retailing. This big data analytics blur the difference between online and physical marketing processes.

However, the Retailers also need to keep in mind that the Data Collection method for both physical and online retailing is different. This can be a matter of concern among all The physical retailing involve much more transparency in the data handling process, includes individual privacy concerns and also honor the individual customers preferences.

In Store Retail Analytics : Its Potential and Impact on Managing the Customer’s Behavior

The world of Retail is changing at a fast pace. The retailers today are experimenting with lot of things to attract new customers as well as to retain the old ones. Thus retail analytics plays an important role among the Retailers to succeed in their business. Customers are a most essential part of business. Both for online and brick and mortar stores customers are an integral part of the business.

in-store retail

Scenario of In-Store Retailing:

The online Stores are experimenting with their styles, designs, placement of their products to attract the customers and so that their products catch the eyes of the people.

Although the brick and mortar stores are dominant among most of the customers but these stores lack behind due to improper technologies to conduct and judge their customers behavior. However, now most of the physical pay stresses to know their customers behavior. The retailers of these stores now have a close eye on the buying habits of the customers, movement of the customers inside the shop. In-store retailing is emerging at a fast pace in today’s retail shop. The retail shops now have security cameras inside the shops to keep a watch on their customers.

The use of multiple cameras can track the behavior of the individual customers as they roam about in the shop.

Benefits of knowing the Customer’s Behavior:

In-store Retail Analytics also help the Retailers by providing data about the Customer’s Behavior outside the shop. They provide data about where the customers are going, where the customers roam about, whether they are shopping alone or with friends. These data help the retailers to plan accordingly and project their products in front of their customers to get most of the output out of it.

On the other hand the brick and mortar stores those are lacking behind these sophisticated technologies also conduct these surveys on assessing the customers’ behavior. They instead of using all these technologies they walk around the shop to look at the customers to assess their behavior whether their plans and programs are working well on their customers.

 in-store retail analytics

Trends of In-Store Retailing:

The data collected from in-store retail analytics processes help the retailers by providing data of POS (point of Sale) as well as data related to the cash register of the store.

Another part of in-store retailing involves displaying the products and offers in a right manner so that it can attract and catch the eyes of the customers. Placing the products in front of the window or the glass door can catch the eyes of the passersby also.

Customer traffic information plays an important role among the retailers. The data revealing the number of customers regularly entering the shop is very much an integral part of a good retailing. The data obtained from in-store retail analytics process also helps the retailers to know whether the promotions and the offers they designed for their customers are working well or not.

Conclusion:

On the Retailers point of view in-Store Retail Analytics is a process of anticipating and understanding the customer’s needs and wants in a better way. Improving the staffing, identifying new offerings and planning valuable promotions for the customers are all a part of the in-store retailing process.

Beacon Technology: Increasing Potentiality of Your Retail Business

Customers in today’s world are much more tech savvy. The customers now are much more knowledgeable about a brand, price and offers. So the Retailers must need to update themselves accordingly.

The introduction to digitization in the Retail business is one such attempt made by the Retailers to meet their hi-tech customers. Beacons are however not a new device to be used. The beacon technology has made the retail process much easy and swift. Beacons have made shopping much easier and swift than before.

beacon technology

Changing Trends in Customers Making new innovation in Retail Business:

The brick-and-mortar store although seems to play a dominant role in the retail business but the taste of the customers are changing at a fast pace. So to keep parity the beacon technology is playing an important role and it also has enormous potential to ease out the problems being faced by both the customers as well as the store owners. This new technology helps the store owners to make themselves knowledgeable with the shopping habits of the customers. It also helps in keeping a track on the staffs so that they can improve themselves and can act accordingly with the changing taste of their customers. This helps to retain the old customers and as well as attracts the new one.

How to make the Beacon Technology fruitful?

The retailers using the Beacon Technology can increase their potentiality beyond their shop. Beacon help the retailers to understand and reward their customers and this in turn helps in building a stronger relationship with them. To make the beacon technology a successful in the retail industry the customers need to be educated and knowledgeable about this new technology. The retailers need to educate their customers regarding this beacon technology.

The placing of and using of the beacon also plays an important role to increase the efficiency of the beacon technology. The beacon can be placed anywhere but it must be kept with the noticeable range of the customers. The beacons can be placed in front of a window so that every passerby can have a glance into it, it can be placed in a bus stop, street adverts, railway stations to guide the people (customers) to the specific shop without letting him or her to go anywhere else.
beaconsWhat Qualities make Tickto Beacons the most potential one?

  • The Tickto beacon provides the customers with the most relevant advertisement and helps them to take decision more easily.
  • The latest innovation of beacons by Tickto had increase the potentiality of the Beacon Technology by increasing the signal firing speed to 100 millisecond on the contrary most of the beacon works at a signal of 600 to 700 millisecond.
  • Another advantage of the Tickto beacon is that the frequency of the beacon can be increased or decrease according to the promotional requirement or according to the customer’s footfall at the stores.
  • Tickto beacons are all battery powered which also has an advantage by making the device to be easily deployed in the store.

Smart Retailing: a Way to Make Your Business Profitable

Smart Retailing is something that the Retailers in today’s world are concerned about. Smart Retailing deals with using the technologies and various innovations for the retailing purpose. One of the greatest innovations in today’s generation is the Smartphone. It helps the people to avail a great range of opportunity. It also has a large impact on the retailing process. Showrooming through the help of Smartphone is the latest trend among the customers. The customers can use their smart phones for shopping when they are still inside the stores.

Unlike the Online Retailing where the profit of the retailers is minimum smart retailing can bring a profitable outcome for the retailers.

smart retail

How to Start the Smart Retailing Procedure?

Starting the procedure of smart retailing is also not so easy. It must be done by planning strategically to get the maximum profit out of this process. Retail Analytics play an important role in managing the various services of the retailers.

There must be a mobile app to start the purchasing process. This app launching must also be done by planning accordingly. The app helps the customers to locate the shop, locate the products, see the latest discounts and offers and moreover these apps also help the customers to give the answers to their various shopping related quires. This in turn also enhances the buying attitude among various customers.

Telephoning all the motivated customers should be another approach by the retailers to make the smart retailing procedure fruitful.

Communicating with the customers from time to time is also a part of the smart retailing procedures. It not only helps the retailers to hold back or retain the customers but it also creates a level of satisfaction among the customers. The retailer must keep in mind that connecting is not the same thing as connection. They must plan for various strategies that must help in sustaining the connection with their customers.

How can the Customers get the maximum benefit from Smart Retailing?

Although the smart mode of retailing with its facilities of online shopping and mobile apps have provided the customers with a wide range of offerings, but the customers seems to be in a great mess. The customers are having problem while taking the purchasing decision and also in turn are losing the confidence. Thus the retailers must launch mobile app, communicate with the customers, and answer to their quires to make the smart retailing process beneficial.

Optimizing the store design to increase the sale as being believed by many US’s retailers is also another key to get the benefit from the smart retailing. According to many retail scenario of U.S they must focus on enhancing the organizational thinking to get a better result. They also focuses on the idea of improving the process of tracking the customer’s behavior.

Changing Trends in Retailing:

  • There is rarely in distinction between the online and offline shopping. The customers in today’s world have also changed. Today most of the customers do a minimum research before purchasing something. So the retailers need to be smart enough to come up with the opinions that increase the urge among the customers to buy the product.
  • The smart retailers must have certain devices that are updated with information about their customers. This helps the retailers to know the customers behavior and so they also help the customers by giving various advice regarding their purchase related quires.
  • Customers with the help of the Smartphone can now locate the shop, product and offers.

Some smart retailing practices by the retailers also include providing the customers with virtual try-ons.