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In a world where retail has changed and consumers remain at home, how do brands reimagine the task of getting products to customers? podcast , we interview Jon Bostock, best-selling author, innovator, co-founder and CEO of Truman’s and learn how brands that innovate will win in a rapidly changing digital-first economy.
The American Customer Satisfaction Index’s recent COVID-19 special retailstudy showed satisfaction declines across 75% of the retail companies. But the ASCI study showed a decline of almost 5% in customer sat for internet retailers versus just a 1.3% decline for Department & Discount stores.
Legacy brands like Clorox and General Mills are facing increased competition due to store placement by retailers using their own data gathering practices to see what customers prefer to shop for and how they behave in stores, according to a report by The Wall Street Journal.
Every year for the last 110 years , members of the retail trade group, known as the National Retail Federation (NRF), have assembled to discuss the slate of issues pertinent to its members. COVID-19, of course, didn’t cause physical retail’s steep decline — it just accelerated it. Retail is now about logistics and the last mile.
These are among the key findings that have emerged from PYMNTS’ latest research study, D2C And The New Brand Loyalty Opportunity , a collaboration with sticky.io. The study is based on a survey of almost 2,200 U.S. PYMNTS research reveals some dramatic shifts in how consumers are obtaining CPG brands both online and offline.
Sensory branding is having a moment. These are some admittedly “out there” examples of sensory branding, which is popular lately for several reasons. Supplementing the “sight” of marketing and branding with a taste or a sound creates an entirely new set of tools to attract consumers. And sensory branding isn’t limited to sound.
That’s the current state of play in Southeast Asia where social commerce is growing rapidly as brands try to find new ways to sell during the pandemic. The study also validates the rise of live-selling, or broadcasting of live videos featuring products. Line charges brands for sending messages and livestreaming.
With the most recent COVID-19 studies from PYMNTS reinforcing the need for health and safety in the retail world, some retailers are stepping up to accommodate consumers’ concerns. Ipsos surveyed consumers and conducted mystery shopper visits at 45 of the top retailers. A new survey from Ipsos found that U.S.
These moves seem logical for consumers who have been barred from visiting brick-and- mortar retailers or who are wary of contact with cashiers or payment terminals due to the potential for viral transmission, but they are also likely to have a dramatic impact on the future of digital and in-store commerce. The rise of omnichannel .
Consumers are unlikely to return to stores and business districts in the near future, nor can businesses simply rely on longstanding relationships with suppliers and retailers to keep production lines moving and shelves stocked. Interior Define is one such company that exemplifies these trends, as highlighted in our case study.
Customer experience platform Narvar is partnering with real estate investment trust Simon to facilitate easier retail returns, according to a press release. Despite our deep roots in eCommerce, we've always believed in the persistent power of physical retail," Amit Sharma , founder and CEO of Narvar, said in the release.
Retailers are facing a personalization paradox. Recent studies are showing counter trends right now that are proving the adage that consumers want what they want — even if it’s a contradiction. That’s where brands can use the entire data stream, those digital footprints that their customers are leaving.
This is the year that customer experience surpasses brand and price as the most important factor in retail. That’s according to several studies, including one that says 86 percent of consumers will pay a premium for it. After two years of falling scores, overall retail increased by 0.1 Online retail increased by 1.3
While many luxury retailers have found themselves needing to slash prices to keep inventory moving, some luxury brands are switching manufacturing to assist in the coronavirus crisis. For retailers, eCommerce will be critical during the coronavirus crisis. Another 13 percent never patronized the retailer again.
Retail reopening events continued to draw light foot traffic on Monday, as Florida joined Texas in allowing non-essential stores to reopen. percent of consumers shop for retail goods online more often than they did on March 6, the first day of our study, and that continues to climb — up 10.5 percent from 35.5
Keeping consumers invested and engaged is an eternal challenge for retailers. Price and convenience remain top factors that can prompt consumers to try brands, but features like payment flexibility — allowing consumers to pay using their preferred methods — and speed are also becoming must-haves. PYMNTS data revealed that 47.7
The Commerce Department released July’s retail sales last week, showing an increase in seasonally adjusted retail spending – up 1.2 Analysts reported that physical retail sales, seasonally adjusted, were up 2.7 And what we also see is only one part of the retail sales story. percent growth in June.
What’s more, this shift allowed new entrants to steal mind- and wallet-share at the expense of the established restaurant brands. Attending to these enhancements now while anticipating future needs will require retailers to develop even greater agility and innovation across their fulfillment models. My takeaway from this study?
Over the last few years, chatbots have taken the retail space by storm, helping to automate several key aspects of customer service. With 100,000 branded chatbots and growing on Facebook Messenger alone, it doesn’t appear that chatbots have any intention of going away any time soon. Are they helping or hindering?
Engaging customers in socially responsible causes can help retailers build trust and develop lasting relationships that translate into many return visits. Some retailers are engaging consumers by allowing them to use their BNPL accounts to donate directly to nonprofits they choose. Around The Buy Now, Pay Later World.
Our eco-friendly, natural aesthetic and locally sourced approach to this design builds on our strong brand values and mission of cultivating a better world.”. JAB Holdings is joining together some of the best-known coffee brands around the globe to create a more formidable contender to challenge Nestlé as well as Starbucks.
Perhaps not surprisingly, Venmo users would like more of an opportunity to pay with Venmo more often in their shopping journey because it’s easy, convenient and from a brand they trust. Ninety-three percent of Venmo customers have tipped individuals in the past six months, while 83 percent engage in a tipping activity monthly.
Someday this will be a marketing case study. You’re Constellation Brands. One of your leading brands is Corona beer. So far we know two things about this future case study. So far we know two things about this future case study. Then out of China comes a virus that has your name on it.
The notion that customers don’t trust non-legacy banking brands is starting to fade, at least in the U.K. A study from consultancy A.T. Kearney released this month entitled “How Convenience, Innovation, and Trust Will Shape Tomorrow’s Banking,” noted that while U.K.
I presented on this topic, along with my colleague Scott Albahary – Chief Strategist for Financial Services here at Perficient and Jim Marous – Co-Publisher of The Financial Brand , to approximately 500 financial services industry folks. Then we present an outside industry (automotive, retail, etc.)
The COVID-19 crisis and the digital shift that it accelerated are making five lessons clear that tradition brick-and-mortar retailers must heed if they want to survive, according to Karen Webster. Webster said the rise of direct-to-consumer (D2C) sales is adding an additional challenge to traditional retailers’ battle for relevance.
Digging into a captivating worldwide case study on economics meeting chaos theory and what happens when it does, How We Will Pay , a PYMNTS and Visa collaboration, gauges the situation 10 months into the pandemic, as connected commerce coalesces and new patterns solidify.
In a year that’s been filled with lifestyle changes, personal pivots and business adaptations, 2020 may also go down as the year of the gift card as studies show an outsized increase in sales leading up to the busy holiday season.
Retailers trying to bridge the growing gap between the shopping trends of Baby Boomers, Generation Z and every demographic in between may think they have the different generations figured out, but in some cases, operating on assumptions can lead to missed sales. Baby Boomers. These consumers were born between 1946 and 1964, and the U.S.
eCommerce’s rise has only made designing retail showrooms more complex, however. Digital brands lack brick-and-mortar stores’ advantages — customers cannot feel fabric textures or see electronics’ resolution qualities. Merchants need to bridge this gap as digital connectivity pushes the retail world’s boundaries.
While large banks may not feel threatened by personal finance apps or digital-only challengers, they can learn from them on the digital onboarding front, a recent Gartner study observed. It examined 1,200 data […].
The list of positive retailbrand attributes goes on and on, but one new post-pandemic value has become more important than all the others: cleanliness. Fitting rooms have been strictly regulated or even shut down by some retailers. Red Roof isn’t far behind on the branding front with its program, RediClean.
Dramatic shifts are underway in the retail sector as it adjusts to consumers’ increasingly digital preferences. These retailers are accustomed to engaging with their customers in brick-and-mortar stores and building long-lasting relationships that lead to brand loyalty. billion this year — almost double last year’s total.
Today (June 17) Visa is announcing that their sensory branding suite is in over two dozen countries care of a dozen new partnerships. Visa’s sensory branding suite of products includes a sound, animation and haptic cues for consumers and merchants when a Visa transaction is completed.
Direct-to-consumer (D2C) selling has taken wing with the ascendance of eCommerce to retail’s throne. How consumer packaged goods (CPG) brands and subscription-based businesses respond to this important trend will be make-or-break for many. There are over 1 million brands currently on the platform. Pandenomics’ And D2C Commerce.
While the concept of a brand having a “voice” is not a terribly new idea, before this month it was more metaphorical and mostly a synonym for “style.” As of a few weeks ago, however, Amazon announced that Polly is now taking its offering up a level, and allowing brands the opportunity to customize text-to-speech voices for their Alexa skills.
The pandemic is proving to be a tough loyalty test for retailers, as they are competing for customers’ attention in an environment where competition is still present in both online and in stores. One recent study found that 51.7 Retaining the loyalty of consumers is an age-old challenge for retailers.
That turns out to be sage advice as the retail sector sets out to recover from an overall double-digit downturn in consumer spending. Wiese and his team have put together several reports that benchmark the current crisis and show the media opportunity, especially for DTC retail , in the current environment.
Back in late March when the pandemic first started to lock down retailing, PYMNTS published the first in a series of tracking reports showing clear evidence that the overwhelming factor in economic recovery would be one thing: COVID-19 and the ability to mitigate its effects. Again, that scenario is playing out this week. percent increase.
New developments are focusing on supply chain, government activity and infrastructure to improve the customer experience as post-pandemic retail finds its legs. Retailers that sign up for the new program will receive discounts of up to 40 percent on FedEx Ground and 50 percent on FedEx Express services.
This year will not only go down in history as “the year of the pandemic,” but for consumer packaged goods brands, it will also be known as “the year of direct to consumer.”. PYMNTS’ recent How We Shop: Measuring the Rapid Digital Shift study, done in conjunction with PayPal, found that a large share of U.S.
And CVS in August became the first major retailer to introduce PayPal QR code technology, which it plans to roll out in its 8,200 U.S. Such brand loyalty and user growth aren’t going unnoticed by merchants, with more and more expanding their QR offerings. stand-alone stores. It’s Not Just Customers That Want Them.
With fine dining having taken a hit amid the pandemic, quick service and fast-casual restaurant gift cards are holding steady and even seeing a bit of growth, a new study by Paytronix finds. Overall, Paytronix looked at gift card sales by 175 different brands over the three-day period between Black Friday on Nov. 27 and Sunday, Nov.
It’s going to be a very vocal year when it comes to retail. Voice is the killer app of the connected commerce experience, according to the How We Will Pay: 2019 Edition study. Houndify is one-of-a-kind in that it is the only platform that allows brands to remain in complete control of their data and their brand.”.
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