How retailers are giving back this holiday season, what retailers need to know about millennial shoppers, which holiday myths need busting, why loyalty programs pay off, and more—welcome to a special “holiday shopping” edition of Retail Technology News, a weekly wrap-up from Quantum Retail of some of the top stories in the retail industry. Here’s what was news last week:
Retailers giving back this holiday season (Retail Dive)
Image credit: Retail Dive
Retailers seem especially determined this year to make healthy sales during this do-or-die time of year—after all, November and December sales can make up nearly a third of a retailer’s yearly sales.
But for many retailers, the holiday season isn’t just about racking up sales. It’s also a time to give.
What you need to know about Millennial holiday shoppers (Retailing Today)
Younger shoppers make up the demographic group most likely to visit physical stores Thanksgiving weekend, but retailers had better be ready to offer the digital natives an ominchannel experience, according to new research from a leading retail trade group.
Is Cyber Monday just a myth? (Retail Dive)
Cyber Monday is a concept that’s been around for more than a decade. It began when workers came back to work after the Thanksgiving holiday and used their offices’ high-speed Internet connection to shop. Now, of course, high-speed Internet connections are par for the course for many, if not most, consumers. So is it the monumental shopping day consumers think it is?
U.S. Retailers’ Push Into Thanksgiving Hurts Black Friday (Bloomberg)
A move by U.S. retailers to extend hours on Thanksgiving took a toll on Black Friday traffic, without spurring total sales over both days. While store traffic climbed 27 percent on Thanksgiving compared with a year earlier, it dropped 5.6 percent the next day, which has traditionally served as the kickoff to the holiday shopping season.
44% of consumers to buy gifts from favorite brands (FierceRetail)
Loyalty will play a critical role this year in holiday shopping, as 66 percent of consumers are planning to shop at their favorite retailers and 44 percent will give gifts from brands they are loyal to. According to a holiday study from Bond Brand Loyalty, 42 percent of these same consumers will use loyalty points to fund their shopping.
And the 10 biggest myths of holiday spending are…. (Chain Store Age)
Count on Customer Growth Partners president and CEO Craig Johnson to provide a refreshing break from the standard Black Friday forecast. Here’s his take on the top 10 retail-related holiday myths of 2014. Starting out at #1: “Well, at least Black Friday is still the biggest shopping day. Wrong.”
Eight out of 10 retailers would consider a standalone shop-within-a-shop to drive footfall, new poll shows (Retail Times)
Eight out of 10 retailers say they would consider a standalone shop-within-a-shop approach to drive footfall for their business, according to a poll carried out by Retail’s Best. As convenience stores face growing pressure to evolve, fueled by ramped-up expectations of consumers, those that fail to innovate are at risk of falling behind.
The retail worker’s guide to surviving the holidays (RetailWire)
The days prior to Thanksgiving are the calm before the storm. Your seasoned retail employees know what is in store; your newbies have no idea. Here are 10 holiday tips for anyone who works retail. What other tips would you offer retail employees on how to avoid getting over-stressed during busy holiday selling times?
Guide to Busting the Myths of Retail (report)
Speaking of myths (as Daphne Howland and Craig Johnson do above), there are many myths commonly held in retail that are based around the constraints of traditional solutions. This guide will bust the most detrimental assumptions that retailers have on the following topics in merchandising: forecasting, markdown optimization, BI, localization, and time to value.