Connect with your customers
This renewed confidence has not erased the memories of the
recession. Deloitte
found in a recent survey conducted in May that 55% of consumers think the
economy has started to recover. However, more than one-half of consumers in the
survey said rising energy prices could cause them to hold back in their
spending in the coming months and more than two-fifths said higher taxes and a
lack of job market improvement could curtail spending.
So, even though consumers are proceeding cautiously and
keeping some of their frugal shopping habits learned during the recession,
retailers still have a tremendous opportunity to update their business models
and/or engage their customers in new and different ways. Stacy Janiak, vice
chairman and U.S. Retail leader at Deloitte stated, "...retailers should keep a
sharp focus on the consumer's shopping behavior and invest in areas that may
drive loyalty in the months ahead." She also noted, "Retailers should
consider expanding their customer analytics capabilities to make merchandising,
staffing and inventory decisions that enable them to adapt to shifts in
customer demand."
Retailers should also consider tapping into some of the new
technology that consumers are engaging in, such as social, mobile and online
tools. Below are some interesting statistics from Deloitte's survey that
retailers should be aware of.
- 43% of consumers interact with retailers through social networking sites
- 51% of consumers say an online product review has influenced their decision to buy a product
In addition, mobile phones (web-enabled) are helping consumers in their shopping experience. Results from PriceGrabber.com's March survey shows 22% of consumers are using their phones to check product prices, 21% are using their phones to research products and 13% are even using their phones to purchase online.
As 2010 moves along, don't forget to reach out and touch
your customers through new and innovative platforms.
