As consumer shopping habits change at a breathtaking speed, retailers double their efforts to innovate beyond the walls of their bricks-and-mortar stores. A growing number of brands are not afraid of experimenting and re-imagining the physical store. These innovations gave rise to a concept store - a space where virtual and physical worlds meet.
Gamification has always been a successful tool to boost consumer engagement and loyalty. And while loyal clients with competitive personalities get a thrill out of virtual prizes that showcase their performance, the number of firms using this business tactic has been shrinking recently. Is the game over?
Dubbed the second oldest profession in the world, retail is nevertheless prone to changes. The factors that contributed to the demise of some retail establishments are still at work and those reluctant to adapt are doomed to extinction. Businesses dreading the thought of joining "retail dinosaurs" should better watch out for these major trends which are likely to trigger another wave of retail victims.
Guess what, consumers do not really care about prices. Shocked? Well, according to research, an average shopper spends a negligible 12 seconds between arriving at the site within a store where a frequently purchased product was located and leaving the site. 55.6 percent of store visitors could recall the price of a chosen item within 5 percent of accuracy, just seconds after having picked it from the shelf. At the same time, other studies confirm that consumers are not really totally lacking price sensitivity, which motivates stores to keep reasonable prices.
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