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.
October saw grocery retail heavyweights Tesco and Sainsbury struggle under a fierce attack of almighty discount chains. Poor sales forecasts have forced big player to revise their strategies in an attempt to woo customers spoilt by cheap deals. Harsh reality calls for brutal measures, such as radical price cuts.
Google Glass and grocery shopping seem to have a bright future ahead of them as this seemingly futuristic device wins over more enthusiasts among shoppers. Some of them tout Google Glass as a brilliant tool to generate grocery lists, while others use it to hunt for better deals.
Send us your number and we will call you back!
