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Beyond the Transaction: Every Transaction Has a Story
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2015 Holiday Shopping Stats Reveal Omnishopping Insights for 2016 … and Beyond

 

This holiday season there was a new breed of consumer driving sales—omnishoppers, a group that aggressively uses technology to interact with brands across multiple channels. The Retail CMO’s Guide to the Omnishopper, culled from aggregated and anonymized transaction data and a robust global MasterCard survey of consumers, illustrates a salient point about these empowered consumers: They just plain love to shop. Online or in-store. Mobile or laptop. Night or day. Holiday or not.

mind_of_omnishopper_FinalAnd they feel they’re getting better at retail shopping, thanks to mobile and other technology advancements that put product research, competitive options, discounts and purchase functions literally at their fingertips.

The holiday season’s winning retailers were those best able to cater to omnishoppers, and those brands who continue to meet their needs are the most likely to build on that performance throughout 2016.

On the eve of the NRF’s Annual Convention & EXPO, retail CMOs and their teams are aware of their own successes and failures from the just-completed holiday season. While the Big Show will reveal new insights and options for fine-tuning their marketing and operational machines, they would also be well-served to take to heart a few lessons learned from Holiday 2015 that are reinforced by the Omnishopper report.

  • Technology is Queen. Eight out of 10 consumers shop using a computer, smartphone, laptop or in-store technology. Invest smartly in technology that informs and delights these consumers, and you’ll add more interaction points for customers that will pave new paths to purchase.
  • Commit to … Commitment Marketing. Consumers want to be loyal to your brand. So help them … by forming commitments that increase the intensity of your relationship. When customers make an investment that pays tangible benefits, they are forging a bond that is difficult to break. Think Amazon Prime subscription, Costco membership or Dick’s Sporting Goods purchases that fund sports programs as noteworthy examples.
  • Create Desirable Content, Often. Consumers shop all the time. But the number of merchants they visit regularly is falling (from 28 to 25, on average, in the U.S.). To keep them engaged and interested, content across all marketing channels must be robust and updated constantly. If you bore them, you’ll lose them.
  • Dig into Data. Retailers have more access than ever before on how and why shoppers shop. Put it to good use by leveraging transactional and social media data to uncover insights that will add further value – and specificity — to your offerings.
  • Stock Up. About ¾ of shoppers are most frustrated by unavailable inventory, even more so than shipping. What’s the point of teasing a purchase only to leave them disappointed? Keep the supply chain pristine, and you’ll get, keep and grow your customer base.

What have you learned about better catering to your omnishoppers?

Click here to download a free copy of The Retail CMO’s Guide to the Omnishopper.