News Bytes, Spring 2014
An App for That
Research shows that customers are taking to shopping apps in a big way using them to be notified of retailer deals, receive text offers, and even using the retailer’s mobile app to pay for goods. The ever-growing pace of smartphone usage and increasingly savvy mobile shopping sites mean you can’t afford to ignore this important retail services platform.
As Seen On…
TV? Nah! With social media “window shopping” such as Pinterest boards on the rise, watch for retailers to make increasing use of the cross-marketing devices to push product. It’s the contemporary equivalent of Oprah’s picks. If you have a strong Pinterest or Facebook page, use products that are popular there and showcase them as such at your brick-and-mortar location.
In wake of the Target hack, the push is on for safer credit and debit card usage. The National Retail Federation has been urging the combination of PIN and Chip card technology as a way of increasing security. These cards have consumer data on an electronic chip that can be read but at the same time need a PIN number to verify the person executing the transaction. This is also an effective method for cases where just the credit card number is stolen. The thieves cannot create new credit cards because the encrypted smart chips will then be missing. Such technology is already in practice in many countries around the globe.
Source: National Retail Federation
According to a 2012 Yoga Journal study, the number of Americans practicing yoga has increased steadily with 20.4 million practitioners, a jump of 29 percent from the last time the study was conducted in 2008. What’s especially impressive is the jump in related sales numbers in the category. Yoga enthusiasts spent $10.3 billion a year on classes and associated products, a large jump from the $5.7 billion recorded previously. The ascendance of fitness centers as mall anchors combined with this data might well denote good news for specialty retailers catering to the fitness fields.
Source: Yoga Journal
The Next Bling Thing
In the common area, there are a few categories that are perennial favorites. Fashion accessories are one of them. Our trends feature reports strong forecasts for leggings in the near future. With sales projections estimated at $32.50 billions for 2013, up from $30.5 the previous year, expect fashion accessories in general to stay steady and strong.
Source: NPD Group