As the world continues to grow more connected by the day, consumers have access to more information than ever. They don’t let it go to waste – they’re doing plenty of research before shopping to ensure they’re getting the right product at the right price. This is true for both online and in-store, with shoppers researching at home or on the go before buying. It doesn’t stop once they’re in the store either. According to a study published by Bazaarvoice in 2018, 82% of smartphone users consult their phones on purchases they are about to make in store.
European hardware store giant will replace in-store paper pricing to ensure clear and accurate pricing throughout select stores in Denmark
As a consumer, it has been fantastic to see how the grocery retail industry has evolved over the past year, making the necessary changes to keep up with the ever-changing demands their shoppers. Not only have they made great strides to improve existing store footprints, but grocery retailers are now taking a cue from their fellow retail peers and are working to make the entire shopping experience more fun, engaging, and most importantly – more convenient. Can I get a show of hands for those of you who now take advantage of either curbside pick-up or home delivery of your groceries? Chances are, the majority of you are indeed raising your hands.
For more than 30 years, B&H Photo Video has been the “go-to” place for the best prices and service for photographic, audio, video, computer and home entertainment. In fact, its New York superstore is the largest non-chain photo and video equipment store in the US.
In just over a month, we’ve seen three very powerful and destructive hurricanes devastate communities in Texas, Florida and several Caribbean islands, not to mention the most recent earthquake in Mexico. But, out of these disasters, we’ve seen lot of good news and plenty of examples of humanitarian efforts, especially by corporate America. Notable retailers such as Walmart, Amazon, Starbucks, Target, HEB, Kohl’s and so many more have opened up their purse strings to help those impacted by the storms. To ensure that supplies were delivered where they were needed most, Home Depot and Lowes have already sent thousands of truckloads to its stores in the path of the hurricanes.
As we speak, millions of children in the U.S. and beyond have headed back to their familiar classrooms, become acquainted with their new teachers, and of course, showed off their new shoes, jeans and backpacks for their fellow classmates. The back-to-school bonanza always comes on like a freight-train starting mid-July and is gone before you can say “straight As.” It is the second-busiest shopping season (after holiday shopping) and, as many in the industry can agree, a good indication of the shopping behavior of consumers heading into the last three-four months of the year.
In the era of Big Data dynamic pricing is now a reality.
However, there a couple of barriers in the way. The first is concerns about what consumers think about the practice, and, second, there’s the question of how to physically make a high number of price changes in-store – daily and even hourly. I’ll address both here.