With consumers more connected than ever, through an ever increasing range of devices, its clear that the era of media convergence is upon us. This
complex eco-system is presenting us with many retail opportunities.
Consumer behaviour has grown steadily more complicated and harder to fathom. This is where the Carat Pulse study can help shape retailer strategies. It’s a yearly snap shot of what’s going on in the Irish retail market.
The study has indicated that consumer behaviour is becoming more stabilised, possibly for two reasons. Firstly, as Ireland moved into recession in 2008, shoppers re-evaluated their shopping behaviour. In response many brands competed through price and promotion to survive. In 2014 we began to see a more stable shopping environment. The recession had led to much price comparison and ‘shopping around’. As incomes stabilised and grew this trend decreased and we saw a more settled ‘shopping basket’.
Brands have also shifted their focus, as aggressive price-cutting was never a sustainable long strategy. Many brands have looked to add vale and increase prices to a suitable level. So are consumers less prudent than in previous years? In short, no, the recession has instilled a “new normal”. Consumers actively value interrogators, by that we mean that they seek value in all things, as the psychological value of money has increased. Brands need to take this shift on consumer psychology seriously and present accordingly.
The other major factor is the impact of online shopping and the proliferation of smart devices and apps. 82% of consumers stated that at least part of their Christmas shopping would be done online, up from 73% last year. Value and convenience are driving this growth. The other factor is the growth of smart devices usage, and the subsequent increase in bespoke high quality apps.
28% of people reported shopping online using their phone, 26% reported using their tablet, up 8% and 10% respectively.
Want to know more? Click here
Please email email@example.com retail opportunities.