There’s no doubt that online sales are growing. In fact, at 16%, online retail sales growth is swiftly outpacing in-store sales growth, which stands at 3.4%. But before you close up shop, consider the other side of this story: Most of that growth is attributed to brick-and-mortar retailers adding online sales to their mix. Plus, when it comes to total sales, brick-and-mortar stores lead the way. In 2017, in-store sales increased by $152.7 billion, while ecommerce and online sales increased by only $62.5 billion.
So, while the Amazon effect is very real, it’s not as scary as it seems. But that doesn’t mean you can ignore the fact that digital is woven into the daily lives of your customers, or that many of them enjoy the ease and convenience of shopping for some of their favorite items from the comfort of their own couch.
What it does mean is that if you want your customers to continue visiting your brick-and-mortar store, you’ll need to make a few changes. Continue reading
Editor’s Note: If you’re attending the 2018 Corporate Researchers Conference, please join Gwen Ishmael and Paul Ponsford of Delta Faucet Company for “#TomBradyFail—An Innovation Lesson from the New England Patriots” on Wednesday, October 10. Their talk will dive deep into this blog topic of how different consumer types can support (or inhibit) innovation. Contact us for a registration discount code.
As noted in Forging a Clear PATH to Corporate Innovation, it is critical to involve the right types of consumers at the right points along the Innovation Journey. Instead of simply focusing on your Target Consumer, it is important to recognize how other types of consumers—Lead Users, Creatives, Early Adopters and Brand Advocates—can contribute to and strengthen the innovation process.
These different consumer research groups form naturally around shared traits and preferences, the exact kind of commonalities that can spell gold for marketers—and market researchers. But the keys to tapping into their potential lie in understanding and identifying members of each group and knowing when exactly in the Innovation Journey they can contribute most.