According to Fung Global Retail & Technology’s recently released report titled The State of Consumers in the US and China, there are some stark differences between US and Chinese consumers, including in terms of consumer sentiment and online shopping behavior. It is important for marketers to understand consumer spending behavior in the world’s two largest economies, as any movement could tip an already fragile global market.
Deborah Weinswig, Managing Director of Fung Global Retail & Technology, said that key findings from the report include: Continue reading…
It’s been nearly a year since Jet.com, a direct challenger to the Amazon.com e-commerce empire, launched onto the retail scene. And over this relatively short time period, Jet.com has dropped its initial membership model, instead offering free shipping on orders over $35, two-day delivery on common household essentials, and an almost game show style shopping experience where customers unlock new deals and discounts when they waive free returns, buy in multiples, pay with debit cards, or add specific items to their online carts. On paper, this business model seems like a surefire way to gain savings-hungry, free shipping-loving shoppers’ attention. So is Jet.com making inroads with consumers? Or is the site destined to become another blip on Amazon’s radar, à la once hot flash-sale sites like One Kings Lane? For this analysis, we’ll take a look at Prosper Insights & Analytics’ latest consumer insights on Jet.com shoppers – including repeat purchasers – as well as how the Jet.com shopping experience stacks up against Jeff Bezos’ behemoth. Continue reading →
Today’s consumers continue to evolve, which is evident in their shopping behaviors and purchase intentions. Deborah Weinswig, Managing Director of Fung Global Retail & Technology, has weighed in again this month on some of Prosper’s leading indicator analytics including Prosper Consumer Confidence, the Prosper Spending Forecast, the Prosper Impulsivity Score, and the Consumer Mood Index. She also took a special look at Prosper’s recently released Amazon Shopper Preference Index.
Amazon.com Shopper Preference Index: In just two years, Amazon’s Shopper Preference Index has increased 48% from 2014. Weinswig commented, “Amazon has become the first stop on the web to begin most shopping searches, and with an ever expanding product and service offering, it is no surprise. Amazon is still in the early innings in many product categories and Fung Global Retail & Technology anticipates continue reading…
Retailers have become very adept at mining customer transaction files looking for some obscure data point that may help them become more knowledgeable about their customers. However, hidden from these instore shopper analytics are all of the transactions their customers make outside their stores with competitors.
In the recent past, cross shopping was consistent across peers and oftentimes varied by department or customer segment. Some loyal shoppers prefer a certain store for women’s apparel but are more delighted by a competitor for children’s clothing purchases. It may have been a zero sum market but it was, for the most part, pretty consistent and much easier to project. Not so in today’s digitally disrupted market with thousands of online competitors, many not even on the big brick and mortar retailers’ radar screens, each vying for a piece of a store’s shopper’s wallet.
Of course, the biggest and baddest of these is the one everyone knows: Amazon. Continue reading…
New Infographic Compares Online Purchasing Behaviors Of Chinese And American Consumers
Worthington, OH – 6/24/2014
ProsperChina™ has released the latest Consumer Snapshot Infographic, available in both English and Chinese, to provide global marketers with a better understanding of Chinese Consumers. This unique infographic reveals the top three websites for purchasing products among young Chinese consumers and their American counterparts. It highlights a trend of the frequency in which both consumer groups are buying online, and also compares the two groups’ confidence in the economy, practicality, focus on needs versus wants and budget consciousness. Continue reading →
Consumers may forgive, but they will not forget. Unfortunately in Target’s case, shoppers are slow to even muster up that forgiveness. With its holiday data breach impacting every level of Target’s organization, one must look to the most important piece of the equation – customers – to assess the ongoing damage and pinpoint what’s working for the retailer versus what’s not. For this new analysis on the current state of the former discount darling, we’re examining the point of view from one very influential group of shoppers, women. Continue reading →
As many a marketer will likely attest, too often in today’s retail environment consumers’ final decision in the buyer process comes down one little five letter word: price. Shoppers, armed with their mobile devices, maintain a direct connection to the best deals, promotions, coupons, and offers with just a tap of their fingers, many times giving shoppers an intelligence edge over retailers competing for those buying dollars. In this age of smart consumerism, what’s a retailer to do?
Amazon.com may be finally facing a worthy adversary in the retail arena: itself. The online giant recently announced its intent to increase the $79 annual fee on its popular Prime membership by $20 to $40, but our consumer insights suggest that its shoppers aren’t buying into plan, signaling what could be a dangerous move in an already hyper-competitive retail environment where loyalty is hard to win and easy to lose. Continue reading →
For Brick and Mortar (BAM) retailers, 2014 will prove to be another challenging year. As economists talk of a slow and gradual recovery (latest jobs numbers indicate recovery will be at a snail’s pace), BAMs will be hard pressed to drive topline growth. Based on an evolution in the consumer market fueled by demographic shifts, behavioral changes and consumers’ attitudes toward the economy, retailers with a physical presence will be… Continue reading