Consumer Analytics

In this ever-changing, fast-paced world, it is no wonder that retail businesses must adapt to how consumers shop. With smartphones, online shopping and detailed comparison sites, shoppers are now more informed than ever about what they want. This evolution has impacted the role that retailers play in assisting consumers in their shopping experiences.

One of the best ways retailers can make both their financial data and store systems more secure is to reduce potential vulnerability by removing financial data from the store.

“Take any credit card data out of your store systems,” advised Perry Kramer, VP and practice lead for Boston Retail Partners. “Most retailers don’t know what’s on their systems or their risk profile. You need a good inventory. Some data you might keep.”

Retailers wondering how much of an issue e-commerce returns are may not like the answer.

According to a new infographic from returns management software provider TrueShip, E-commerce returns are both prevalent and frequently the fault of the retailer.

TrueShip data shows that about one-third of all products purchased online are returned by consumers. Of these returns, almost one-quarter (23%) are due to the wrong item being shipped. Another 22% of e-commerce returns results from a product looking and appearing different when it arrives than it did online.

The digital and physical selling environments are converging. Whether this phenomenon is called “cross-channel”, “omnichannel”, or given some other label, consumers now routinely use their Internet-enabled (and frequently mobile) devices to find information about potential purchases, even when they are in the store. So as far as consumers are concerned, the selling channels have already converged. As a result, retailers are now forced to catch up.

Consumers have made it clear what type of marketing influences their purchase decisions, and it’s not always high-tech. According to a new study from branding network Experticity, 82% of marketers believe social media is extremely or somewhat effective in influencing buyer decisions, yet only 49% of consumers reported that they trust brand social media campaigns.

In addition, 83% of marketers believe traditional advertising is the most effective means of influencing buying decisions, but only 47% of consumers say they trust it.

Proponents of the motto “image is everything” will be pleased with a new partnership eBay Enterprise is launching. The online retail platform is teaming up with visual commerce platform Curalate to give publishers the ability to drive traffic and revenue from images sourced from Instagram.

The partnership offers Curalate Like2Buy, which allows users to directly click to purchases from Instagram images, to more than 100,000 publishers in the eBay Enterprise Affiliate Network.

IBM aims to let retailers get more personal with their customers. As part of a general release of new cloud-based industry platforms, IBM is introducing a Retail Consumer Experience platform.

When it comes to satisfying online customers, the little guys may have an edge. Online review site Bizrate Insights (a division of marketing solutions firm Connexity) has released its 16th annual Bizrate Circle of Excellence awards, and only a few major retailers are included.

Woody Allen famously said 80% of success is showing up, and that saying may well apply to mobile retailing. According to a new study from Google, “Micro-moments: Your Guide to Winning the Shift to Mobile,” 51% of smartphone users have discovered a new company or product when conducting research.

In addition, showing up in mobile search ad results can increase unaided brand awareness 46%. And one in three smartphone users have purchased from a company or brand other than the one they intended because of information provided in the moment they needed it.

We live in the age of the empowered consumer – with little patience and sky-high demands for personalized shopping experiences. Today’s consumers are used to having everything they want available to them at the swipe of a finger or within a physical store. When there’s an app for nearly everything along with ultra-accurate search technologies, brands need to make sure they’re delivering on their promises and providing seamless and relevant customer experiences across all channels –mobile, web, social, call center, physical stores and more.