Market Track announced today the release of an in-depth report from a two-part national survey of retail shoppers and Fortune 100 companies. The report indicates new consumer motivation buying trends and a disconnect in retail industry perception amid the Back to School season — historically the most important promotional period for retailers ahead of Black Friday, according to a news release.
The nationwide study of retail shoppers was demographically segmented to examine promotional and pricing influencers by key category and product types, across age, location, income, family and technology use. Key findings include:
- Shoppers are not loyal. 80 percent of shoppers surveyed said they would switch stores or brands when offered a compelling promotion. This unforeseen risk is nearly double the percentage of shoppers willing to switch than retailers expected.
- Shoppers are constantly comparing prices. 78 percent actively participate in showrooming and 76 percent actively participate in webrooming.
- Shoppers are heavily influenced by promotions. 83 percent of those surveyed said they made an unplanned purchase based on a promotion they received, with 65 percent saying they made the purchase in store.
- Shoppers are in control. They have more information at their disposal than ever before, and they are making use of all of it. Over 80 percent of shoppers say they utilize more than one promotional media type to make purchase decisions, with print and websites being the most frequently used promotional vehicles.
"The results of this ground-breaking study indicate a significant disconnect in retail industry perception of shopper behavior and uncovers a compelling consumer risk for stakeholders during the Back to School season and the upcoming holiday season," said Wayne Mincey, Market Track's CEO. "While we have known that distinct promotions have strong influence on purchase decisions, this study powerfully showcases the impact real-time access and omni-channel promotional offers have on consumer buying behavior and loyalty."
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