Faced with increasing fragmentation in traditional media, marketers are experimenting with a new wave of digital technologies to pitch to consumers while they shop. And all the while, the price point of new technologies is dropping fast.
Today, very little effort is put toward optimizing the full conversion funnel on e-commerce sites—from landing page through purchase—to maximize sales. In fact, few understand the conversion levers from the top to the bottom of their conversion funnel, and even fewer are equipped with the insights required to press the right ones. The result: An astonishing 97 out of 100 online shoppers leave a site without buying. So what's involved in conversion optimization? Following are the fundamental tenets you need to master.
Studying how shoppers use social media not only provides an understanding of shoppers, but it also represents a vehicle for getting relevant information to shoppers when and where they need it. Of note, shoppers are increasingly turning to "social heuristics" as a part of their shopping toolbox.
A new loyalty program is enabling the retailer to forge relationships with consumers in ways "we were never able to have with them [before]," says CMO Mark Snyder, who discusses Kmart's three-pronged strategy as the new school year nears.
After years of pitching kitchen gadgets and closet organizers on late-night TV, the infomercial business is going bricks-and-mortar. With sales generated by infomercials forecasted to hit a record $174 billion by 2014, it's no small wonder why marketers are scrambling for more products to peddle.
The companies are working to create smarter online pamphlets that will let shoppers compare prices across the Web and look up consumer comments. Doing so will not only help retailers attract shoppers, but also underscores a recent emergence in the digital marketing world: the ability to target with predictions.
"Mobile can, to some extent, be the revenge of the physical retailers," says Digby founder and CEO Dave Sikora, who explains his logo-driven mobile service and how smartphones can improve consumers’ in-store shopping experience.
The recession has forced consumers to shift their behaviors, and many of these new, frugal behaviors will stay in place. That means marketers that don't adjust their prerecession strategies and tactics will find themselves struggling against strong headwinds. Here's plenty to think about.
Store brands are benefiting big time from the current economic downturn. But a Nielsen review of U.S. department-level price gaps between store brands and manufacturer brands shows that retailers may be hurting themselves in the long run because prices alone are not the key to shoppers' hearts.
Nielsen research reveals that consumers’ fundamental spending adjustments are likely to last in the next year. Either by choice or necessity, their new-found thriftiness will continue. Following are their five top spending trends for 2010.