‘APOCALYPSE’
For some ordinary movie-goer, fiction writer or binge reader, this could pertain to as an interesting or thrilling genre that they would totally love to witness and experience.
But, for retailers, this could mean a ‘nightmare.’
It could be something really terrific stemming from a huge number of physical store closings in the past years all over the world.
Now, that E-commerce has been gaining its power and surfacing as one of the best marketing strategy, rampant change to the shoppers behavior have been observed.
This is primarily evident to western countries with lots of giant companies who shaped the market with tons of holiday sales and the likes.
They’ve learned that these holidays and discounts affect the customer’s behavior and their overall spending.
One example is the concept of black Friday which a lot of people have been bracing for, hopefully waiting for bigger discounts. While other competitors made their own concepts of ‘sale’ and ways as to how they will sensationalize it to attract the herd of shoppers.
More so, there was a quick development observed on the buyers’ ability to find the cheapest and lowest prices online. Companies are now waging a war as to who will be able to dominate the science behind the retail industry.
Many have tried working through algorithms and scientific models that can help them cope with the customers’ buying decisions.
The Total Market size is primarily what everyone was concerned about. Thus, this is one of the major concepts they’ve been studying.
On the other hand, Modeling Approach will be of great help with regards to the sudden changes on the business environment and consumer behavior. In fact, this is how it was found out that there is a transition to the consumers’ buying habit from spending every holiday sale to waiting only some of the biggest before they purchase.
Data nerds are the people in-charge to explain the information gathered by all these research and studies. They tell us about patterns and consistency in the market. This helped to find out that consumers have become conditioned to wait for big discounts and global markets are shifting hundred year old behavioral patterns in just two years.
For the past years, changing dynamics yields a lot of possibilities on the marketplace. Either small or large retailers are needed to adjust for the sake of their survival to this fast-paced and competitive environment because lack of substantial knowledge often leads to ineffective strategy. Last thing we know, everything that has been worked hard for can be lost in a blink of an eye.
This is why it is really important for every company to be well-equipped before being able to brave the marketplace. These data that we usually think as too nerdy or inappropriate are often vital in preparing for the rapid changes to the customers and the way they purchase.
The retail industry is another tough world that is being run by competition. It is about who knows best to be able to overpower their opponents. It would really take a lot to be on top.
Are you ready?