![]() ![]() Ignoring their input doesn’t seem logical or sustainable any longer and neither does the outdated “suggestion box” I saw yesterday at the door of a multibillion-dollar big box retailer. ![]() One thing is for sure, Gen Z wants to engage and inform companies’ leaders, but so do all other generations. How can you gather information on consumers, pattern the data to provide understanding of the situation and give it to the fewer people running your business to make better decisions? They made the commitment to drive to YOUR STORE and given the challenges of hiring enough people and retaining and training staff, it is logical that you can scale better with technology. On the retailer side, engage with you customer. The post-holiday decline in coronavirus testing and increased reliance on drive-thru services may have contributed to lower in-store foot traffic. All it takes is a conversation with the store manager.Ģ. As of January 2022, foot traffic to CVS stores was 16 lower than in January 2021, despite its successful Q4 2021 earnings. It also helps the environment because you won’t force a truck (oil/gas) to deliver the box (tree) to your doorstep when the product is right there in front of you right now. It helps the retailer get rid of inventory, it helps you with what you were looking for, and at the price that is “fair”. Negotiate with the store to match it and take the product with you. On the consumer side, engage in the physical world and meld it with all the data available in the digital world, like pricing data, to get you the best price. What to do with this information? A couple of suggested approaches for both consumers and retailers:ġ. Like bears preparing for hibernation, consumers may be “denning up” in response to an instinct (and a growing list of companies announcing layoffs) that tells them this will be an austere holiday.įoot traffic may seem an arcane measurement in the age of online retail, but there may be something to the adage that “consumers vote with their feet” especially as Gen Z discovers the joy of shopping in a physical store. That said, how to interpret all this intriguing data is truly challenging.įor starters, it seems to confirm what we’ve been hearing in quarterly reports from major retailers, and it reflects the current state of consumer confidence, which cratered this summer. This year the emphasis appears to be on the basics and on self-improvement: presumably to look good for job interviews, returns to offices, and reinvigorated social life. Last year consumers re-feathered their nests, revenge shopped, and indulged in delayed luxuries. ![]()
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