by Sarah Mahoney

 

As retailers gain confidence in the strength of the economic recovery, their worries are shifting, according to a new study from BDO. Consumer confidence, which worried them last year at this time, has dropped way down on the list. But dependency on consumer trends -- figuring out what shoppers want to buy -- has jumped up, and was mentioned as a concern by 87% of stores.
 

"Worries about external factors, like economic trends where retailers are basically helpless, have subsided," Doug Hart, partner in the retail and consumer product practice at BDO USA, tells Marketing Daily. "They know consumers are spending. The concern now is, 'How do we get our share?'"

The study -- the RiskFactor Report for Retail Businesses, which examines the risk factors listed in the most recent SEC 10-K filings of the largest 100 public U.S. retailers -- shows that chains are "shifting away from the defensive recessionary mode," he says.

Instead, they are focusing more on how retailers acquire, interest and keep customers. Large chains such as Macy's are devoting significant capital expenditures toward online initiatives and social media. "Online has been growing at something like 10 to 15%, and we're seeing a proportionate investment in those areas."

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Source: MediaPost News

 

 

Father's Day spending is almost a $10 billion business with the average shopper spending almost $100 according to BIGresearch. Here's how your business can get a bigger share this year.

 

1. Go Patriotic

With Father's Day sandwiched by Flag Day on June 14 and the Fourth of July, take a patriotic approach to your marketing and your displays so you can extend your campaign across all three holidays. Think red, white and blue merchandise.

 

2. Include Scads of Dads

Remember that there are grandfathers, stepfathers, first-time dads, households with two dads, godfathers and father figures. Don't limit your marketing - and your corresponding sales - to just one type of relationship.

 

3. Use Google to See What Consumers Are Shopping For

Google's suggestion feature and wonder wheel will give you a good idea of who and what the rest of world is shopping for on Father's Day. Dig through some of Google's suggestions for more market intelligence. For example, explore the results from "father's day gift guide" to see what others are doing in your niche. And look for unique audiences, such as "new dads."

  

Google's wonder wheel gives some more specific categories that might work with your business, such as "food gifts." Even if you don't operate a craft store, seeing a popular category like "Father's day crafts" can prompt you to suggest craft ideas based on items you do carry.

  

Take advantage of nicer weather that can bring in more foot traffic to your store. Independent Retailer magazine recommends an updated window display. Other ways to boost walk-in traffic include adjusting your hours, offering classes and leveraging location-based apps.

5. Lists and Top Selling Ideas
Shoppers are looking for the best ideas. Why not make a list of your own most popular or best selling gifts for dad? A top 10 list makes great content whether you're trying to get attention online or guide shoppers as they enter your store.

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Source: www.nfib.com