Retail Returns
The traditional marketing funnel assumes a simplistic and linear purchase cycle, from awareness, through to consideration and trial, yet, for the modern retail experience, the journey is anything but.
By adopting the McKinsey Consumer decision journey model we set out to better understand consumer purchasing behaviours and the influence of a range of touchpoints at each of the 4 important stages, namely initial consideration, active research, the moment of purchase and loyalty/re-purchase.
We tested 8 different products which offered variety in being low vs. high involvement purchase products, planned vs. spontaneous, relatively inexpensive vs. high ticket and high vs. low repertoire.
The 8 products we tested were : Cars, Shampoo, Clothing, BBQs, Wine, Beer, Mobile phones and Milk.
Through the results we identified 4 important retail trends for advertisers:
Life Remote Control – The effect of a mobile on influencing the consumer decision journey, the continuing shift in power from the retailer to the consumer
Commoditisation and Brand Loyalty – The rise in commoditisation, with an explosion of choice for consumers, and the effect that this has on brand loyalty
The Return of Bricks and Mortar – Flying in the face of online shopping there has been a resurgence in the Bricks and Mortar experience where consumers are demanding human interaction in physical stores
How People Buy – A look at behavioural economics, what motivates people to buy, the relationship between product, price and involvement, and thehttps://www.newscorpaustralia.com/insights/retail-returns/ role of News brands within this.
For more information on this presentation, book an appointment with https://www.newscorpaustralia.com/insights/retail-returns from our Insights Team.
