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Customer Retention
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In a year when holiday spending on gifts, travel and entertainment was down 1 percent from the year prior, one age group bucked that trend in a huge way. Millennials, perhaps aided by increased incomes due to โThe Great Reshuffle,โ told us it would spend a whopping 11 percent more than it did in 2021,โฆ
The beginning of the year is a time of great momentum and in the ever-evolving retail industry, you must always be prepared for whatโs coming down the pipeline. In the past few years, Iโve seen a significant shift in retailers using technology to create more meaningful and personalized engagement strategies to inspire consumers to takeโฆ
โUnderstanding the value your customers bring and how you can maximize it is crucial, especially when thereโs an impending recession. When the economy suffers, customer lifetime value (CLV), or the long-term revenue that customers create, can take a huge hit. Consumers are more cautious and theyโre likely to shop around in search of alternative orโฆ
The grocery sector has undergone serious shifts in the past couple years. From upgraded technologies that enable digital ordering to pandemic-era shopping habits that sent certain products flying off the shelves, todayโs grocery shoppers are no longer loyal to the same store or chain. They hunt for the retailers with the best products, selection andโฆ
Significant transformations are taking place within the fuel and convenience retail industry, resulting in convenience stores rethinking how to handle operations during this period of transformation. Consumer needs and expectations look different than they did even just a few years ago โ with an increased focus on convenience, speed and value. As a result, retailersโฆ
Loyal customers expect brands to treat them differently than the average customer. Forresterโs Consumer Benchmark Survey, 2022, shows that 50 percent of U.S. online adults who belong to a loyalty program(s) say they join to get messages, offers or promotions that are more relevant to them. However, todayโs marketers struggle to deliver on that expectation.โฆ
While many point to the pandemic as the catalyst responsible for changing todayโs retail customers, in reality, the โretail customerโ has been evolving for some time. Over the past several decades, consumersโ lives have grown busier and more complex as they are being offered more choices spanning retail and digital, and shoppers have come toโฆ
The good news for consumer brands this holiday shopping season? Economic concerns arenโt expected to slow down shoppersโ appetite for deals. According to the 2022 Deloitte Holiday Retail Survey, 74 percent of consumers say theyโll spend the same on the holidays as they did last year. The bad news? Holiday customers are among the lowestโฆ
How do you keep your online customers coming back after the initial appeal? While retailers hook new e-commerce customers with product-market fit, flashy advertising, and spot-on messaging, more than half of shoppers buy from the retailer again if they experience first-rate customer support. How can you provide this competitor-differentiating customer care? Here are our bestโฆ
Retail escapism โ immersive experiences that blend the best elements of shopping, entertainment, education and socialization โ is giving retail therapy a major upgrade. With inflation on the rise, consumers are likely to spend less this season and discounters may command a greater share of sales than usual. However, retailers that elevate the shopping experienceโฆ