Many big brand retailers are driving consumers away from their shopping sites as they haven’t gotten into the consumer reviews game. They are losing sales to competitors as a result.
Bethlehem, PA (PRWEB) November 3, 2010
With all eyes on the 2010 holiday shopping season, PeriscopeIQ, an enterprise feedback management provider, today announced the results of the first annual PeriscopeIQ Holiday Shopping Survey as well as insights for big brand retailers. With the majority of respondents planning on spending the same as in 2009 (61 percent) and price being the main consideration in choosing where to shop (78 percent), retailers must offer aggressive sales and marketing multi-channel promotions to capture consumer dollars.
The first-ever study – which surveyed women only – indicates that consumers are becoming increasingly savvy with more than 70 percent doing some or more pre-shopping before making an in-store purchase. In addition, more than 33 percent of respondents look for online consumer reviews as a shopping aid and 12 percent use social media to gather information about products.
“With a continuing difficult economy and consumers trying to keep their shopping budgets in check, the retailers who will win this season will need to be aggressive in promotions and creative in pricing to protect margins," said Dr. Pawan Singh, CEO, PeriscopeIQ. “For the über connected consumer crowd, retail stores should create exclusive social media campaigns by announcing selective promotions and providing ongoing product and event updates.”
Singh also encouraged retail stores with an online presence to add online consumer reviews to build site stickiness. “Many big brand retailers are driving consumers away from their shopping sites as they haven’t gotten into the consumer reviews game. They are losing sales to competitors as a result,” added Singh.
Other key findings of the survey show:
- 64 percent of shoppers plan to give gifts to the same number of people as last year while 24 percent plan to give gifts to fewer people Only 8% plan to give gifts to more people than last year.
- More than 50 percent of consumers started their holiday shopping in October or earlier with only 8 percent planning to begin shopping in December.
- 90 percent of the women report making 75 percent or more of the holiday shopping purchases.
PeriscopeIQ’s 2010 shopping survey was conducted in October 2010, based on data from 1,140 completed online surveys. The margin of error is 3%. For more information, about the survey, please contact Meggan Manson at 301-371-6995.
PeriscopeIQ is an enterprise feedback management (EFM) provider that applies science and strategy to uncover customer, employee and compensation insights via a flexible delivery model. Partnering with leading enterprises and associations, PeriscopeIQ combines predictive analytics and time-tested business insights to deliver proprietary survey solutions with unparalleled analytical and reporting capabilities. The PeriscopeIQ platform and methodology have been adopted by Fortune 500 companies and global organizations, including: Seagate Technology, Unilever, Kohl's, Haliburton, Boston Scientific, The World Bank and Project Management Institute. Founded in 1999, PeriscopeIQ is a privately held company headquartered in Bethlehem, Pa. For more information, visit PeriscopeIQ.com.
# # #