Podcast Interview: Shopper advocacy: Building consumer trust in the new economy
While many competitors will be focused solely on improving cash positions or drastically cutting expenses, solid retail industry performers can approach this new economic environment as an opportunity to grab market share, increase customer loyalty and distance themselves from the competition.
The IBM Institute for Business Value conducted a survey of 30,000 U.S. consumers in September and November of 2008. The goal was to understand what is driving consumer spending across several product categories: Grocery, Apparel, Home Merchandise, and Pharmacy, Health & Beauty Care. The survey revealed that consumers anxious due to economic conditions rely on retailers they trust – leading to two valuable segments: Advocates of existing retailers and Shifters seeking new relationships. We believe that retailers that execute on the requisite strategies to attract and retain these attractive shoppers will be positioned to emerge as winners.
