360DigitalInfluence

According to the Consumer Confidence Index, consumer saying conditions are “good” decreased 8 percent in June while 69 percent of consumers are saying they still feel like they are in a recesssion (according Yanklovich). And, the S&P Index, which was nearing 500 just two months ago has dipped below 400.  Does this mean it is all doom and gloom for retailers? Perhaps if they are not strategic in how they lure consumers during the usually busy back-to-school and holiday seasons. Inevitably, consumers will shop for for both seasons, but they will shop with caution and shop differently.  In the past, they may have updated kids wardrobes with several pairs of jeans and shirts, but this year they will opt for less, and look to get the best value for their dollar.  Accessories are an easy and relatively inexpensive way for consumers to update their wardrobe. Anyalists expect accessory sales to perform well; but if consumers are shopping cautiously, what can retailers do to better business?  Some have gone the traditional route of cutting inventory while others are benefitting from lower rent. While Macy’s turns to Madonna’s new line of clothing being promoted by Taylor Momsen and Kohl’s banking on Brittany Spear’s  new line, other retailers are smartly turning to social media.  According to DMNews http://www.dmnews.com/jcpenney-boosts-mobile-efforts-for-2010-back-to-school-campaign/article/174651/, JCPenney is turning to social and mobile components like texting; they will also be partnering with six teen girls to create back-to-school haul videos http://www.youtube.com/watch?v=ULtpWix10ro.  In order to stay current with consumer trends, retailers must jump on the social media and mobile commerce train. Unfortunately, without it they will feel the implications of a weak economy even more. Millennials love phones and love Facebook so it is where retailers need to be if they want to reach them. During back-to-school, kids will use their phones and computers as shopping devices, looking for ideas, recommendations and sharing with others. Twitter and Facebook content sharing and contests will be a major way for retailers to hit  back-to-school and holiday shoppers.  It is a smart and strategic way to lure shoppers to brick and mortar locations.  A simple iPhone app loaded with special promotions will also serve to drive business.  Teens, tweens and even the little ones are looking for instant feedback on their outfits.  They are taking pictures of themselves in dressing rooms and loading them to Facebook or picture mailing them to friends.  Retailers need to think about ways they can synergize offline and online marketing strategies.  For example, do they set up picture booths in dressing rooms where they provide the platform and technology for consumers to get the online, instant feedback they want for their looks. Brands like Avon Mark are offering iPhone app look books, which is another way to answer a consumer need of what to buy, and what is right for me. Even Foursquare has worked for retailers such as Marc Jacobs and Jimmy Choo where Choo created a Foursquare campaign by giving a shoe a personality on Twitter and Foursquare accounts.  The Foursquare user to encounter the shoe in person won a free pair of shoes. Shopping no longer means going into a retail location, picking out some stuff and going home.  Shopping begins outside of the retail location, which means retailers need to be where the most forward thinking consumers are, which is socially online and mobile. Consumers will shop again, but with back-to-school literally on our heels, now is the time to develop creative ways to encourage, entice, excite and invite consumers to be a part of your brand.