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Insights Mission
HomeRetailer Close-Up
Today’s uncertain economy is top-of-mind for everyone. Consumers and retailers alike are concerned and confused about what tomorrow will bring, and what to do about it.
NPD’s expertise in surveying consumers about their shopping behaviors helps our clients understand how to drive their business forward. But what are retailers thinking about right now? NPD Insights queried a panel of consumer electronics retailers who shared their perspectives on the current economic landscape.
Read on for advice and best practices our retail partners offer for navigating the uncertain U.S. economy.
- Differentiate yourself – “Today’s uncertainty, more than ever, means retailers must have a point of differentiation to survive. Differentiation is the key to driving customers toward your brand and to ensure that they return.”
- Be creative – “Merchants need to be creative to offer exceptional values that pique customers’ interest.”
- Offer good value – “Consumers are definitely more focused on price, value, and must-have items. It is critical to offer the right value for your consumer and create a sense of urgency so they come to your store for the items they need.”
- Plan well – “It is also critical that retailers have a firm grasp on their supply chains and understand exactly when to make adjustments.”
- Focus on the customer – “Get extremely laser-focused on what is most critical. Stop any activities that don't put the customer at the center.”
- Be productive – “Today’s environment is forcing retailers to look at every part of their organizations. Every aspect of their operations must be productive and have a strategic purpose for their go-forward strategies.”
- Be smart – “Marketplace information drives good decision-making. You can never have enough. It is critical to identify the key nuggets that help give you a competitive advantage.”
To get the marketplace information you need to move your business forward in challenging times, contact Charlie Camaroto at 866-444-1411 (+1-516-625-2311 outside the U.S.), or email contactnpd@npd.com.