As we have seen predominately in the last few years when looking at the physical experience, trends change rapidly.
Almost three years after the pandemic, many retail tech innovations have hit their expiration dates.
This week we look at how your organization can use new trends to leverage the blending of the physical and digital worlds.
Today’s Rundown
- Consumer confidence: Where customers are drawing the line.
- Physical experience, digital convenience: How stores are combining the best of both worlds.
- Out Now – Q2 Benchmark Report: Click Here to see how your store compares to the industry average!
Foot Traffic Recap
Physical experience, digital convenience
The term phygital relates to how your organization can leverage the blending of the physical and digital worlds.
Although Big-Box retailers have long thrived in the physical experience, during the pandemic, the pendulum swung even further toward digital, as meeting in person became increasingly difficult.
An older but great example of this is the Twizzard. During Black Friday weekend in 2014, Mall of America used hashtags on Twitter to power a snowstorm inside the retail complex.
The more people tweeted with the #twizzard hashtag that weekend, the lower the temperature got on a digital thermometer in the center of the mall. When there were enough tweets and the temperature hit freezing, the skies opened and it started to snow INSIDE the mall.
The attention from the Twizzard increased foot traffic by 10 percent over the previous year.
Click HERE to read the full article.
Consumer confidence reaches two-year high
Consumers are feeling more positive due to the combination of cooling inflation and a labor market that remains tight.
According to The Conference Board, their Consumer Confidence Index jumped to 117 in July, which is its highest level since July 2021 and an increase from 110.1 in June.
Even with increased confidence, many shoppers are being cautious with their spending as they fear the possibility of another recession. The Conference Board noted that, at 88.3, the Expectations Index is well above 80 — the level that historically signals a recession within the next year.
Click HERE to learn more about the current state of consumer confidence.
Retail Snippets
Random Irrelevance
New Beginnings: Webb snaps highly detailed infrared image of actively forming stars.
A Warm Start: Florida ocean records ‘unprecedented’ temperatures similar to a hot tub.
The Gap Vintage Craze: A collection sourced from Gap’s archives from the 1980s onwards and second-hand clothing stores.
