Q1 2018 Industry Roundup: Retail and Financial Services
March 29, 2018 - mmr
As we look back on Q1 of 2018, we review developments and outlooks for key industries. Follow along below as we outline recent news and commentary on the retail/big-box and financial sectors.
-Consumer packaged goods companies must continue to evolve to remain competitive in the retail space. Among key trends this year are leveraging impulse-based purchases and deepening consumer insights efforts.
– According to a recent study, over 50% of in-store purchases in key retail areas (e.g. wearable tech and electronics, tools and hardware, toys and games, etc.) are preceded by online research. Thus, successful retailers should move away from a more siloed structure and move toward better integrating their e-commerce and brick-and-mortar businesses.
– Millennial marketing efforts can often overlook the nuances found in such a large age-based demographic. However, recent campaigns from retail brands like Zappos, Patagonia and Apple get it right.
– As shopper behavior continues to evolve, thriving grocery retailers are innovating through in-store restaurants and showroom-like atmospheres. Experts also anticipate an increased focus on prepared foods, with specific offerings evolving in tandem with consumer behavior.
– What can financial institutions glean from Starbucks and its marketing efforts? Location, location, location. Profitable banks and credit unions should consider using geo-targeting and other mobile-based data strategies in 2018 and beyond.
– From digital, in-app assistants to in-depth consumer analytics, banking organizations are exploring how to better equip their customers to maintain financial health. Bank of America and Wells Fargo are leading the charge with artificial intelligence and predictive mobile banking, respectively.
– Compliance, crypto-currency and competition: Q2 holds a lot for marketers in the financial services industry. Successful marketing professionals should prepare for challenges as the financial landscape continues to change.
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