De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
NRF: 79% of Consumers Still Shop Primarily In Store
The statistic was one of many found in a recent survey done for the first edition of the association’s quarterly Consumer View report.
Washington--Despite the increased focus on digital and mobile shopping channels, most consumers still shop in stores primarily, according to a new study from the National Retail Federation.
The NRF just launched Consumer View, a quarterly report designed to gauge consumer behavior and shopping trends.
It partnered with Toluna Analytics to produce the reports, surveying 3,002 consumers between July 20 and 25, and released the first edition with insights into experiences with technology, what brings the younger generation into the store, and what differentiates the online and in-store shopper.
What did the survey uncover about where consumers are shopping today? Among the insights was the fact that brick-and-mortar retail remains an important touchpoint for modern consumers.
In fact, 79 percent of consumers said they purchase half or less of their items online, meaning the majority of them still are primarily in-store shoppers. Only 21 percent indicated that they buy the majority of their goods online.
The latter number, not surprisingly, goes up to 34 percent when isolated to just Generation Z and its slightly older counterpart, Generation Y or the millennials.
However, that doesn’t mean members of these two demographic groups no longer visit stores.
“This report shows that the bricks-and-mortar store is still the cornerstone of American retail and likely will be for many years to come, as consumers seek authentic interaction and experiences with retailers,” NRF President and CEO Matthew Shay said. “Despite the changes in our industry, there is an appeal to seeing and touching merchandise in person and being able to engage with fellow human beings that has yet to go away. Even younger shoppers see the value of the store.”
When it comes to convincing the younger generations to come into the store, the survey shows that they can be swayed to visit physical stores when they are offered a new experience, or to pick up products purchased online.
And, in fact, about half of millennials and Gen Xers surveyed indicated they’re shopping in stores more than they were a year ago.
“Despite the changes in our industry, there is an appeal to seeing and touching merchandise in person and being able to engage with fellow human beings that has yet to go away.”-- Matthew Shay, NRFIn the survey, this holds true across all age groups. Fifty percent of survey-takers said they are visiting physical stores about the same as they used to, with
And even though, overall, 74 percent of respondents said they typically visit a store to pick up something specific rather than to browse, the younger generation is more likely to see a retail store as an opportunity to socialize--to hang out with friends, to talk to a sales associates and to explore.
The Technology Touch
Interestingly, while many conversations regarding the retail industry revolve around the technologies that will create the “stores of the future,” the NRF’s survey showed that many of these still are on the periphery of consumer awareness and usage.
Today’s shoppers are more concerned with the innovations that impact the most important parts of their retail experience--how they pay for items and how they get their purchases.
As such, payment and fulfillment technologies lead consumer awareness; nearly seven out of 10 consumers have heard of mobile payment options and “buy online, pick up in store” options, and more than half have tried them.
Meanwhile, with in-store digital displays, for example, only 30 percent of consumers are aware of that technology. Of those, only a little more than half have actually tried them. For augmented reality, that number decreases to 20 percent aware and about half having used the technology.
When it comes to what they want next, shoppers are most interested in trying 3-D printing and drone delivery.
The Latest
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
She has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Ahead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Members can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.
He is remembered for his charisma, passion, integrity, kindness, and wit.
The retailer also appointed two new board members, avoiding a proxy fight from a potential buyer.
The bridal collection consists of 35 engagement rings and seven wedding bands.