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Research Identifies New Shoppers Who Are Transforming RetailCashStar, the industry-leading provider of prepaid commerce solutions, in conjunction with Texas A&M Center for Retail Studies and Retail TouchPoints, today released the results of new research that identifies a new and highly influential segment of shoppers. Based on a survey across more than 1,300 consumers, the research shows that this segment, described as "Brand Mavens," are digitally engaged and brand loyal shoppers who have strong peer influence. Brand Mavens have significant purchasing power and connecting with this segment is critical to the long-term success of retailers. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20150520005039/en/ Brand Mavens actively motivate consumers in their circle of influence to try new brands and purchase more, initially through the use of gift cards. When combined with loyalty rewards, coupons and promotional offers as a way to manage all purchasing interactions with a brand, gift cards become a form of branded currency and are even more desirable to Brand Mavens. Branded currency is the foundation of their digital engagement, brand loyalty and influence, and makes it easy for them to shop a brand. In fact, 68% of Brand Mavens said they would like to utilize one card for completing payments, accessing loyalty points, and redeeming coupons and promotional offers. Representing 53% of U.S. shoppers, these brand loyal consumers are predominately female (60%), financially responsible, in committed relationships and educated. They also have huge purchasing power and influence to generate significant increases in revenue and loyalty. The average Brand Maven spends approximately $1,100 on gift cards annually and redeems an average of $700 in cards - a total direct annual purchasing power of $1,800. Their purchasing power rises exponentially as they indirectly influence others to buy and redeem gift cards, and become loyal brand purchasers. Analysis also shows that Brand Mavens are:
Additional findings include:
"Brand Mavens are a group that certainly cannot be ignored," said CashStar Vice President of Marketing Gary Lombardo. "The research supports the idea that retailers need to enable gifting and prepaid commerce experiences across channels and devices throughout the customer lifecycle to capture the attention of this important segment." Findings from the report will be shared today at CashStar Innovate during the session, "Brand Mavens: Who Are They and Why Should Retailers Care?" led by Hauss and Lombardo. Learn more:
About Texas A&M Center For Retailing Studies The Texas A&M University's Center for Retailing Studies was created in 1983 to provide the retail industry with a pipeline to talent, continuing executive education, and new industry knowledge. Housed in the Mays Business School, the center is also one of the nation's largest retail educators. Our programs and curriculum develop young, ethical leaders who possess the business acumen and passion to drive sales, lead teams, and spearhead business innovations for a global society. Driven by the outstanding research expertise of our faculty, the center is also renowned as a source of new insights and thought leadership for retailers. About Retail TouchPoints Retail TouchPoints is an online publishing network for retail executives, with content focused on optimizing the customer experience across all channels. The Retail TouchPoints network is comprised of a weekly newsletter, insightful editorial blog, special reports, web seminars, exclusive benchmark research, and a content-rich web site featuring daily news updates and multi-media interviews at www.retailtouchpoints.com. The Retail TouchPoints team also interacts with social media communities via Facebook, Twitter and LinkedIn (News - Alert). About CashStar CashStar, the industry-leading provider of prepaid commerce solutions, enables the world's top retailers and restaurants to grow and innovate in the rapidly evolving retail environment. CashStar provides best-in-class capabilities, revenue-optimizing risk management and a client success model based on aligned growth, to optimize digital gifting and prepaid commerce experiences. CashStar powers more than 300 leading brands worldwide including Best Buy (News - Alert), Brookstone, Coach, Crate & Barrel, Dell, Dunkin' Donuts, Gap, lululemon athletica, Nine West, Office Depot, Petco, Pottery Barn, QVC, Sephora, Staples (News - Alert), Starbucks, The Cheesecake Factory, The Home Depot and Williams-Sonoma. To learn more, please visit www.cashstar.com, follow @CashStar or e-mail [email protected].
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