People’s shopping habits have changed dramatically since the inception of the smartphone. Consumers can now ‘shop’ for a specific product in person while viewing the selling price for that item from worldwide vendors on their phones. This relatively new approach to shopping is called showrooming.
However, one aspect of making a purchase decision hasn’t changed. Customers still like to touch and sample products before they throw down their hard-earned cash (or plastic). One way retailers like Best Buy have successfully combated the showrooming trend, while other retailers have had to close their doors, is by matching their online competitors’ prices.
As marketing leaders, it’s our responsibility to stay at the forefront of emerging patterns and trends in the industry so we can help our brands succeed. By keeping a growth mindset and responding to the changing needs of consumers, we can help companies – who sell online, in-store, or a combination of the two – get ahead and stay in the retail game.