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With the ever increasing gas prices, many consumers are opting for online shopping and store sales are taking a hit. JC Penney reported a 7.4% decrease in in-store spending, and at the same time a 8.7% increase in online sales.
Other large clothing venues also reported a definite shift, with Gap losing 11% of their store traffic but seeing a hefty 21% rise in internet revenue. It’s not just confined to the fashion outlets; electronics, toys and furniture sales are also up online.
The time is ripe for more retailers to take advantage of the at-home shopping trends, and the 56% jump in couponing proves that there are indeed customers looking for good deals. If you find the correct market, this could be the year to make it big.
Shipping cost continue to rise, however, so do your best to find a niche where you won’t have to stress about awful surcharges and up charges. If you are just starting up, you might want to wait on international expansion, and even try to geotarget based on shipping rates in your part of the country.
The gas prices show no signs of dropping anytime soon, so we can expect this trend in consumer preference for surf and shop to continue. Just make sure you plan your campaign carefully; competition for those online dollars is and will be fierce!
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