Tag Archives: retail

by | Friday, December 6, 2024 · 7:29 am

Holiday Shopping: Black Friday and Cyber Monday in 2024

Are you ready for the holidays? Yes, it’s that time of year again as Black Friday has become a big shopping extravaganza for consumers. It also seems to get longer. This year, Black Friday sales started weeks earlier and the deals continued on for weeks afterward.  

Spending is still leaning more towards online shopping increase. In-store sales saw only a small uptick in visitors and shopping. Online shopping doubled from 2017 (when sales were just over $5 billion).

What did people buy? Well, consumers bought a lot of toys, jewelry, appliances, clothing, and appliances. Some of the most popular toys were Harry Potter LEGO sets, lots of “Wicked” toys and game, Disney Princess toys, and gaming consoles were also big winners.

Some shopping highlights:

  • Total number of shoppers grew by 17 million from 2021 to more than 196.7 million consumers over the Thanksgiving holiday weekend.
  • On Thanksgiving day, consumers spent a record $6.1 billion online, up 9% from last year.
  • Black Friday spending online was $10.8 billion.
  • This amount is up 15% compared to in-stores sales.
  • In-store sales increased less than 1% though.
  • More than half of all online sales on Black Friday were placed on mobile screens.
  • Cyber Monday shopping was more than $13 billion, up 6% from last year.
  • Average consumer spending was $325.44 on holiday-related purchases.

No matter what is happening with the economy, people still like to shop and give gifts. Consumers also like to indulge themselves with an increase in self-care product categories.

What did you buy?

Group Activities and Discussion Questions:

  1. Discuss spending over the Thanksgiving weekend. Show video: https://youtu.be/m7jY0yAq2RY?si=boh64UoWVMMJjJ7o
  2. View National Retail Federation statistics and charts: https://nrf.com/media-center/press-releases/record-1967-million-consumers-shop-over-thanksgiving-holiday-weekend
  3. Poll students about their shopping over Thanksgiving Week – Cyber Monday.
  4. Where did they spend? How much?
  5. Divide students into teams.
  6. In teams, have students tally how much they spent, which products were sought after, etc. See which teams are the biggest spenders.
  7. Have each team design a holiday sales promotion for a company of their choosing.

Source: Hadero, H., and Grantham-Philips, W. (2 December 2024). Cyber Monday shoppers expected to set a record on the year’s biggest day for online shopping. Associated Press; Moore, J. (30 November 2024). Black Friday shoppers spent a record $10.8 billion online: What did people buy? ABC News; other news sources.

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by | Thursday, October 31, 2024 · 7:35 am

Perfect Pitch

Do you have an idea for a great problem-solving product? Excellent. Next, how is your product pitch skill? (A product pitch is a presentation to convince the investors to support your product.)

You have probably seen the show “Shark Tank” where pitches are made each episode to get investors. “Shark Tank” is focused on new product ideas that can be fully developed into a scalable, saleable product. Each show, entrepreneurs pitch their ideas to a panel of investors who may, or may not, invest in the idea for a percentage of the company.

Amazon is now taking a page out of the “Shark Tank” book and is introducing a similar show called “Buy It Now” which also has an Amazon storefront. But for this competition, the entrepreneurs pitch their ideas not only to a panel of judges, but also to a studio audience of 100 consumers who get to vote on the product attractiveness and viability.

The show is hosted by comedian J.B. Smooth (“Curb Your Enthusiasm”).  Entrepreneurs have only 90 seconds to pitch their invention. The audience then votes whether the product should be shown to the judges panel. Winners get support from Amazon in selling their products online.

If the product is selected, then Amazon will sell it in a special section of the store called “Buy it now store” which can be found using a QR code that shows up during each episode. Plus, one winner each week will win $20,000!

The first three episodes of “Buy It Now” launched October 30 and the show will run for 13 episodes, until January 8, 2025. In addition, there will be a weekly podcast that gives listeners a glimpse behind the scenes.

Ready, set, pitch!

Group Activities and Discussion Questions:

  1. Show video about the new Amazon competition: https://youtu.be/8xV-ogRIi1Q?si=pX9FsW72_paa9lNs
  2. Discuss what needs to go into an effective product pitch.
  3. Develop a protocol for scoring pitches for investing.
  4. Divide students into teams.
  5. Have each team select a problem that bugs them, then develop a new product that will help to solve that problem.
  6. Next, have the teams develop a pitch that would work on Amazon’s new show.
  7. Each team should present their pitch to the class, which then votes on the winning pitch.

Source: Davis, W. (30 September 2024). Amazon is launching its own Shard Tank where winners get to be Amazon sellers. TheVerg.com; Toonkel, J. (19 September 2024). Amazon’s new ‘Shark Tank’-style show gives winners top billing in its stores. Wall Street Journal.

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by | Tuesday, October 29, 2024 · 7:32 am

The Mall Evolves – Again.

Have you been to the mall lately? What did you experience there? Was it crowded or empty, old or new, exciting or dull?

Well, that’s the mall of old. Today’s malls are investing and reinventing their shopping concepts for more consumer involvement. Malls are being upgraded and turned into lifestyle centers for entertainment and health, not just shopping. Some malls even have fitness clubs, apartments, and grocery shopping.

Yet, some malls still have a high vacancy rate and industry observers state that more than two million square feet of mall space has been demolished. But many more malls are refurbishing, not demolishing. Some malls are adding themed attractions such as Nerf gun courses, Formula 1-type racing tracks, and obstacle courses. (Call it “retailtainment.”) Think of it as experiential marketing and today’s mall looks totally different than the old versions where all consumers do is wander between stores.

Toy companies such as Nerf and Legos have built areas where people can play with the toys, then buy them in the adjacent retail store. Netflix is also involved; it has built immersive installations that mirror TV series such as “The Office,” “Squid Game, and “Friends.”

Malls are also building outdoor spaces to provide more options for relaxing and eating. Mall owners are spending big to lure shoppers into coming back, and stay longer. In 2024, more than nine million square feet has been planned for new purposes in malls.

While Covid cut down on shopping at malls, people are willing to come back, as long as the mall meets their current needs and stays interesting.

Let’s meet at the mall tomorrow!

Group Activities and Discussion Questions:

  1. Discuss how and where students shop. What are their experiences at the mall?  
  2. Show video about malls evolving: https://youtu.be/B1e2oBigF9U?si=DEm3flwoEXrQSYSl
  3. Divide students into teams. Have teams visit a local mall and observe what is happening around them.
  4. Students might also do primary research and survey fellow students about their desires for mall expansion.
  5. Next, have the teams develop new ideas for malls. They could also provide a floor print of how they see the mall stores and entertainment.
  6. Include stores, dining, entertainment, and more.

Source: Gose, J. (9 June 2024). What retail apocalypse? Shopping centers are making a comeback. New York Times; Margolies, J. (31 August 2024). Nerf blasters and Lego rockets: Another mall evolution. New York Times.

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