How retailers can help budget-conscious parents combat rising back-to school prices
According the National Retail Federation price increases vs. inflation in back-to school spending have risen 40% due to inflation and back-to college spending has increased by 35.5%.
Consumers report higher prices for back-to-class products by more than two thirds (68%) Budget-conscious parents are taking steps to offset rising costs. Retailers need to be able to plan their revenue and meet their needs. Smart shoppers will appreciate planning and optimization .
Parents Plan ahead
Inflation and supply issues are forcing parents to plan ahead in order to complete back-to-school shopping within budget. According to research by Google and Quantum Metric 41% of parents shop even before the end of the current school year.
To ensure their child’s success in school, parents are making more changes. According to the National Retail Federation, 38% report that they have cut back on other areas, 18% report working extra hours, and 17% use buy now, pay later for higher costs.
This can mean that parents and retailers have a year-round shopping experience. There are likely to be more shoppers looking for coupons and sales because of the changes in shopping habits and school calendars.
Retailers are to the rescue
Boosting planning and optimization capabilities will ensure that retailers respond to changes in consumer behavior. This will allow them to offer the best back-to school deals and products to budget-conscious parents.
According to the National Retail Federation, 43% of parents will compare prices online in order to buy back-to school items. The right technology infrastructure allows retailers to optimize offers by date, price, audience and channel. This increases the chance that parents will be able to see their back-to school promotions.
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machine-learning technology can help retailers to create highly customized offers to customers, when and how they want them. This makes it easier for parents for their children to get the items that are most important to them. To provide appealing assortments to each customer, offers can be further tailored to account for seasonal sales and current promotions. Backend analytics tools and data can be used to analyze weekly sales and location views. This will allow retailers to make informed decisions about investing in the best inventory and most desired items.
The current retail landscape has a significant impact on consumer behavior when it comes to back-to school shopping. Budget-conscious parents are doing everything they can to ensure their children have the best possible shopping experience. Optimized planning and optimization technology allows retailers to make better pricing and inventory decisions, and to create timely and personalized offers that increase sales. This makes sure that every child is able to get what they need the first day of school.
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