The single biggest jump in discounted merchandise occurred on Wednesday, November 21, 2012, dubbed “Black Wednesday;” however, discounts did not level off for a week. This retail insight is among the findings from data provided by NY-based Hukkster, in conjunction with a recent consumer survey conducted by GE Capital’s Retail Finance business, the consumer lending unit of General Electric Company (NYSE:GE - News), through Crowdtap.
GE Capital and Hukkster examined holiday trends, using data provided by Hukkster’s proprietary platform and results from GE Capital’s consumer holiday survey. This year, shoppers were able to access the same promotions online and in-store, moving away from the traditional in-store Black Friday holiday kick-off. Trends emerged in the data and survey research, revealing that lengthy online promotions contributed to a significant increase in multi-channel shopping behavior during the recent holiday season. However, a significant gap exists between the savings available to consumers during the season and how retailers communicated promotions and markdowns to the ‘savings hungry’. This gap represents an opportunity for retailers to reach consumers where they shop and how they shop.
Additional findings confirm:
• 77% of consumers shopped both in-store and online this holiday season (GE Capital survey)
• 70% of the savings available are from coupon codes or blanket promotions (Hukkster data)
• Less than 15% of respondents report they always open a retailer’s email announcing a blanket promotion and return to the site to make a final purchase on a product previously considered (GE Capital survey)
“Our findings indicate that consumers today shop across channels, where and when they want,” said Courtney Keating, vice president of New Products for GE Capital’s Retail Finance business. “As retailers plan for the 2013 holiday season, an important shift will be to innovate and bring new tools to foster loyalty and provide customers with a personalized, frictionless shopping experience. When done right, all parties stand to win.”
GE Capital and Hukkster’s analysis of holiday trends provides deeper intelligence into the way consumers curate and consolidate items they desire. Digital tools are making it easier for consumers to track items they want. And, likewise, the data provided by these tools empowers retailers with the knowledge they need to remain relevant and top-of-mind.
“Retailers now have tools to help convert the abandoned shopping carts online,” adds Katie Finnegan, co-founder of NY-based, tech start-up, Hukkster. “Digital tools are changing the shopping experience for the consumer they are happier with less clutter in their inboxes now retailers must find a way to help shoppers locate what they want. And Hukkster can help.”
Hukkster enables online shoppers to install a button in their web browser, akin to Pinterest, to flag items they want to buy and track. The site then notifies the user when the flagged item goes on sale.
For 80 years, GE Capital’s Retail Finance business has provided billions of dollars in consumer financing through major retailers and more than 200,000 small- and mid-sized businesses throughout the United States. The company helps merchants build consumer financing programs that drive business growth and customer satisfaction, and supports its clients with proprietary online technology such as Business Center, which includes service, marketing and sales tools, as well as Learning Center, providing businesses with access to comprehensive training for their teams on financing for consumers. GE Capital is focused on retail innovation and brings insights and analytics to its clients through alliances with associations, universities and technology firms.
Hukkster (hukkster.com) tracks specific products online and alerts shoppers of price fluctuations and promotional offers, so they're always in the know. With real-time pricing notifications, Hukkster is revolutionizing the way people shop online.
About GE Capital’s Retail Finance business
GE Capital’s Retail Finance business is among the country’s most successful retail lenders, with 80 years of experience in consumer financing. The business, with its lending entity GE Capital Retail Bank, provides customized credit programs to retailers and consumers in the United States and Canada that help drive sales. This includes private label and bankcard credit programs to major national, regional and independent retailers in the U.S., as well as private label credit programs, promotional and installment lending, bankcards and financial services for consumers through dealers, contractors, manufacturers, healthcare practices, and service providers across nearly 20 industries. More information can be found at gogecapital.com/.
GE Capital (gecapital.com) is one of the world’s largest providers of credit. For over one million businesses, large and small, GE Capital provides financing to purchase, lease and distribute equipment, as well as capital for real estate and corporate acquisitions, refinancings and restructurings. For our 100+ million consumer customers, GE Capital offers credit cards, sales finance programs, home, car and personal loans and credit insurance.
GE (ge.com) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works.
For more information contact:
For GE: Cristy Williams, P: 678.518.2596 - E: cristy.williams[.]ge.com.
For Hukkster, E: press[.]hukkster.com.