London-based Selfridges & Co. was recognised as the Best Department Store in the World for a second time at the Global Department Store Summit 2012 (GDSS) in Paris. Selfridges took the top slot among finalists from around the world, including Macy’s and South Africa’s Woolworths. The International Group of Department Stores (IGDS) holds the GDSS every two years. IGDS consists of 32 members from 30 countries on five continents.
According to the Point of Purchase Advertising International (POPAI) 2012 Shopper Engagement Study, the majority of customer purchasing decisions are made in-store.
The study found that today’s in-store decision rate has reached an all-time high of 76 percent. More shoppers than ever are utilizing in-store marketing and branding cues to make purchase decisions.
The study also highlighted other key findings that in-store and shopper marketers should note, including the importance of utilizing in-store marketing to put product on display. The study found that nearly one in six brand purchases are made when a display with that brand is present in-store.
Also, according to the study, retailers are not fully maximizing the opportunity to enhance the in-store experience by cross-promoting items and locating displays away from the home aisle.
Additionally, the study highlighted the value in compelling, creative visual displays, noting that a significant number of eye-fixations (13 percent) were made on in-store display, with 66 percent of all observed grabs resulting in purchase.
The study also found that shoppers who use debit/credit cards are more susceptible to impulse purchases and make more decisions in-store. The average shopper misjudges the amount they will spend by 35 percent. Even when accounting for impulse purchases, 57 percent of shoppers still spend more than they planned.