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Majority of young shoppers name social media as gateway to local retailers

Majority of young shoppers name social media as gateway to local retailers

On this episode of Talking Shop, we're joined by Dan Cate, CEO and Founder of SoldThrough. Dan is a heavyweight retail executive who has spent decades steering the merchandising and digital operations of America’s most iconic retail institutions, from Saks Fifth Avenue and Bloomingdale’s to Century 21 and Lord & Taylor. Today, through his platform SoldThrough, Dan helps international fashion brands cross the Atlantic and crack the notoriously brutal U.S. retail landscape. We break down his journey from the shop floor to the C-suite, the operational indicators that prove a brand is truly ready for international expansion, and how to navigate a fragmented American market without destroying your margins. We also discuss how to balance localised inventory with central efficiency, and the one non-negotiable metric that tells you a product has found genuine market fit.

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Over a third (37%) of shoppers have named social media as one of the primary ways they would discover a new local retailer, a number which rose to 55% for 18-34-year-olds.

The findings come from a new survey commissioned by NFU Mutual, which has partnered with Maybe to provide retail insurance policyholders with 12-month free access to social media expertise.

Frank Woods, a retail insurance specialist at NFU Mutual, said: “Social media has changed the way we communicate and shop, and has become an increasingly important way for businesses to connect with customers.

“Over a quarter of shoppers increased the amount of business they do with local retailers during the pandemic, and we want to help our retail policyholders use social media to maintain those relationships, as well as attracting new business.”

He added: “By maximising the benefits they see from their social media channels, local retailers can have meaningful interactions with customers, develop business resilience and potentially drive sales, helping them to bounce back after the pandemic.”

Polly Barnfield, Maybe’s CEO, said: “We’re excited to provide NFU Mutual retail customers with tools and training to help them build customer relationships using social media.

“As part of the service, they’ll be included in online High Street Guides which promote all local businesses and share local rewards with customers, delivered via their mobile phones. Maybe provides this all in one place supported by a friendly team.”

 

 

 

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