{"id":11644,"date":"2024-10-24T19:00:22","date_gmt":"2024-10-24T19:00:22","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/10\/24\/consumers-choose-their-favorite-retailers-ahead-of-the-holidays-nike-kohls-top-the-list\/"},"modified":"2024-10-24T19:00:22","modified_gmt":"2024-10-24T19:00:22","slug":"consumers-choose-their-favorite-retailers-ahead-of-the-holidays-nike-kohls-top-the-list","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/10\/24\/consumers-choose-their-favorite-retailers-ahead-of-the-holidays-nike-kohls-top-the-list\/","title":{"rendered":"Consumers choose their favorite retailers ahead of the holidays: Nike, Kohl\u2019s top the list"},"content":{"rendered":"

Nike\u00a0and\u00a0Kohl\u2019s\u00a0may not be\u00a0winning on Wall Street, but a wide set of consumers\u00a0<\/strong>still consider them to be the best in their categories, according to a consumer sentiment survey released Thursday.\u00a0<\/p>\n

The Consumer Sentiment Index from consulting firm AlixPartners asked 9,000 fashion shoppers from Gen Z to boomers about the factors that drive their purchasing decisions and how retailers stack up against their competitors.\u00a0<\/p>\n

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Nike was ranked the No. 1 active footwear retailer among all four generational cohorts polled for the survey: Gen Z, millennials, Gen X and boomers. The legacy sneaker giant beat out\u00a0Adidas\u00a0and\u00a0Foot Locker, which tied for second place, while upstart competitor\u00a0On Running\u00a0came in last among Gen Z and millennials.\u00a0<\/p>\n

Kohl\u2019s was the No. 1 department store choice among Gen Z and boomers, while millennials chose\u00a0Nordstrom\u00a0and Gen X chose\u00a0Macy\u2019s.\u00a0<\/p>\n

The survey\u2019s findings stand in contrast to Nike and Kohl\u2019s recent performance. Nike is expecting\u00a0sales to fall\u00a0between 8% and 10% this quarter. As of Wednesday\u2019s close, its stock is down 26% this year as investors brace for a long path to recovery under\u00a0new CEO Elliott Hill.<\/p>\n

Meanwhile, Kohl\u2019s is expecting\u00a0sales to fall\u00a0between 4% and 6% this fiscal year as it grapples with the larger,\u00a0existential issues\u00a0facing department stores trying to remain relevant. Its stock is down 32% so far this year, as of Wednesday\u2019s close.\u00a0<\/p>\n

Sonia Lapinsky, head of AlixPartners\u2019 global fashion practice and the report\u2019s author, told CNBC the survey\u2019s findings \u2014 juxtaposed with the companies\u2019 recent performance \u2014 indicate Nike and Kohl\u2019s are at critical junctures. The results signal that consumers are still firmly behind the retailers, but that good favor could soon run out if they don\u2019t quickly diagnose and fix what\u2019s wrong.\u00a0<\/p>\n

\u201cWe would see in the data what\u2019s important to the Nike consumer. It\u2019s all about innovation, technical quality, product and [the competitors] who are growing super fast \u2026 they\u2019re known for innovation, they\u2019re known for product development, they do it a heck of a lot quicker than we know that Nike does it,\u201d said Lapinsky.\u00a0<\/p>\n

She said it\u2019s a similar situation at Kohl\u2019s, which has changed its assortment strategy many times over the years, but has won consumers with competitive prices.\u00a0<\/p>\n

Consumers \u201cstill think they\u2019re the best at product price combination. They\u2019re still getting a deal. They probably love the Kohl\u2019s bucks,\u201d said Lapinsky. \u201cNow let\u2019s make the experience when they\u2019re in the store something that they\u2019re going to come back for and actually drive your top line.\u201d\u00a0<\/p>\n

Alix\u2019s consumer sentiment report revealed a host of other findings for retailers to keep in mind as they enter the ever important holiday shopping season, including the No. 1 factor that would drive shoppers to a competitor. The majority of consumers surveyed, or 66% of respondents, said they\u2019ll shop at a different retailer if the product they\u2019re looking for isn\u2019t in stock.\u00a0<\/p>\n

\u2033\u2018Right product, right place, right time\u2019 echoes in every retail conference room, yet as retailers have expanded online assortments and marketplaces to attract new customers and traffic, it\u2019s become more challenging to avoid frustrating shoppers when they can\u2019t find their size or their desired item in-store,\u201d the report said.\u00a0<\/p>\n

For example, only 9% of a retailer\u2019s online assortment on average is available in stores, based on a sample set of 30 retailers, according to the report.\u00a0<\/p>\n

\u201cIt\u2019s clear why consumers are frustrated. Macys.com has 24,000 women\u2019s tops available online, but for customers who step foot in their Herald Square flagship in New York City, there are only 2,500 women\u2019s tops available to pick up,\u201d the report said. \u201cFor\u00a0Gap.com, 158 tops and tees are available in women\u2019s online, but only 50 are available for pick-up in the Herald Square location.\u201d\u00a0<\/p>\n

As retailers look to stand out and attract attention online, they\u2019ve started offering far broader digital assortments. But as consumers return to stores, they\u2019re expecting to see those same products on the shelf.<\/p>\n

It would be too expensive and unrealistic to replicate digital inventories in stores, so retailers need to be able to forecast which inventory to put where so consumers can find what they\u2019re looking for in stores.<\/p>\n

\u201cThis is a perfect kind of recipe for where AI should come in,\u201d said Lapinsky. \u201cThey\u2019ve got to get really smart about where the customer is going and what they\u2019re looking for, and they do that with better analytics, potentially AI models, that are predicting what the customer wants. And then they\u2019ve got to have that same view transition to stores, even by store location, store cluster, store region, where they have a good view of what that consumer is likely looking for.\u201d<\/p>\n<\/p>\n

This post appeared first on NBC NEWS<\/div>\n","protected":false},"excerpt":{"rendered":"

Nike\u00a0and\u00a0Kohl\u2019s\u00a0may not be\u00a0winning on Wall Street, but a wide set of consumers\u00a0still consider them to be the best in their categories, according to a consumer sentiment survey released Thursday.\u00a0 The Consumer Sentiment Index from consulting firm AlixPartners asked 9,000 fashion shoppers from Gen Z to boomers about the factors that drive their purchasing decisions and […]<\/p>\n","protected":false},"author":0,"featured_media":11645,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/11644","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=11644"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/11644\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/11645"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=11644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=11644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=11644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}