TopLine Business Acumen Series Digest: November 23rd, 2020 edition
This week’s most engaging stories
TopLine’s Business Acumen Series features business trends and opportunities to help sales professionals prospect and engage clients. It’s updated several times daily within the TopLine sales intelligence system. This digest features some of the week’s top stories.
This digest includes TopLine-exclusive components, like Instant Positioning pieces. These infographics on category trends and market conditions, available 24/7 in the TopLine app, help with prospecting and positioning you as a thought leader to clients. If you’d like to learn more about how TopLine can advance every stage of your sales process, click here to learn more now.
Experts Predict Holiday Shoppers Will Spend More This Year
According to chainstoreage.com, The NPD Group predicts that consumers will spend more this year than last year; 30% of surveyed consumers say they’re spending more because they aren’t spending as much on dining out, travel, or other expenses. Experts believe this holiday splurging is partially a result of consumers wanting to feel more normalcy in a year turned upside-down. They feel sad and guilty that they will be missing out on in-person celebrations, so they will be spending more on gifts for others and gifts for themselves.
Experts say at-home gifts, like loungewear, kitchen appliances, electronics, etc. will remain popular purchases like they have since the pandemic started. 53% of surveyed consumers said they’re planning to buy gift cards for loved ones, and experts say food and other subscription services will be popular gifts as well.
How can you help local stores grab holiday spending dollars from big, online retailers? Can local retailers offer gift wrapped items that can be purchased online and shipped directly to loved ones?
Latest Resources from TopLine
TopLine is constantly updated with assets on emerging trends and opportunities. At any time, you can submit a request for new custom research, or download Instant Positioning pieces on current topics for use in direct outreach and on your socials. Some recent pieces follow; TopLine users can access them at any time. Not a TopLine user? Click here to learn how TopLine can help you close more sales.
Auto Financers Adapting to Digital Environment
Evolving consumer preferences in a COVID-19 environment is forcing auto financers to adapt to a more digital experience. A recent JD Power survey finds that more vehicle buyers are turning to digital channels for their vehicle research and financing options. “The pandemic accelerated a trend toward digital auto loan origination that has been developing for some time. Many buyers who have secured financing digitally had a great experience and won’t go back to the old way of doing things—even when COVID-19 is no longer a factor,” said Patrick Roosenberg, Director of Automotive Finance Intelligence at J.D. Power.
Other key findings include:
- Nearly 33% of auto loan borrowers used a digital credit application, and the average customer satisfaction was over 84%
- 40% of auto borrowers prefer for the loan origination process to be digital
- 15% of borrowers are opting for direct financing, the highest figure ever
As auto dealers and financers are evolving their digital offerings, how can you help them reach consumers who are looking to purchase a vehicle?
The Secondhand Clothing Market is Projected to Ramp Up in the Next Decade
According to a new report, in the next decade, the pre-owned clothing market is projected to increase by 185% as more consumers seek sustainable clothing choices! Consumers’ perception of secondhand clothing has changed, as more Americans see their clothing choices as an opportunity to help the environment while not having to sacrifice quality. Poshmark and Tradesy are online resale platforms that allow consumers to sell their unwanted items, and according to QUARTZ, digital resale is the next big thing in the fashion market.
Are your local secondhand clothing stores promoting their services and store brands? Have they considered building a digital resale platform?
Optometrists are Seeing More Patients Experiencing Issues Due to an Increase in Screen Time
According to the Jobson Optical Research’s COVID-19 ECP impact survey, as more Americans continue to work from home, they continue to work longer, and optometry practices are seeing more patients who are experiencing eye issues from an increase in screen time. In October, nearly 71% said they noticed more patients having problems due to more screen time, compared to 64% in August.
Are your local eye doctors letting their patients know how they can help with eye problems from increased screen time?