Innovate to Create Compelling Customer Experiences
August 2022
Retail Innovation
Industry Watch: Recession-Proof Pet Sector Is Booming
Pet retailers can win with the right omnichannel strategy
By Shawn Cox
Pets have long been considered part of the family, but in recent years, their role in our lives has reached a new peak.
As a result, the pet industry is booming, and it offers a real-time case study on how omnichannel retail and personalized marketing tactics are helping businesses see unprecedented success.
Sophelle recently completed a thorough industry analysis on the pet sector. We’ve developed a robust report with recommendations for retailers seeking success in the industry.
Read the Full StoryThe Millennial Report
Recession-Proof Your Retail Strategy
| The Great Recession of 2008 left behind an aftershock that Millennials will never forget. Between the ages of 12 and 27, Millennials were old enough to experience the direct impact of the financial crisis. In fact, many of us were just entering (or attempting to enter) the job market when the recession hit.
Even 14 years later, Millennials still feel the effects of the 2008 financial crisis, as it prolonged our path to wealth accumulation, delaying our major life milestones. For instance, the median age of US homebuyers is up from 31 years old in 1981 to 47 in 2019. That’s a pretty depressing statistic. Now, in 2022, we’re anticipating another financial hit. Some economists predict the world will face a new recession towards the end of 2022. There isn’t much you can do to prevent a recession, but there are several ways you can work to retain your millennial customers and ensure your business stays afloat. Read more. |
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IPO Activity
Homeowners, and particularly millennial homeowners, have been investing in their homes. Fully 75% of millennial homeowners started a home improvement project during the pandemic.
But even in the post-pandemic world, demand for home improvements has remained strong, which is why hardware and home goods giant Lowe’s just raised its dividends by 31% last month. There’s no greater sign of confidence by management than an aggressive dividend hike. Learn More.
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