Manage episode 194467090 series 1875145
For years people have shopped 'till they dropped when it came to the capitalistic holiday Black Friday. But with shifts in consumer's shopping preferences, Black Friday is evolving. Could these changes be the last straw for brick and mortar retailers? Kelley School of Business senior lecturer in finance, Todd Roberson, weighs in on the "new" Black Friday.
Show Notes: 8:00 Shane Simmons and Phil Powell introduce this week’s episode of The ROI Podcast where the topic will revolve around Black Friday and how it has changed. 1:33 What we are seeing with online retailers is a revolution for consumers. 2:15 Kelley School of Business senior lecturer in finance, Todd Roberson, joins the podcast for a Q and A session on Black Friday. 2:30 In 2016 there were 137 million shoppers and they spent about 45 billion dollars in store on Black Friday. That same day, 5 billion dollars was sold online, a 19 percent increase in sales from the previous year. 5:31 In the past, major retailers were both the retailers and the supply chain. 6:25 As online shopping has accelerated, data analytics and artificial intelligence now have allowed outlets like Amazon to know what the consumer wants before the consumer asks for it. 7:13 Todd believes the future success of retail is in either a highly-specialized, unique retail niche or experience shopping. 7:55 Much of the way retail has changed is due to a radical shift in consumer preferences, but also advances in technology, supply chain management, and data analytics. 8:15 You know what your customers want by collecting data on them. 11:37 Shane and Phil close this episode of The ROI Podcast.
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