Verizon Enterprises Solutions has launched Verizon Retail Index to analyze consumer retail spending and shopping activities. The index would be updated on a regular basis and as per the company’s official website, the data would help the company understand latest shopping trends.
Verizon Retail Index will monitor online traffic patterns including average daily traffic along with the peak activity volume passing through its IP network. The company will provide data on a regular basis on its news center and the trend will carry on up to the end of the year.
While talking about the importance and benefits of the Verizon Retail Index, Michele Dupre, Retail and Hospitality vice president, said,
“The Verizon Retail Index offers decision makers and influencers in the retail, shipping and transportation industries a fresh point of view about online consumer habits. As more people go online to comparison shop and take advantage of web promotions such as free shipping, in-store trials, discounts and loyalty programs over the holidays, it should be insightful to see when that activity is occurring and to what extent.”
As per the statistics from the last year Black Friday weekend, American consumers spent $57.4 billion with as many as 92 million shoppers shopping on Black Friday itself. According to the National Retail Federation, retail sales are likely to touch $616.9 billion in the overall holiday season, although NRF’s prediction for the last year fell short by nearly $10 billion.
However, there is likely to be a change in the shopping trend according to Matthew Shay, President of NRF. Mr. Shay added,
“We could witness a sea change this holiday season as consumers’ reliance on extremely deep discounts over the biggest shopping weekend of the year shifts to more of a ‘wait-and-see’ mentality around what retailers will be offering on Thanksgiving Day and Black Friday.”
At the same time, a survey conducted by the NRF found 140.1 million shoppers, comparatively lower than last year’s 140.3 million, ready for shopping on the weekend itself.
This article has been written by Prakash Pandey.