Retailers anticipate foot traffic on National Shopping Day in light of persistent price increases
Simon Property Group Hosts Second Annual National Outlet Shopping Day
Simon Property Group is set to host its second annual National Outlet Shopping Day event on June 10 and 11, 2023, across more than 90 Simon Premium Outlets and The Mills locations globally. This year's event will take place in the U.S., Canada, Thailand, Mexico, and Malaysia.
The National Outlet Shopping Day event is a prime example of retailers using shopper data to personalize the shopping experience. According to Mikael Thygesen, chief marketing officer at Simon, they were delighted by the response to last year's event and expect excitement surrounding this year's event to be even higher due to word-of-mouth momentum, more great deals, and shoppers seeking value in the current economy.
In recent years, the use of shopper data by retailers has become a growing trend in the industry. The event will include livestream shopping events and limited-time offers on Simon's website to enhance the shopping experience.
Last year, shoppers spent more than half of their purchases on items under $20 during Prime Day sales. Meanwhile, only 5% of items sold during the same period were for more than $100. This trend allows retailers to offer more personalized shopping experiences to consumers.
In 2022, shoppers spent $22.4 billion during the Prime Day week, up 6.1% year over year. However, the total sales revenue generated during Simon's National Outlet Shopping Day events for 2021 and 2022 is not publicly available.
Despite inflation taking a toll on consumers' wallets, the National Outlet Shopping Day event may boost sales as it has for other retailers in the past. In 2021, overall e-commerce sales during Amazon's Prime Day sales exceeded $11 billion.
Participating retailers in this year's event include Banana Republic Factory Store, Tommy Hilfiger, Kate Spade New York, J. Crew Factory, and Polo Ralph Lauren.
As consumer data becomes more readily available, retailers are tapping into this new opportunity to offer more personalized shopping experiences. The National Outlet Shopping Day event is set to be an exciting shopping experience for consumers seeking bargains this summer.
- The second annual National Outlet Shopping Day, hosted by Simon Property Group, will take place in various global locations, showcasing retailers' use of shopper data to personalize the shopping experience.
- Due to the current economy, inflated by inflation, the National Outlet Shopping Day event may attract shoppers seeking value, potentially boosting sales for participating retailers.
- During last year's National Outlet Shopping Day events, consumers spent more on items under $20 compared to those priced over $100, indicating a trend towards personalized shopping experiences based on individual preferences.
- Artificial intelligence may play a role in enhancing the shopping experience during this year's National Outlet Shopping Day event, as retailers continue to explore innovative ways to use data to cater to consumers' needs and preferences.
- The editorial surrounding the National Outlet Shopping Day event could discuss the impact of personalized shopping experiences on consumers' personal-finance and lifestyle, as well as the broader implications for the retail industry as AI and data analytics help shape future shopping trends.
