Virtual Reality Products among the Top New Traffic Drivers This Season
CHICAGO–(BUSINESS WIRE)–As the North Pole prepares for the most wonderful time of the year,
retailers prepare for Black Friday and a holiday shopping season that is
all about tech. New research from Market Track, the leading provider of
advertising, promotional and pricing intelligence solutions, found that
many retailers are stocking and promoting new technology products, like
Virtual Reality (VR), to not only win baskets, but also provide an
experience to holiday shoppers.
The Chicago-based company revealed its list of Top 10 Hot Holiday items
and the technology category came out on top, based on the level of
advertising and promotional support compared to years past, as well as
the media coverage and excitement around the category. VR took the
number one slot as the new ticket item this season, with hoverboards and
drones coming in second and third, respectively. Wearables like smart
watches and fitness trackers cracked the top five along with SmartHome
technology. Robotic vacuums, tablets, computers, game consoles,
smartphones and televisions rounded out the list.
While VR products are new to the scene, Market Track found that many
retailers are riding this new trend into the holiday season. In an
analysis of promotional activity since August 1, 2016, the average price
for VR came to $120.52. The highest promoted price, at $499.99, was for
a PlayStation VR bundle, which includes a headset, motion controllers,
software and a camera. On the opposite end, the lowest promoted price
was for a $6.00 Oracle Virtual Reality headset.
“Even non-traditional retailers that generally focus on apparel, home
and small appliances like department stores are crossing trade class
lines and promoting things like VR, wearables, headphones and TVs,” said
Traci Gregorski, senior vice president of marketing at Market Track.
“Retailers know that these are not just trip drivers, but are often the
first items people cross off of their lists.”
Beyond promotional support, VR has gifted retailers a new tactic to help
drive consumers to stores this holiday. The in-store trip has been
fleeting over the past few years, due in large part to the seamlessness
of online and mobile shopping.
“It takes more than a promotion or discount to prompt people to visit a
store these days, and VR is unique in that it provides an experience
most consumers have never had before,” added Gregorski. Retailers jumped
on this opportunity with the holiday season looming—in October, Best Buy
allowed consumers to sign up for a free in-store demo of the Oculus Rift
VR headset, giving them a new, exciting reason to visit Best Buy stores.
Not only are tech gifts predicted to be the most popular, but in a
recent nationwide survey conducted by Market Track, 40% of consumers
reported they would buy electronics first when starting their holiday
About Market Track
Headquartered in Chicago, Illinois, Market Track is the leading provider
of subscription-based advertising, brand and pricing intelligence
solutions in North America. Through monitoring trade and promotional
advertising, pricing and e-commerce activity, brand protection and
competitive advertising activity, Market Track provides the most
comprehensive coverage of key media channels available. Offered via
web-based software-as-a-service platforms, Market Track’s solutions
enable advertisers, agencies, retailers and manufacturers of consumer
goods to efficiently monitor and analyze causal data, creative execution
and ad spending to maximize the value of their marketing campaigns.
Clients use Market Track’s capabilities to determine how competing
retailers, products and brands are being advertised, priced and promoted
both in-store and online. The company’s granular creative assets and
data cover nearly every retail trade class, product category and media
channel. For more information, please visit www.markettrack.com.