It may come as a surprise that, in buying a seasonal pie ingredient, you might be participating in a carefully designed social-science experiment. But this is what online comparison shopping hath wrought. Simply put: Our ability to know the price of anything, anytime, anywhere, has given us, the consumers, so much power that retailers—in a desperate effort to regain the upper hand, or at least avoid extinction—are now staring back through the screen. They are comparison shopping us.
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Outlet Shopping: (Read our full blog post) Arguably the most famous method for discount shopping in New York. There are many outlet malls outside of the city for all kinds of shopping. The most popular outlet mall is Woodbury Common Premium Outlets in Central Valley, NY. Woodbury Common’s boasts more than 100 stores featuring luxury name brands with a variety of bus options departing from Manhattan. In addition to Woodbury, check out additional outlet malls in New York, New Jersey and Pennsylvania at Outlettable.com.
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Jump up ^ Pappas, N (March 2016). “Marketing Strategies perceived risks, and consumer trust in online behaviour”. Journal of Retailing and Consumer Services. 29: 92–103. doi:10.1016/j.jretconser.2015.11.007.
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Neiman, Nordstrom, Bloomingdale’s, Barneys New York, and Saks Fifth Avenue all have their own outlets; customers flock to these stores for the brand-name cachet and believe they’re shopping last season’s carefully curated inventory. However, this isn’t exactly the case. Nordstrom Rack, for example, confirms to Racked that only 20% of what it sells is clearance merchandise coming from their stores and website, while the rest is bought expressly for the outlet.
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At first, the newcomers were mostly mining existing data for insights. At eBay, for instance, Tadelis used a log of buyer clicks to estimate how much money one hour of bargain-hunting saved shoppers. (Roughly $15 was the answer.)
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This store is HUGE and offers a wide variety of goods. They seem a bit high-priced to me, but there’s tons to choose from and they have daily 1/2 price sales by tag color. It’s very well organized and items are clearly marked.
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Colleen Tressler, a consumer education specialist at FTC, wrote the piece and tells Racked she decided to do so because she didn’t feel that there were enough facts out there about what goes on in outlets.
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What’s interesting is how other retailers are now beginning to adapt. To show me this, a Boomerang employee opened up the dashboard seen by the firm’s clients. Scrolling through a menu of premade algorithms, he selected a rule, “Beat Competitor by 10%,” for certain items meeting the following criteria:
The New Jersey social worker, an enthusiastic label shopper who frequents sample sales and department store clearance events, was sifting through clothing racks at Neiman Marcus’s outlet Last Call a few months ago when she spotted a DVF piece. Weitsz, who’s no stranger to the brand, felt that something was amiss.
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