GE Capital Retail Finance and Tech Start-up, Hukkster, Reveal Cyber Monday
has Transformed into Cyber Week
Study Provides Insights for Holiday 2013 Retail Planning – Consumers Shop
Across Channels, When and Where they Want, on Their Terms
STAMFORD, Conn. & NEW YORK -- February 7, 2013
The single biggest jump in discounted merchandise occurred on Wednesday,
November 21, 2012, dubbed “Black Wednesday;” however, discounts did not level
off for a week. This retail insight is among the findings from data provided
by NY-based Hukkster, in conjunction with a recent consumer survey conducted
by GE Capital’s Retail Finance business, the consumer lending unit of General
Electric Company (NYSE:GE - News), through Crowdtap.
GE Capital and Hukkster examined holiday trends, using data provided by
Hukkster’s proprietary platform and results from GE Capital’s consumer holiday
survey. This year, shoppers were able to access the same promotions online and
in-store, moving away from the traditional in-store Black Friday holiday
kick-off. Trends emerged in the data and survey research, revealing that
lengthy online promotions contributed to a significant increase in
multi-channel shopping behavior during the recent holiday season. However, a
significant gap exists between the savings available to consumers during the
season and how retailers communicated promotions and markdowns to the ‘savings
hungry’. This gap represents an opportunity for retailers to reach consumers
where they shop and how they shop.
Additional findings confirm:
*77% of consumers shopped both in-store and online this holiday season (GE
*70% of the savings available are from coupon codes or blanket promotions
*Less than 15% of respondents report they always open a retailer’s email
announcing a blanket promotion and return to the site to make a final
purchase on a product previously considered (GE Capital survey)
“Our findings indicate that consumers today shop across channels, where and
when they want,” said Courtney Keating, vice president of New Products for GE
Capital’s Retail Finance business. “As retailers plan for the 2013 holiday
season, an important shift will be to innovate and bring new tools to foster
loyalty and provide customers with a personalized, frictionless shopping
experience. When done right, all parties stand to win.”
GE Capital and Hukkster’s analysis of holiday trends provides deeper
intelligence into the way consumers curate and consolidate items they desire.
Digital tools are making it easier for consumers to track items they want.
And, likewise, the data provided by these tools empowers retailers with the
knowledge they need to remain relevant and top-of-mind.
“Retailers now have tools to help convert the abandoned shopping carts
online,” adds Katie Finnegan, co-founder of NY-based, tech start-up, Hukkster.
“Digital tools are changing the shopping experience for the consumer – they
are happier with less clutter in their inboxes – now retailers must find a way
to help shoppers locate what they want. And Hukkster can help.”
Hukkster enables online shoppers to install a button in their web browser,
akin to Pinterest, to flag items they want to buy and track. The site then
notifies the user when the flagged item goes on sale.
For 80 years, GE Capital’s Retail Finance business has provided billions of
dollars in consumer financing through major retailers and more than 200,000
small- and mid-sized businesses throughout the United States. The company
helps merchants build consumer financing programs that drive business growth
and customer satisfaction, and supports its clients with proprietary online
technology such as BusinessCenter, which includes service, marketing and
sales tools, as well as Learning Center, providing businesses with access to
comprehensive training for their teams on financing for consumers. GE Capital
is focused on retail innovation and brings insights and analytics to its
clients through alliances with associations, universities and technology
Hukkster (www.hukkster.com) tracks specific products online and alerts
shoppers ofprice fluctuations and promotional offers, so they're always in
the know. With real-time pricing notifications, Hukkster is revolutionizing
the way people shop online. Learn how to Hukk It and follow us on Facebook at
facebook.com/hukkster and Twitter @hukkster.
Hukkster How To Hukk:
About GE Capital’s Retail Finance business
GE Capital’s Retail Finance business is among the country’s most successful
retail lenders, with 80 years of experience in consumer financing. The
business, with its lending entity GE Capital Retail Bank, provides customized
credit programs to retailers and consumers in the United States and Canada
that help drive sales. This includes private label and bankcard credit
programs to major national, regional and independent retailers in the U.S., as
well as private label credit programs, promotional and installment lending,
bankcards and financial services for consumers through dealers, contractors,
manufacturers, healthcare practices, and service providers across nearly 20
industries. More information can be found at www.gogecapital.com and
GE Capital is one of the world’s largest providers of credit. For over one
million businesses, large and small, GE Capital provides financing to
purchase, lease and distribute equipment, as well as capital for real estate
and corporate acquisitions, refinancings and restructurings. For our 100+
million consumer customers, GE Capital offers credit cards, sales finance
programs, home, car and personal loans and credit insurance. For more
information, visit www.gecapital.com or follow company news via Twitter
GE (NYSE: GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in energy,
health and home, transportation and finance. Building, powering, moving and
curing the world. Not just imagining. Doing. GE works. For more information,
visit the company's website at www.ge.com.
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