Wednesday was a sad day, as we saw one of the biggest businesses in kids retail announce that it’s closing its doors for the final time; the end of Toys “R” Us.
One of the biggest sellers of toys to children over the last 20 years has gone into administration, and it should serve as a stark warning to anyone else selling products and services to children. If you fail to adapt to an ever-changing consumer market place, you will fail. See HMV. See BHS. Now you can add Toys “R” Us to that ever-growing list of business failures, and we don’t want to see any more.
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Kids Insights CEO, Nick Richardson, says “This further demonstrates what our researchers have been saying for the last 12 months: the toys category is getting smaller as tech continues to invade, and manufacturers and retailers need to innovate to continue to be relevant to kids and their ever-complex ecosystems.”
“It also underlines some inherent issues with the traditional toy business. It’s simply not agile enough to keep up to speed with the current pace of business. 18-month lead times are restricting innovation whilst other categories such as fashion and tech are developing new products from concept to consumer in just weeks!”
You see, there’s now less knowledge about what kids are interested in than ever before. Twenty years ago there were only five terrestrial channels and whilst digital channels existed they did not have the penetration which they do today.
The average house now has access to 190 TV channels excluding internet channels and YouTube, making it impossible for anyone to guess what Kids are watching.
Over the last 12 months our data has shown Toys “R” Us popularity reduce by around a fifth, which has no doubt being affected by their lack of investment instore and creating an experience which brands such as Smyths and Build A Bear Workshop have done so well.
You need stats, data and research to make sure your sales strategies, product development and marketing campaigns hit the ‘sweet spot’.
Advertising, marketing and making sales to kids is harder than ever because of a diverse audience that are spread thinly across many different interests, and Toys “R” Us have found out the hard way.
Our Kids Insights data is leading the way in all things Kids, Tweens and Teens, and if you haven’t take a trial of our dynamic portal or sampled our example reports, you need to click HERE and organise your 48-hour trial. It could be the best thing you do this year.
We survey over 400 children every week to find out exactly what they’re interested in, and our data is updated every single day, meaning it’s real-time and always up to date. All other once-a-year data reports are no longer fit for purpose, as they’re out of date 51 weeks of the year.
Here’s a quick snapshot of our Kids Insights Portal and Quarterly Reports. It’s real-time, dynamic, independent, and it’s waiting to be test-driven…