It’s time to better understand the galaxy of channels we use to shop online and in stores. Photo via Pexels

Back in the Paleolithic Age of online marketing — say, 15 years ago — the idea of online sales as a significant business vehicle for brands such as Target or Walmart was almost unimaginable. Shopping meant going to a store, because stores were where sales happened.

Today, people shop with their computers, via watches and phones, even through their refrigerators. Sellers market on multiple platforms, digital and traditional, including the brick and mortar store. Even the glossy catalogues that arrive in the mail still prompt sales.

Advancing technology has made it possible for consumers to shop not only across a staggering number of channels — but to do so in a constellation of ways. Say a shopper has broken down and decided to buy a wildly popular all-purpose pressure cooker. She might start off using the internet to glean product details and prescreen options. Then she might visit a retail outlet to eyeball the product herself. Finally, after mulling for days, she may impulsively whip out her phone to make the order.

But what determines these particular choices of shopping venues? Rice Business professor Utpal M. Dholakia set out to map this new landscape of consumerism. Joining Dholakia were colleagues Barbara E. Kahn of the Wharton Business School, Randy Reeves of Macy’s Department Stores, Aric Rindfleisch of the University of Wisconsin, David Stewart of the University of California at Riverside and Earl Taylor of the Marketing Science Institute.

Consumer behavior, the researchers knew, is too complex — too all-over-the-map — to develop any sort of quantum marketing theory to explain it. So while interested in answers, the team aimed instead to frame useful questions. Their goal was to bring attention to the multi-channel retailing environment, creating a comprehensive but flexible way to investigate how shoppers navigate the intricate modern marketplace.

More specifically, Dholakia’s team wanted to learn exactly what consumers are finding. What do they do while using various internet and other tools to shop? When do different types of shoppers grab their devices and buy? What obstacles crop up as shoppers wend their ways through this maze of venues? Finally, the researchers wanted to map the vast scope of research issues surrounding this customer behavior.

It was fairly simple to answer the first question: Why do we use such diverse shopping tactics? Usually, it’s about getting the best deal. Some people, however, take their shopping seriously, savoring the idea that they are approaching their task both thoughtfully and thoroughly. Others get a genuine thrill out of the social experience of being part of a community, or from experimenting with different products and ways to buy them. And some shoppers head straight to a certain website or media source because they expect a specific price tag.

Many consumers, Dholakia and his co-researchers found, constantly change the means they use to shop. In one survey of 337 multichannel shoppers, for example, the researchers found that 52 percent reported migrating back and forth from offline to online channels across four product categories including books, airline tickets, stereo systems and wine. This hopscotching from brick and mortar to catalogues, to online and back, could be predicted by certain factors including price, the product they were looking for, how they evaluated the product and even waiting time.

The researchers also found that each type of shopper uses channels differently. Penny-pinchers don’t care where they buy, as long as the price is right. Generalists shop online or in the store because of the overall shopping experience. Traditionalists shun new ways of shopping, and multichannel enthusiasts happily bounce between stores, the internet and catalogues. Finally, the hard-core, store-focused customers will only shop in a place with doors and shelves.

To add a layer of complication, some don’t use channels to shop at all. They just want information. These are the shoppers who pop into to a store to test drive a phone before they buy it online. They study the pressure cooker in a catalogue before they go to the store.

And even within all the online options, there are innumerable detours to explore. Say you want a Nikon camera. You might go to an enthusiasts’ page such as Nikonians.org before you decide which model to buy, whether it’s online or at the local camera shop. Your friendly chat with the guy who owns the local camera store may now turn into a real-time virtual chat with a company representative.

The new marketplace, in other words, has become a dizzying landscape. Shoppers, clearly, have risen to the challenge. Nevertheless, it’s in the interests of sellers and buyers both to understand more deeply not only why we buy what we buy — but where.

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This article originally ran on Rice Business Wisdom and is based on research from Utpal M. Dholakia, the George R. Brown Professor of Marketing at Jones Graduate School of Business at Rice University.

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Houston unicorn closes $421M to fuel first phase of flagship energy project

Heating Up

Houston geothermal unicorn Fervo Energy has closed $421 million in non-recourse debt financing for the first phase of its flagship Cape Station project in Beaver County, Utah.

Fervo believes Cape Station can meet the needs of surging power demand from data centers, domestic manufacturing and an energy market aiming to use clean and reliable power. According to the company, Cape Station will begin delivering its first power to the grid this year and is expected to reach approximately 100 megwatts of operating capacity by early 2027. Fervo added that it plans to scale to 500 megawatts.

The $421 million financing package includes a $309 million construction-to-term loan, a $61 million tax credit bridge loan, and a $51 million letter of credit facility. The facilities will fund the remaining construction costs for the first phase of Cape Station, and will also support the project’s counterparty credit support requirements.

Coordinating lead arrangers include Barclays, BBVA, HSBC, MUFG, RBC and Société Générale, with additional participation from Bank of America, J.P. Morgan and Sumitomo Mitsui Trust Bank, Limited, New York Branch.

“As demand for firm, clean, affordable power accelerates, EGS (Enhanced Geothermal Systems) is set to become a core energy asset class for infrastructure lenders,” Sean Pollock, managing director, project Finance at RBC Capital Markets, said in a news release. “Fervo is pioneering this step change with Cape Station, a vital contribution to American energy security that RBC is proud to support.”

The oversubscribed financing marks Cape Station’s shift from early-stage and bridge funding to a long-term, non-recourse capital structure, according to the news release.

“Non-recourse financing has historically been considered out of reach for first-of-a-kind projects,” David Ulrey, CFO of Fervo Energy, said in a news release. “Cape Station disrupts that narrative. With proven oil and gas technology paired with AI-enabled drilling and exploration, robust commercial offtake, operational consistency, and an unrelenting focus on health and safety, we have shown that EGS is a highly bankable asset class.”

Fervo continues to be one of the top-funded startups in the Houston area. The company has raised about $1.5 billion prior to the latest $421 million. It also closed a $462 million Series E in December.

According to Axios Pro, Fervo filed for an IPO that would value the company between $2 billion and $3 billion in January.

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This article first appeared on EnergyCapitalHTX.com.

Houston food giant Sysco to acquire competitor in $29 billion deal

Mergers & Acquisitions

Sysco, the nation's largest food distributor, will acquire supplier Restaurant Depot in a deal worth more than $29 billion.

The acquisition would create a closer link between Sysco and its customers that right now turn to Restaurant Depot for supplies needed quickly in an industry segment known as “cash-and-carry wholesale.”

Sysco, based in Houston, serves more than 700,000 restaurants, hospitals, schools, and hotels, supplying them with everything from butter and eggs to napkins. Those goods are typically acquired ahead of time based on how much traffic that restaurants typically see.

Restaurant Depot offers memberships to mom-and-pop restaurants and other businesses, giving them access to warehouses stocked with supplies for when they run short of what they've purchased from suppliers like Sysco.

It is a fast growing and high-margin segment that will likely mean thousands of restaurants will rely increasingly on Sysco for day-to-day needs.

Restaurant Depot shareholders will receive $21.6 billion in cash and 91.5 million Sysco shares. Based on Sysco’s closing share price of $81.80 as of March 27, 2026, the deal has an enterprise value of about $29.1 billion.

Restaurant Depot was founded in Brooklyn in 1976. The family-run business then known as Jetro Restaurant Depot, has become the nation's largest cash-and-carry wholesaler.

The boards of both companies have approved the acquisition, but it would still need regulatory approval.

Shares of Sysco Corp. tumbled 13% Monday to $71.26, an initial decline some industry analysts expected given the cost of the deal.

Houston researcher builds radar to make self-driving cars safer

eyes on the road

A Rice University researcher is giving autonomous vehicles an “extra set of eyes.”

Current autonomous vehicles (AVs) can have an incomplete view of their surroundings, and challenges like pedestrian movement, low-light conditions and adverse weather only compound these visibility limitations.

Kun Woo Cho, a postdoctoral researcher in the lab of Rice professor of electrical and computer engineering Ashutosh Sabharwal, has developed EyeDAR to help address such issues and enhance the vehicles’ sensing accuracy. Her research was supported in part by the National Science Foundation.

The EyeDAR is an orange-sized, low-power, millimeter-wave radar that could be placed at streetlights and intersections. Its design was inspired by that of the human eye. Researchers envision that the low-cost sensors could help ensure that AVs always pick up on emergent obstacles, even when the vehicles are not within proper range for their onboard sensors and when visibility is limited.

“Current automotive sensor systems like cameras and lidar struggle with poor visibility such as you would encounter due to rain or fog or in low-lighting conditions,” Cho said in a news release. “Radar, on the other hand, operates reliably in all weather and lighting conditions and can even see through obstacles.”

Signals from a typical radar system scatter when they encounter an obstacle. Some of the signal is reflected back to the source, but most of it is often lost. In the case of AVs, this means that "pedestrians emerging from behind large vehicles, cars creeping forward at intersections or cyclists approaching at odd angles can easily go unnoticed," according to Rice.

EyeDAR, however, works to capture lost radar reflections, determine their direction and report them back to the AV in a sequence of 0s and 1s.

“Like blinking Morse code,” Cho added. “EyeDAR is a talking sensor⎯it is a first instance of integrating radar sensing and communication functionality in a single design.”

After testing, EyeDAR was able to resolve target directions 200 times faster than conventional radar designs.

While EyeDAR currently targets risks associated with AVs, particularly in high-traffic urban areas, researchers also believe the technology behind it could complement artificial intelligence efforts and be integrated into robots, drones and wearable platforms.

“EyeDAR is an example of what I like to call ‘analog computing,’” Cho added in the release. “Over the past two decades, people have been focusing on the digital and software side of computation, and the analog, hardware side has been lagging behind. I want to explore this overlooked analog design space.”