In mature categories with declining volumes and margins, there are immense pressures on the c-suite to innovate. Consumers have already voted for a seamless experience across time and place. Future success will require "omni-retail" of engaging consumers when, where and how they want to shop and purchase.
Jeff Kagan explains why timing your entry into new areas of retail payment technology is key. Early adopters get a competitive advantage yet they take the arrows, he explains. Then over time, as wave after wave of competitors jump in and do the same thing, the competitive advantage gives way and becomes simply a cost of doing business.
The advent of digital has changed life as we know it, including the shopping experience. The state of retail is now evolve or die. The dogma of old school retail leadership is now a blueprint for what NOT to do.
Stop me if you;ve heard this one before: You're more likely to go back home to retrieve your smartphone than the wallet you left behind.
As painful as it might seem to jump back into the peak season mindset, fortune tends to favor the prepared, so getting a head start and developing your customer service strategy now can set your store up for success down the line.
Retailers are inundated with new technology innovations, promising big returns for their bottom lines. It is difficult to decipher which deserve priority. However, few innovations have been able to match the benefits of augmented reality in retail.
Media outlets often make the mistake of stereotyping millennials either as lazy, entitled, antiestablishment types who can’t stop taking selfies, or as clever, socially conscious adults. Both stereotypes fail consider the full spectrum of the millennial demographic.
Peter Fader, professor of marketing at the Wharton School of the University of Pennsylvania and co-founder of Zodiac, explains why a truly customer centric company is one that aligns iproducts and services around the wants and needs of its most valuable customers. In other words, it's about using customer lifetime value (CLV) metrics.
The decision on which mobile app to work with is an important decision. Some are sleek. Others are clunky. Some are quick. Others are slow as molasses. There are many items you must choose from, but here is an important something to think about.
To keep up with shopper expectations, it's more important than ever for retailers to enhance and integrate the physical and digital. As we move further into 2017, the retail world will see a reversal of some previous trends and the emergence of others.
Leading retailers are beginning to make sweeping changes to keep up with consumer demands. In the past six months retailers like Amazon, Target and Kroger have taken public and deliberate steps to "think small" by focusing on online shopping and opening smaller brick and mortar stores. This monumental shift is the future of retail.
Whatever your feelings about President Donald Trump, one thing is for sure: 2017 is going to be an interesting year for everyone.
These are the days of sharing, group think and the herd mentality… who knew the 90s-era mall rats, a generation of teens known for simply hanging out in suburban shopping malls, were so far ahead of their time?
As most business owners know, the cost of acquiring a new customer is much higher than retaining a current buyer. It's why companies put a lot of effort into retention marketing. But what happens when those current customers are buying less frequently?
Brands associating and disassociating with a polarizing President are going to tap into at least some of that emotion. So as a brand leader, it’s imperative you prepare to do something, do nothing, or be prepared with a contingency when you might not have a choice.
Bottom line, smartphone technology and apps are an incredible way to reach customers in new and creative ways. Use technology in new ways to give the customer what they want and that will improve customer retention. However, developing a great app is more complicated than many know.
In a world where anyone can whip up an e-commerce site and begin selling in a matter of hours, merely taking products to market just isn't good enough anymore. Consumers are surrounded with options, so retailers need to find better ways to turn those browsers into repeat customers.
For many customers, online shopping is exciting (or, at the very least, more enjoyable than leaving the house to visit a store). Actually, receiving the product is even more exciting. But that time in between the purchase and its arrival? Not so much.
Rental car companies can effectively respond to competition by adopting the successful strategies and best practices digital retailers use to engage customers by offering a richer, customizable and frictionless experience.
Millennials aren't the only ones feeling overwhelmed by the barrage of advertisements. A 2016 HubSpot survey showed 91 percent of respondents feel today's ads are more intrusive than they were just two years ago, and 79 percent feel retargeted ads are tracking them too closely.