Clever Uses of Instagram

Instagram is a rapidly growing social media site, particularly among younger people:
It “is a fun and quirky way to share your life with friends through a series of pictures. Snap a photo with your mobile phone, then choose a filter to transform the image into a memory to keep around forever. We’re building Instagram to allow you to experience moments in your friends’ lives through pictures as they happen. We imagine a world more connected through photos.”
According to the company, it has 200 million million active monthly users — more than 65 percent of whom are from outside the United States; overall, 20 billion photos are shared; there are 1.6 billion daily likes; and an average of 60 million photos are uploaded per day.
Lisa Hoover McGreevy — a professional writer specializing in corporate messaging, a data journalist in the Visually Marketplace, and a regular contributor to the Visually blog notes that:
“Based on the traction Instagram is gaining among social media marketers and its ability to engage users these days, maybe it’s time to change the old adage to ‘A picture is worth 1,000 conversions.’”
“In a recent study of how users interact with brands’ social media posts, Forrester Research found that when it comes to engagement, Instagram is far superior to any other social network. While six of the seven social networks Forrester studied had an engagement rate of less than 0.1%, Instagram’s engagement rate was 4.21%. ‘That means Instagram delivered these brands 58 times more engagement per follower than Facebook, and 120 times more engagement per follower than Twitter,’ wrote analyst Nate Elliott on the Forrester blog.”
As a result of Instagram’s popularity, marketers are stepping up their use of the site in their promotions. And McGreevy has written an excellent multimedia article on five companies using Instagram well: adidas, Ben & Jerry’s, Pabst Blue Ribbon, Polo Ralph Lauren, and Zappo’s.
Click the image to access McGreevy’s interactive article.

 

 

Posted in Online Retailing, Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 3: Targeting Customers and Gathering Information, Part 7: Communicating with the Customer, Social Media and Retailing | Tagged , , , , , , , , | 3 Comments

“Retail Therapy” Myths

“Retail therapy” is the notion that some people shop as a stress reducer and/or as a way to avoid life’s tough issues.
As Amanda Page, the Editor at HealthCentral says:
“We all do it: indulge in ‘comfort’ purchases to remedy a bad day or sour mood.   While the often short-lived euphoria resulting from this habit may lead to post-splurge guilt, new research suggests some surprising reasons why retail therapy can actually be good for you.  Let’s put some old myths to rest.”
Click the infographic to read more of Page’s views about the myths associated with retail therapy.

 

 

Posted in Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 3: Targeting Customers and Gathering Information, Part 6: Merchandise Management and Pricing, Part 7: Communicating with the Customer | Tagged , , , , , , , , | 1 Comment

Business Career Tips and Resources

In the slideshow presented below, learn about many of the opportunities and challenges facing those interested in a field of business.
The latest data from the U.S. Bureau of Labor Statistics are included.

 

 

Posted in Career Useful Information, Careers in Retailing | Tagged , , , , , , , , | 1 Comment

Mobile Shoppers and Their Choice of Payment Methods

According to recent research from Nielsen, mobile shopping is impacting more than just our way of shopping, it is also changing the way we pay for purchases:
“Digital is starting to transform how consumers pony up cash for their everyday purchases. And for consumers using mobile payment technology, digital is already the norm. In fact, according to Nielsen’s Q2 2014 Mobile Wallet Report, 40 percent of mobile wallet users say they use mobile methods as their primary mode of payment.”
Click on the chart to learn more.

 

 

Posted in Part 3: Targeting Customers and Gathering Information, Part 5: Managing a Retail Business, Part 7: Communicating with the Customer, Technology in Retailing | Tagged , , , , , , , , | 1 Comment

Mobile Keeps Growing for Retailers

According to new research by Fetch, a full-service mobile marketing agency, mobile is becoming ever more important for retailers:
“Fetch conducted a series of interviews with executive-level thought leaders at several retail brands across multiple industries. Through these insider discussions, Fetch gained deep insights into the mobile and retail landscape. From this perspective, Fetch drew conclusions about the greatest challenges and opportunities facing retailers today. 
“In addition, because of the wide-ranging impacts mobile has had on retail, Fetch reviewed a broad range of significant research conducted by major marketing, technology, and research firms.”
Click the image to read Fetch’s 47-page white paper.

 

 

Posted in Online Retailing, Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 3: Targeting Customers and Gathering Information, Part 7: Communicating with the Customer, Social Media and Retailing | Tagged , , , , , , , | 1 Comment

Online Resources for Women and Minority Business Owners

Although these observations by the National Women’s Business Council refer specifically to female business owners, they are equally applicable to minority business owners:
“Like all entrepreneurs, women business owners face many challenges in making their entrepreneurship dreams a reality.  Some of the challenges faced by women may be specific to women, due to the historical and cultural context within which they do their work.  Women have the challenge of confronting and overcoming the historical barriers of being kept out of business and capital markets until the late 1980s.  Even today, women’s access to information (or lack thereof) about financing strategies and opportunities may be limited due to a lack of access to the social networks where many key decision makers and capital players make deals.  A lack of information about financing a business may result in more women raising lower levels of capital or pursuing only debt financing, which can limit their growth potential. ”
Click the image to read more from the NWBC.
 

 
With the above in mind, Tom Shaw (a Visible Systems Specialist for Magnatag) has published an excellent series of links to resources for women and minority business owners. Shaw provides links to 45 resources!! Click here to access Shaw’s “Women and Minority-Owned Business Resources.”

 

Posted in Career Useful Information, Careers in Retailing, Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 3: Targeting Customers and Gathering Information, Part 5: Managing a Retail Business, Part 8: Putting It All Together | Tagged , , , , , , , , , , , , | 1 Comment

How Strong Is the U.S. Economy for Retailers?

There have been many conflicting reports about the state of U.S. retailing. Some experts are rather pessimistic, while others are more optimistic.
Count Mr. Steven Keith Platt, Director and Research Fellow at the Platt Retail Institute, among the latter:
“The U.S. consumer is alive and well. They are responding to pent up demand for new cars and fixing up their homes, as well as continuing to improve their balance sheets. These expenditures are taking precedence over purchases at general merchandise stores. This is a short-term trend that will soon reverse itself as consumers revert to spending on other discretionary items.”
Click the image to read read Platt’s thoughtful, data-packed article on “What Store Traffic Is Not Telling You About the Health of the U.S. Consumer.”

 

 

Posted in Part 1: Overview/Planning, Part 3: Targeting Customers and Gathering Information | Tagged , , , , , | 2 Comments