Price Optimization in Retailing

As we have noted before, it is imperative for retailers to have a comprehensive, well-conceived pricing strategy.
With that in mind, take a look at the infographic below from Wiser, an online data analytics firm:
“Crafting a pricing strategy is an ongoing process. “Set it and forget it” is a thing of the past in online retail because competitors are just a click away. But it’s important for retailers not to get caught up in the race for customers and speed ahead slashing prices like the hare might have done. 2016 is the year of slow and steady price optimization strategies that take competitors into account, but also aim for long term growth and success like the tortoise.”
L-halloween-Wiser2 (1)

 

Posted in Part 5: Managing a Retail Business, Part 6: Merchandise Management and Pricing, Technology in Retailing | Tagged , , , , , , , , | 2 Comments

Strong Employee Relations Vital in Retailing

One of the main contributors to the customer experience is motivated, upbeat employees. We have noted this a number of times over the last few years (see, for example, 1, 2, 3, 4, 5). With this in mind, let’s highlight two recent articles about how to enhance employee relations.
As Glenn Taylor reports for RetailWire, there are a number of ways to make employees feel appreciated:
  • Reasonable wages
  • Flexible scheduling
  • Education support
  • Guiding store managers 
  • Deeper incentives
Click the image to read more about each factor.

Photo: TOMS

And Glenn Taylor also wrote “Do Retailers Appreciate Employees The Same Way They Appreciate Customers?” for Retail TouchPoints:
“Did you know that Employee Appreciation Day was March 4? If not, that may be your first stumbling block to building long-term brand strength. In an industry that is known for high turnover and low pay, some leading retail companies are showing their appreciation for employees with higher wages, an increased emphasis on education, and better two-way communications. In turn, these retailers are experiencing improved employee loyalty.”
“Retailers including Container Store, Zappos, Wegmans, Starbucks, Bloomingdale’s, and TOMS Shoes are working to ensure that their employees are happy in the workplace. But others, such as Walmart and Amazon, continue to be on the defensive about appropriate employee treatment and recognition.”
Click the image to read more about the above retailers’ employee relation activities.

Posted in Career Useful Information, Careers in Retailing, Part 1: Overview/Planning, Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 3: Targeting Customers and Gathering Information, Part 5: Managing a Retail Business | Tagged , , , , , , , , | 1 Comment

Best Jobs & Best-Paid Jobs in America

Glassdoor is an online job search firm: It has a database of “more than 8 million company reviews, CEO approval ratings, salary reportsinterview reviews and questions, benefits reviews, office photos, and more. All of this information is entirely shared by those who know a company best — the employees.”
Here are links to just a few of Glassdoor’s most valuable Web pages: 
Click the image to access Glassdoor’s research blog.


 

Posted in Career Useful Information, Careers in Retailing, Part 5: Managing a Retail Business | Tagged , , , , , , , , , , , , | Leave a comment