Offline Innovations in Retail – Infographic

Thank you to Patrick Thuot, vice-president with traffic counter supplier Storetraffic for today’s guest post.

 

Offline Innovations in Retail

There is no doubting the fact that the retail niche has been a state of huge change over the last number of years. Predominantly this is due to advancements in technology and specifically E-commerce and the Internet. As a result of these changes, consumers have changed their behaviors and now like to try different styles and types of shopping. Malls and brick and mortar retailers have directly felt the brunt and we have witnessed and continue to see many store closures throughout the country. This does not however mean the end of brick and mortar retail. While it is true that retail has changed and consumers demand new experiences, traditional retailers can and are fighting back. They do definitely need to change tactics and think strategically but it is possible to pull things through and move into the future of retail which encompasses both on and offline.

The folks at Storetraffic have put together this infographic which outlines everything you need to know about offline innovations in retail. These can include things like use of data in a leverage style or utilizing an omnichannel approach to the niche. Read through the infographic to gain further insight and to stay ahead of the posse!

Click the infographic for a larger view.

Offline Innovations in Retail – Infographic

 

Posted in Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 5: Managing a Retail Business, Part 6: Merchandise Management and Pricing, Part 7: Communicating with the Customer | Tagged , , , | Leave a comment

Young Adult Views Toward Brands

In recent years, we know that many manufacturer brands have come under price pressure. With more people turning to less-expensive brands. But did you know that brand perceptions differ by generation? Today, we look at young adult views toward brands.

To start, consider these posts about branding:

 

Young Adult Views Toward Brands

As compared to older adults, younger people now view brands quite differently. And they expect more from them.

In this section, we include several brand-based factors based on Do Something Strategic research. The discussion is drawn from the “2018 Survey of Young People and Social Change.”

Next, we offer some excerpts from this survey:

“Young people  – 13–25 year olds  —  represent the most racially and culturally diverse generation in American history. And they refuse to be bound by traditional ideological boxes. In fact, nearly half of respondents identify as independent or unaffiliated. And 50% view themselves as moderates.”

“For quite a while, young people looked to brands for leadership in a variety of areas important to them . And these include technology, music, entertainment, and fashion. Perhaps it’s no surprise that they would add social change to that list. Thus, they’re making companies   responsive and responsible. And companies large and small better take notice — by 2020, Gen Z will account for about 40% of all customers, and they’re prepared to speak with their dollars.”

Therefore, consider these charts.

Young Adult Views Toward Brands

“Yet, a plurality of respondents would not buy a more expensive equivalent product or a lesser quality product even if the brand was clearly superior from a socially or environmentally responsible standpoint.”

Young Adult Views Toward Brands

So, what is most important?

Young Adult Views Toward Brands

In conclusion: “Social stewardship hasn’t replaced price and quality in the buying decision matrix. But as everything from potato chips to laptops becomes commoditized, stewardship becomes a definable difference maker.”

Young Adult Views Toward Brands

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 , , , , | Leave a comment

Surviving Cancer and Living Well

Dear readers:

As you may already know, I am an extremely lucky pancreatic cancer survivor. Fortunately, I am surviving cancer and living well. I have written about that before at this blog. 🙂

I feel a strong need to give back, so I have written: Surviving Cancer and Embracing Life: My Personal Journey. My goal is to help others and their families better cope with their illnesses. I offer a message of hope. This is my mission in life.

I need your help. Please.

 

Surviving Cancer and Living Well

I have a published a Kindle E-book version of this book. It is available at Amazon for $0.99. Could you please buy a copy and let others who could benefit know about the book. ALSO, could you please leave a review at Amazon. That is the only way that I can get the word out to attract more readers. Click here to go directly to the book or click the cover below.

Surviving Cancer and Living Well -- E-book

In addition, there is a paperback version for $4.29, with free shipping for Amazon Prime members. Click here or the book cover below.

Surviving Cancer and Living Well -- Paperback

And there is a FREE PDF file at my new blog: https://survivingcancerembracinglife.com/book/.

Thank you so much. I really want to inspire others not to lose hope.

 

Why I Wrote This Book

I am writing this book to foster hope among those with any major illnesses and their families. Despite the subject matter at hand, I want to try to be uplifting – and even inspiring.

There is a light at the end of the tunnel, even if that light is not as bright as before. And sometimes, we have to fight to see that light. I am NOT a medical professional. I am not alone in my battle with cancer. This is one person’s journey, both the ups and downs – with the strong determination to have the best life possible for as long as possible.

Yes, I am a pancreatic cancer survivor. I underwent an 8-½ hour Whipple surgery to remove the cancer. I had a lot of problems during chemo. As a diabetic, I passed out from low blood sugar a few days after finishing chemo. As a result, I had to miss my daughter’s bridal shower. And I had to have cement pumped into my back. I have a lot of other stuff going on. But enough of that. I am NOT complaining. I just want you to see where I have been – and where I still am going.

With this book, I want to share my personal cancer journey with you. I want to offer hope and support to those dealing with any terrible disease and their families. Why? To quote the late NY Yankee star Lou Gehrig when he was honored at Yankee Stadium while dying from ALS: “Today I consider myself the luckiest man on the face of the earth.”

No matter what, look for that light at the end of the tunnel. I wish you the very best.

Click here or on the hat to access my new blog.

Choose to Be Happy
 

Posted in Part 7: Communicating with the Customer, Social Media and Retailing | Tagged , , , , | Leave a comment

Subway Going Downhill

Just a few years ago, the Subway chain was a fast-food dynamo. For example, see Eat Fresh at Subway and Fastest-Growing U.S. Franchisors. Even today, there are nearly 44,000 franchised outlets around the world, with 25,000 stores in the United States.

But Subway is now in a tough situation. As Josh Kosman reports for the NY Post:

“Subway, the struggling family-owned sandwich chain, has hired consultant Bain & Company to professionalize operations and possibly set itself up for a future sale, the NY Post has learned. The 52-year-old chain, the largest in the U.S. by the number of locations, had previously resisted bringing in outside professionals for anything other than advertising, according to two Subway insiders. Perhaps because of that insular culture, Subway has posted declining same-store sales for more than five years.”

“Customer traffic plummeted a whopping 25 percent from 2012-17, according to a Nov. 30 internal Subway memo. To turn things around, Subway has been promoting a $4.99 foot-long sandwich, something it had done often in the past — but that has irked many franchisees because it is hard to make money on such a promotion. Plus, it does not seem to be working, sources said.”

See click the image to read more.

Photo from Shutterstock


 

Posted in Global Retailing, Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 3: Targeting Customers and Gathering Information, Part 4: Store Location Planning, Part 5: Managing a Retail Business, Part 6: Merchandise Management and Pricing, Part 7: Communicating with the Customer | Tagged , , , | Leave a comment

Do Shoppers Like Dynamic Pricing?

We all like to feel that we get bargains when shopping. But that’s not always the case. See More Gamesmanship on Retail Prices — Even Online. And When Is a “Sale” a Sale? Today, we look at do shoppers like dynamic pricing — or not?

First, let’s define dynamic pricing. According to Luke Metcalfe, writing for Crealytics:

“Dynamic pricing, an E-commerce strategy, applies variable pricing instead of fixed pricing. As more data are analyzed, optimal prices for items are calculated. The time between price changes depends upon the business and item. But it can be as often as every day or even every hour. Dynamic pricing has become critical in E-commerce because of automation. In a store, employees would have to physically create new pricing display information. Yet, the online the price of an item can be dynamically adjusted without much cost to the business.”

 

Do Shoppers Like Dynamic Pricing?

Recently, eMarketer addressed this topic:

“For retailers, top pricing pressures involve keeping up with competition and reducing markdowns to be profitable. More niche — but also important — are issues around dynamic pricing. The practice of lowering or raising prices on the fly. According to an April 2018 survey by Forrester Consulting and Revionics, a majority of consumers worldwide (62%) are OK with fluctuating prices. But, prices must seem fair and not arrived at in an arbitrary way.”

“Dynamic pricing is common practice online, but found less frequently in stores. Not all retailers have the means to implement electronic shelf displays. In a November 2017 survey of retailers worldwide by Planet Retail, 40% were either currently using electronic shelf labels to show prices, promotions, and detailed product info, or planned to use them in the next 12 months. Some 78% of retailers would like to implement more price changes and promotions to provide better prices and deals in-store, Planet Retail found, but 65% don’t feel able to execute all of the pricing changes and promotions they’d like to. Concerns about consumer acceptance have been a hindrance, in addition to technological issues.”

Do Shoppers Like Dynamic Pricing?
 

Posted in Part 3: Targeting Customers and Gathering Information, Part 6: Merchandise Management and Pricing, Technology in Retailing | Tagged , , , | Leave a comment

Better Retaining Customers

Customer retention is a major driver of long-term success. Yet, it can be elusive. Thus, today’s post relates to the goal of better retaining customers.

Before reading below, please check out these two posts. Great Post-Purchase Communication Is Essential. THREE Infographics to Help Improve Customer Satisfaction.

Better Retaining Customers

Thanks to Justin Green of M2onHold, an Australian communications firm, for authoring this section of today’s post AND providing the infographic.

“Many businesses make the mistake of undervaluing customer loyalty. Instead, they choose to chase new customers, often at the expense of loyal customers. Yet, building a steady base of loyal customers represents one of the most sustainable ways to grow a business. Repeat customers spend larger amounts, buy more often, and act as an advocate on behalf of your brand. The combination of these elements can boost brands. A 5% increase in customer retention results in a profit boost of between 25 and 95%! Moreover, it is far less costly to reach out to customers with whom you have already built a relationship than to convert new customers.”

“Often, businesses hope the quality of the product or service will be enough to generate loyalty. And to gain devotion. But, it is also key to maintain impeccable customer service. As author Rick Tate asserts, ‘Merely satisfying customers will not be enough to earn their loyalty. Instead, they must experience exceptional service worthy of their repeat business and referral.’ So, how can your firm optimize customer service to drive higher retention?”

The first step would be to check out this highly informative infographic from the team at M2OnHold. This handy infographic guide will prime you on everything you need to know about building customer loyalty. It looks at the main reasons why customers are lost. And it offers tips on the various things you can do to prevent customer defection. It also shows how to calculate your customer retention rate so you can monitor it and set goals for the future. To learn how to use customer retention to grow your business, read the infographic .”

Better Retaining Customers

Posted in Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 3: Targeting Customers and Gathering Information, Part 7: Communicating with the Customer | Tagged , , , , | Leave a comment

IHOP Becoming IHOb

Last week, IHOP announced on Twitter that it would be changing its name to IHOb, with an announcement on Monday June 11, 2018 as to what the “b” stood for. It encouraged the media and customers to guess what the “b” would stand for with IHOP becoming IHOb.

 

Pre-Disclosure Assessment: IHOP Becomes IHOb

When IHOP released its name change teaser last week, the media reacted quite negatively.

For example, Jade Scipioni wrote this for Fox News:

“Goodbye IHOP and hello to IHOb! The 60-year-old iconic pancake chain announced it’s literally flipping its last acronym from ‘p’ (pancakes) to ‘b’ which stands for burgers, the company disclosed last Monday. The breakfast joint’s acronym, coined for its host of international pancakes, teased the coming news last week to drum up press — and encouraged its customers to guess what its new name could possibly stand for. And then to make the official reveal on Monday June 11.”

“’The decision to change the name may have been the dumbest decision ever made in the world of branding. Brand equity is precious. It takes years to build, and it is the cornerstone of customer loyalty. IHOP just decided to throw it away,’ David Srere, co-CEO and chief strategy officer of Siegel+Gale said.  Allen Adamson, co-founder of Metaforce, a brand consulting firm, says he believes the whole name change is nothing more than a ‘publicity stunt. It’s a symptom of the enormous pressures on marketers to get noticed,’ Adamson said. ‘The best they hope for is that an ad and social media campaign tied to a name change will get their breakfast-beyond-pancake story to stick,’ he said.”

In the following video, Fox News asked people to guess what the b would stand for.

 

After the Reveal: IHOP Becomes IHOb

After all of the build up, this is what actually happened.

According to Paul R. La Monica, reporting for CNNMoney.com:

“IHOP said that it’s temporarily changing its branding because the B stands for burgers. It’s only a marketing campaign. IHOP isn’t changing its name. But the chain of breakfast diners took social media by storm last week with the cryptic announcement that it was flipping the lowercase ‘p’ in its logo and making it a ‘b.’ IHOP, of course, stands for International House of Pancakes. But IHOP — sorry, IHOb — wants to be known as a place to get lunch and dinner, not just breakfast and brunch. It’s adding several burgers to its menu, including a Big Brunch burger with bacon, a fried egg and browned potato on top.”

See IHOb’s Twitter feed.

 

Posted in Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 6: Merchandise Management and Pricing, Part 7: Communicating with the Customer, Social Media and Retailing, Video Clips (non-career) | Tagged , , , , | Leave a comment