Memorial Day 2018

Posted on May 28, 2018 by bermanevansretail

As is the case every year, Memorial Day 2018 promises to be a special day. First, Monday May 28 involves solemn reflection about the millions of U.S. veterans who have been lost in combat over the years. Second, Memorial Day Weekend is the unofficial start of summer. And lots of people travel. In turn, travel safety is vital.

Reflections on Memorial Day 2018

According to John S Kiernan for WalletHub.com:

“Memorial Day is more than just a day off from work or school, an excellent occasion for a backyard barbeque, or a chance to travel. Those things do speak to the holiday’s true spirit. But above all else, Memorial Day honors Americans who have died in service to their country. This holiday is not one for somber reflection, however. We instead choose to celebrate by enjoying the many freedoms that American servicemen and women have perished protecting.”

“That includes fundamental rights such as freedom of speech, trial by jury, and protection against cruel and unusual punishment. It also extends to relative trivialities such as the ability to save up to 90% with Memorial Day weekend sales or ride roaring Harley motorcycles through the nation’s capital. And yes, 60% of us do indeed barbeque each Memorial Day weekend, while millions of people take a trip. After all, Memorial Day’s place on the calendar has made it the unofficial start of summer for many.”

Check out Memorial Day by the numbers in the following infographic from WalletHub.com.

Memorial 2018 -- Facts

 

AAA’s Travel Forecast for Memorial Day 2018

Annually, the American Automobile Association (AAA) forecasts and tracks Americans’ Memorial Day travel plans. Here are the AAA’s 2018 predictions:

“Over 41.5 million Americans will travel Memorial Day weekend. That is nearly 5 percent above last year. And the most in more than a dozen years. Thus, there will be nearly 2 million more people taking planes, trains, cars, and other transportation. As a result, INRIX, an analytics firm, expects travel delays on major roads could be up to three times longer than normal. The busiest days are Thursday and Friday (May 24-25) as commuters mix with holiday travelers. ‘The highest gas prices since 2014 won’t keep travelers home,’ said Bill Sutherland of the AAA. ‘A strong economy and growing consumer confidence give Americans the motivation to kick off what we expect to be a busy summer travel season.’”

Travel Forecast for Memorial Day 2018
 

Posted in Part 3: Targeting Customers and Gathering Information, Part 6: Merchandise Management and Pricing, Part 7: Communicating with the Customer | Tagged , , , | Leave a comment

Who’s the Real Boss of Shopping?

Posted on May 24, 2018 by bermanevansretail

The answer to this question, which may or may not be surprising to you, is women (for several product categories). Despite the blurring of gender roles, this remains true.

As reported by Martin Armstrong for Statista:

“One way of judging would be by who controls the purse strings. As new data from the Statista Global Consumer Survey 2018 shows though, this answer would usually depend on the kind of purchases you’re talking about.”

“When asked in which categories they personally make the purchasing decisions, there were some clear splits between men and women. The largest gap was for daily consumer goods such as food and drink. 81 percent of women said they make the decisions in this area, compared to 65 percent of men – a difference of 16 percentage points. On the other end of the scale, men are apparently more often in the driving seat when it comes to buying a vehicle. In this category, 50 percent of women and 64 percent of men said they made the decision themselves.” 

“Note: 30 percent of respondents said they were either single/unmarried or divorced/widowed at the time of survey. The results are therefore not completely representative of relationship dynamics, but rather gender differences generally.”


 

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

H&M Is Now Using Data Analytics

Posted on May 23, 2018 by bermanevansretail

Just a few years ago, H&M was charging along as a leading purveyor of “cheap chic.” In recent times, it has not done nearly as well. Hence, H&M is now using data analytics more actively than before.

 

Why and How H&M Is Now Using Data Analytics

As Saabira Chaudhuri reports for the Wall Street Journal:

“The world’s largest clothing brand is turning to artificial intelligence to win back shoppers, as it works to reverse one of the worst sales slumps in its history. Hennes & Mauritz AB’s H&M retail chain is ramping up its use of data to customize what it sells in individual stores, breaking with its longstanding practice of stocking stores around the globe with similar merchandise.”

“The 71-year-old fast-fashion chain is aiming to arrest a slump in same-store sales that has lasted 10 straight quarters as it faces problems bedeviling the industry: A spike in online shopping has led to fewer customers visiting stores, and digital startups are putting up fierce competition. H&M has repeatedly slashed prices to clear out $4 billion of unsold goods. And its shares are down 56% in the past three years.”

“H&M, like most retailers, relies on a team of designers to figure out what shoppers want to buy. Now, it’s using algorithms to analyze store receipts, returns, and loyalty-card data to better align supply and demand. With the goal of reducing markdowns. As a result, some stores have started carrying more fashion and fewer basics such as T-shirts and leggings.”

As the chart below shows, H&M is using data analytics to detect trends, stock stores, and set prices. Click the image for a larger version.

Why and How H&M Is Now Using Data Analytics
 

Posted in Global Retailing, Part 1: Overview/Planning, Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 6: Merchandise Management and Pricing, Part 7: Communicating with the Customer, Part 8: Putting It All Together | Tagged , , , , | Leave a comment