Better Understanding Big Data

Posted on February 13, 2014 by bermanevansretail
As we know, “big data” is more important than ever for retailers today. However, the process for gathering, compiling, and analyzing such data is complex. Thus, good software and integrated systems are keys to getting the most out of big data.
Companies such as SAP Retail provide integrated solutions for retailers. Take a look at this video clip to see how.

 

 

Posted in Part 3: Targeting Customers and Gathering Information, Part 5: Managing a Retail Business, Part 6: Merchandise Management and Pricing, Part 7: Communicating with the Customer, Part 8: Putting It All Together, Technology in Retailing, Video Clips (non-career) | Tagged , , , , , | 2 Comments

When Will Bad News About Security Stop Piling Up?

Posted on February 11, 2014 by bermanevansretail
The answer to this question is an unfortunate: not any time soon. Retailers are still trying to sort through and deal with all of the recent security breaches that have popped up. Now, they have another security issue with which to deal — mobile fraud.
And most security breaches, wherever they are, have been under-reported. So who knows how bad the situation really is? What we do know is that hackers like to attack big targets (think retail chains) that deal with numerous transactions and data exchanges.
Multichannel Merchant recently noted that:
“As retailers increasingly look to mobile as a way to generate revenue, fraud threats are impacting merchants to the tune of $283 for every $100 of actual fraud losses through mobile devices, according to the LexisNexis True Cost of Fraud Mobile Study, conducted by LexisNexis and Javelin Strategy & Research. The findings in the study show mobile penetration in the retail merchant channel is rapidly growing. Nearly one in 10 merchants accepted mobile payments in 2013 – an increase of 50% per year since 2011.  25% expect to begin accepting mobile payments in 2014.”
Click the image to read more. And click the link above to access the true cost of fraud report.

 

Posted in Online Retailing, Part 5: Managing a Retail Business, Part 6: Merchandise Management and Pricing | Tagged , , , , , , , , | Leave a comment

Can RadioShack Make a Comeback?

Posted on February 9, 2014 by bermanevansretail
RadioShack has a had tough go of it in recent years. It has tried various times to reinvent itself; and it is doing so again now. Its repositioning message was humorously unveiled during last week’s Super Bowl.
But, there are a lot of questions as to whether the latest strategy will really work. Here are two perspectives.
Harry McCracken makes this observation for Time Tech:
“It’s a funny, self-effacing ad, which confronts the electronics retailer’s reputation for being somewhat less than cutting-edge by depicting Kid and Play, John Ratzenberger as Cheers‘ Cliff Clavin, 1984 Olympics darling Mary Lou Retton, Child’s Play‘s Chuckie, Hulk Hogan, ALF, Erik Estrada as Ponch from CHiPs, the California Raisins, Q*Bert, and other icons of the 1980s ransacking a dowdy RadioShack of its VCRs, fax machines, and boom boxes. At the end, there’s a glimpse of a surprisingly spacious, modern RadioShack tastefully displaying sexy products from Samsung and Beats. This seems more of a promise of good things to come than a claim that your nearby RadioShack is fully a creature of the 21st century. “
Emily Glazer, in a Wall Street Journal story, notes that:
“On Sunday, RadioShack used comedy, in the form of a Super Bowl ad, to show its stores being dismantled and rebuilt. On Tuesday, the news broke that some of the stores will be dismantled, period. According to people familiar with the matter, RadioShack is planning to close around 500 locations in the coming months. It isn’t clear which of RadioShack’s roughly 4,300 stores will be closed and when exactly the closings will begin. The people familiar with the matter noted that it isn’t unusual for companies to close stores when going through a restructuring. The news was a cold dose of reality after the upbeat feeling generated by the commercial, which was widely considered one of the best that aired during the big game.”

 

Posted in Part 1: Overview/Planning, Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 3: Targeting Customers and Gathering Information, Part 5: Managing a Retail Business, Part 6: Merchandise Management and Pricing, Part 7: Communicating with the Customer, Part 8: Putting It All Together | Tagged , , , , , , , , | 1 Comment