Interactive Technology Becoming More Important

Posted on July 22, 2013 by bermanevansretail
Technology-based experiential retailing is becoming more of a key competitive advantage for retail stores in their fight against customer showrooming.
Retail Touchpoints recently published an excellent report on this topic, written by Jonathan Lee, entitled Using Innovative Technology to Address the Showrooming Challenge: “‘At this point, retailers need to be willing to experiment,’ said Nikki Baird, Managing Partner at RSR Research. ‘We’re at the early days of innovation in in-store technology, even though some of the technologies that retailers are looking at have been around a long time. Consumers just haven’t been primed to be receptive to technology as part of the store experience for a long time, but I think that is changing thanks to their online experiences.’ Retailers are keeping pace with showrooming and other consumer trends by integrating innovative tools and technologies into their brick-and-mortar stores. As a result, these retailers are creating more compelling shopping experiences, which helps to improve customer engagement and overall store traffic.”
Click the image to access the full Retail Touchpoints report.

 

 

Posted in Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 3: Targeting Customers and Gathering Information, Part 5: Managing a Retail Business, Part 7: Communicating with the Customer, Technology in Retailing | Tagged , , , , , , , , , | Leave a comment

More Retailers Doing Well by Doing Good

Posted on July 21, 2013 by bermanevansretail
Retailer success and involvement in socially desirable projects are not incompatible. In fact, support for the community is at the core of many retailers’ strategies.
As Jonathan Lee reports for Retail Touchpoints:
“The cross-pollination between corporations and non-profit organizations has produced a family of businesses referred to as benefit corporations — defined as for-profit entities that make humanitarian and environmental concerns a core focus of their decision-making processes. Because of their focus on public service, benefit corporations garner strong followings from consumers based on good will. They also are ideally situated to be agents and long-term funders of social good.”
“TOMS, the footwear retailer, gained mainstream popularity and worldwide exposure for the “One for One” program, which is core to the entire TOMS business. With this initiative, TOMS matches every pair of shoes sold by donating another pair to a child in need. Warby Parker, the multichannel prescription eyeglasses and sunglasses retailer, has a similar program called “Buy a Pair, Give a Pair.” For every pair of glasses sold, a matching pair is donated to a person who does not have access to affordable eye care.”
“Due to the success of these initiatives, charitable campaigns and social good business models are becoming a key component of successful retail businesses. As a result, entrepreneurs and retailers are integrating social good into their brand identities and overall business strategies.”
Click the image to read more, including several tips.

 

 

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 7: Communicating with the Customer | Tagged , , , , , , , , , , | 4 Comments

Retailers’ Interest in Outlet Stores

Posted on July 20, 2013 by bermanevansretail
For many traditional retailers, outlet stores have become an essential part of their overall store strategy mix. Here’s why.
According to Kyle Stock, writing for Businessweek: “High-end department stores are slumming … sort of. At pricey apparel retailers such as Neiman Marcus and Bloomingdales, outlet stores may soon outnumber traditional locations, according to a new report by Bloomberg Industries. In fact, they already do at Saks and Nordstrom. Some 60 percent of Saks locations are now outlets, and all but two of the 15 stores it plans to open in the next two years will be discount centers. Nordstrom meanwhile, has 123 “Rack” outlets, a number it plans to double by 2016. The strategy is a simple play for the bargain-hunters who have driven handsome returns for Ross Stores and TJ Maxx . ‘It’s predominantly an entirely different customer for these companies,’ says Bloomberg Analyst Poonam Goyal. ‘They know they can’t afford the full-line stuff, but they still desire the brand.’”
Click the image to learn more.

 

Photograph by Kathy Hicks/Getty Images

 

Posted in 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 | Tagged , , , , , , , , , , , , , , , | 1 Comment