Watch this video clip from serial entrepreneur Gary Vaynerchuk about turning customer complaints into opportunities.
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Learning from Customer Complaints
Posted in Online Retailing, Part 3: Targeting Customers and Gathering Information, Part 5: Managing a Retail Business, Part 7: Communicating with the Customer, Video Clips (non-career)
Tagged bad behavior, competition, complaints, customer expectations, customer loyalty, customer service, Gary Vaynerchuk, information, multichannel, online shopping, retail analytics, shoppers, tips, video
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Wal-Mart Lagging Behind in E-Commerce
Wal-Mart is by far the leading retailer in the United States and in terms of total worldwide revenues. Yet, it lags behind Amazon.com when it comes to online sales. In 2012, Amazon.com generated online revenues of $61 billion, while Wal-Mart’s online revenues were just $8 billion. As a result, Wal-Mart is spending considerable resources to improve the situation.
According to Shelly Banjo, reporting for the Wall Street Journal:
“Amazon.com has become the runaway leader in online sales thanks to a network of more than 40 U.S. warehouses, some employing robotic assistants, which speeds orders to homes with ruthless efficiency. As it seeks to play catch-up in E-commerce, Wal-Mart Stores Inc. has concluded it doesn’t want to simply clone Amazon’s model since it also has to worry about supplying its stores.”
“Instead, Wal-Mart is creating a vast new logistics system that includes building new warehouses for Web orders, but also uses workers in stores to pack and mail items to customers, because Wal-Mart has determined it is faster and cheaper to send some shipments from its more than 4,000 U.S. stores. Wal-Mart is being forced to invent its own solution because it still hasn’t figured out how to economically deliver all its products into the hands of online shoppers, current and former executives say. It is a remarkable admission for the Bentonville, Ark., company, which became the world’s largest retailer in part by the efficiency of its supply chain.”
Click the image to see a WSJ video clip.
Photo by Wesley Hitt for the Wall Street Journal
Posted in Global Retailing, Online Retailing, Part 1: Overview/Planning, 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, Part 8: Putting It All Together
Tagged Amazon.com, customer expectations, global, inventory management, location, logistics, merchandising, multichannel, online shopping, planning, retail analytics, trends, Wal-Mart, warehouse
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Men’s Wearhouse: Is Firing the Face of the Company a Good Idea?
George Zimmer founded the Men’s Wearhouse about 35 years ago. And he regularly appeared in the company’s TV ads beginning in 1985. He was truly the voice of Men’s Wearhouse as it grew into a nearly 1,250 unit chain.
So, publicly, it was more than a little surprising that Zimmer was fired on June 19 by the board of the company he created — especially since sales and profits were up. Clearly, behind the scenes, Zimmer and the board had problems.
How much will this scenario affect the Men’s Wearhouse? Here’s what Stephanie Clifford of the New York Times reported:
“Companies can fire a founder. But they can’t fire his brand. That’s the dilemma Men’s Wearhouse is left with after dumping its founder and spokesman, George Zimmer, a decision announced Wednesday. Mr. Zimmer had starred in the suit retailer’s commercials for almost 30 years, guaranteeing men that ‘you’re going to like the way you look.’”
“On Thursday, a day after the company’s terse announcement, reaction on social media continued to be fast and furious, indicating that Mr. Zimmer had made the jump from business executive to cultural icon. ‘George Zimmer’ was one of the top searches on Google on Wednesday, and news of the firing made the gossip sites TMZ and Gawker. And the Men’s Wearhouse Facebook page had more than 200 comments criticizing the company for ousting Mr. Zimmer, with sentiments like ‘If George Zimmer isn’t coming back, neither am I!’ and riffs on Mr. Zimmer’s signature ad closer like ‘You’re going to miss the way I shopped. I guarantee it.'”
Click the image of Zimmer from a 1988 ad to read more.
Photo source: New York Times
Posted in Part 1: Overview/Planning, Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 7: Communicating with the Customer, Social Media and Retailing
Tagged advertising, customer expectations, customer loyalty, entrepreneur, fired, founder, George Zimmer, Men’s Wearhouse, multichannel, positioning, promotion, social media, trust, video
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