Convergence and Consumer Lifestyles

Posted on June 12, 2012 by bermanevansretail
KPMG recently conducted a large survey of the impact of technology on consumer lifestyles. Here is an overview of selected findings:
  • “Today, consumers are talking about how technology enables their lifestyle. From buying goods online to keeping up with friends on social networks, consumers seem to be more and more reliant on a range of technologies that perform important – although often overlapping – tasks.”
  • “Our survey highlights some key considerations that seem to drive consumer purchasing decisions. For one, there is a growing level of consumer concern regarding privacy and security, particularly when using new services or technologies. Indeed, the virtue of ‘trust’ may soon become one of the biggest competitive advantages for products and services across almost all industry groups.”
  • “But the results also show that consumers are fixated on price, with many saying that it trumps all other considerations when selecting mobile operators, television options, and internet service providers.”
Click the cover for the full report.
Posted in Online Retailing, Part 3: Targeting Customers and Gathering Information, Privacy and Identity Theft Issues, Technology in Retailing | Tagged , , , , | Leave a comment

KPMG’s Retail Forecast

Posted on June 12, 2012 by bermanevansretail
KPMG annually publishes an outlook survey for the retail industry: “According to this year’s survey, retail executives are cautiously optimistic about the future business outlook, expecting continued modest improvements in revenue and hiring over the next year. However, they remain quite guarded for the longer term, not anticipating a substantial U.S. economic recovery until 2014 or beyond. While positive momentum continues to slowly build in the sector, executives plan to increase spending in areas of priority such as information technology, including data analytics and digital marketing channels. Online shopping, social media platforms, e-mail campaigns, and mobile technologies are clearly on their radar due to the significant impact each is having on their businesses. Looking ahead, the vast majority of survey respondents foresee continued sector growth over the next year, with revenue increases being largely driven by the ability to add and retain customers.”
 You may access the most recent report by clicking on its cover below.

Posted in Part 1: Overview/Planning, Part 8: Putting It All Together | Tagged , , , , | Leave a comment

Using Pinterest to Stimulate Retail Employee Involvement

Posted on June 12, 2012 by bermanevansretail
In her Chain Store Age “Expert Insight” article, Elizabeth Cosgwell Baskin (CEO of Tribe, a communications company) offers a number of suggestions as to how retailers can encourage employees to become more engaged in Pinterest, a social media site where people “Organize and share things you love.”
Here’s what Baskin recommends:
  • “Start with a focused campaign of internal communications to encourage employees to create their own Pinterest boards, pinning company products. You might ‘gamify’ it by suggesting a different theme each month with the best boards winning a prize or discount. The themed board for July, for example, might be ‘Best Ways To Show Off Your Tan,’ with employees pinning the brand’s new short shorts, strappy sandals and halter dresses.”
  • “These boards might also include other images not available at the store, like a long stretch of sandy beach on ‘Prettiest Pale Neutrals.’ This makes the boards more than just a way to hawk your products. Instead, they become more akin to third-party endorsements, which are powerful influencers for potential customers.”
  • “This Pinterest program is a great way for executive-level associates to build relationships with the rank and file, by humanizing themselves and letting employees get to know them a little. A sales associate in Des Moines, Iowa might feel a new connection to the CEO when she discovers that they pinned the same pale lemon chiffon scarf. Next, she might re-pin the CEO’s image of a perfect neutral pump.”
  • “At the same time, employees gain celebrity-like status with customers on Pinterest. Some could even gain a significant following of customers who admire their tasteful selections. There’s also a gamification aspect there, in recognition of those employees who attract the most followers.”
  • “Using existing internal communications vehicles, from the Intranet to the company magazine, the best employee boards can be spotlighted, both to acknowledge the creator and build enthusiasm within the employee population. Further, it’s a cross-promotion that will convert more people to Pinterest, which has the potential to influence more folks — exponentially — than your existing channels.”
Posted in Part 5: Managing a Retail Business, Part 7: Communicating with the Customer, Social Media and Retailing | Tagged , , , , | Leave a comment