The Week in Retail: Why WiFi?

The Week in Retail: Why WiFi?

Retailers are missing out on opportunities to connect mobile with physical stores by leaving out WiFi within store locations. Less than 50% of stores have wireless Internet available, according to a report from RSR. Out of the retailers polled, only 17% have introduced a mobile point of sales system, which can offer employees more freedom to assist customers and complete sales. (Luxury Daily) Wifi isn’t the only important in-store technology.…

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The Shopper Genome

The Week in Retail: The Shopper Genome

With omnichannel systems becoming reality, brands are faced with more and more data about their customers. What are the key pieces of information that should be analyzed in order to map out your customers’ DNA? Elements to consider include their stage in the decision-making journey, demographics, preferences and desires, and several others shared in this on-point article from Inc. (Inc.) A new study from Forrester confirms that smartphones are becoming…

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Loyalty Program Pet Peeves

What Not to Do With Your Loyalty Program

Can a loyalty program do more harm than good? It’s clear that well-executed retail loyalty programs can benefit retailers in many ways, including boosts to recency, frequency, and average ticket as well as a greater capture rate for consumer data. Consumers are often more willing to share their (accurate) contact information with a retailer in exchange for the benefits that often come with loyalty programs: discounts, free products or VIP…

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The Week in Retail: Omnichannel is More Than Just a Buzzword

66% of customers will spend more with a company that provides excellent service and 70% of consumers expect companies to provide self-service tools. According to Gardner, 85% of customer relationships will be completely digital by 2020. A great infographic on omnichannel customer service in action from Get Elastic. (Get Elastic) Another great article from Get Elastic emphasizes the high expectations of omnichannel customer service. Traditional customer service channels of store,…

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The Week in Retail: Do Loyalty Programs Really Work?

The Week in Retail: Do Loyalty Programs Really Work?

For most retailers 80% of their sales come from the top 20% of their customers and its important that those customers are treated with rewards. 62% of retailers are planning to allocate more funds toward their loyalty programs this year, according to a new report from Boston Retail Partners. (Luxury Daily) 47% of retailers do not currently offer a loyalty program to their consumers, missing out on potential sales. The…

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Clienteling to Men

5 Ways Menswear Retailers can Sell More with Clienteling

While clienteling is an applicable skill in nearly all service-focused retail organizations, with my 15 years in retail management in the men’s apparel industry, I thought I would write a little bit about how to apply capabilities of clienteling to the menswear business in particular. As I have discussed in previous articles, clienteling is a colloquial term that came about to describe the activities a sales staff might take with…

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The Impact of Generational Differences

The Week in Retail: The Impact of Generational Differences

Millennials have been described as the “Me Me Me” generation. They are said to be tied to their mobile devices 24/7 and that they have no brand loyalty. It is also believed that traditional marketing doesn’t work on them. To thoroughly understand millennials, one needs to first recognize that millennials are much more than the sum of their stereotypes. To have a better perspective on their attitudes, www.iriworldwide.com debunked the…

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The Week in Retail: How to Win in Luxury Retail

Luxury online sales are growing fast. 75% of all luxury sales today are influenced by digital. This could go up to 100% by 2025. E-commerce is a trend luxury retail brands must tap further in order to remain relevant, engaging and profitable. Luxury Society summarizes the key points from The Digital Luxury Experience Report 2015. There are five touch points that have an impact on a customer’s final purchase decision at…

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