4 Retail Trends to Boost Your Profits in 2018

| January 29, 2018

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2018 is right around the corner, and it’s time for retailers to start thinking about how they can elevate their game in the New Year. According to Salesforce’s research, 50 percent of consumers are likely to switch brands if their expectations aren’t met. Thanks to technological advancement, shoppers can easily find multiple sellers selling the same products via their smartphones. In fact, 70 percent of consumers feel that technology has made it easy for them to take their business elsewhere. Thankfully, there are strategies to avoid these outcomes, meet customer expectations and avoid losing sales to competitors.

Spotlight

Basic Outfitters

In 2014, Basic Outfitters co-founders Laura and Michael Dweck married and moved into a cozy apartment in NYC. It was quickly obvious whose clothing collection would take precedence in their precious and limited closet space. Michael’s eclectic and long-time accumulated sock and underwear assortment would have to go and be replaced by a fresh, new and curated collection of basics.

OTHER ARTICLES

TD Bank retail leader talks payment innovation, POS transformation

Article | February 13, 2020

One of the most transformative customer experiences is happening at the point of sale retail consumers are tapping and swiping more than ever compared to handing over cold hard cash. A driving force is the innovation taking place in retail payment as the cashierless storefront slowly takes root and young shoppers don't want to be bothered with even the credit card transaction time. Retail Customer Experience reached out to Mike Rittler, general manager of retail card services and personal lending at TD Bank, to get his perspective on retail POS, trends, consumer expectations and the retail purchase experience.

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3 Ways Location Technology is Changing Retail

Article | February 27, 2020

Changes fire rapidly in today’s retail environment, and legacy retailers like J.C. Penney, Walmart and others are seeking innovative new ways to capture shopper attention. While e-commerce gains raise concerns that in-store experiences are obsolete, traditional retailers continually strike back and, ultimately, online sales make up only 10 percent of all retail sales. However, traditional retailers should take heed: online shopping illustrates innovative experiences that capture consumer attention and provide inspiration in stores. Today, e-commerce platforms allow retailers to personalize shopping experiences, uncover data behind every decision, and move customers efficiently through the purchase path. While stores have struggled to do the same, location technology has helped make up the difference.

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The Retail Industry and the Persistent Digital Threat Landscape

Article | March 17, 2020

In today’s age of digital transformation, retailers have changed the ways in which they interact and engage with consumers — starting with online shopping and e-commerce experience. In order for retail organizations to remain competitive, an omnichannel experience is critical, and with that, retail organizations are relying heavily on websites, mobile apps, online marketplaces, and social media to promote products, sell goods and even provide customer service. As competition to acquire and retain customers continues to increase, many retailers are also expanding their efforts to include social media and digital advertising platforms to enter new markets, generate awareness, and connect with potential customers. However, retailers aren’t the only ones that are targeting the opportunities online and digital platforms offer. Cybercriminals also recognize the opportunities that online platforms represent for retailers, and are seeking to exploit their market share and revenue potential.

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How In-Store Brands Are Taking Over In-Store

Article | April 10, 2020

CPG companies have been feeling the pain from store brands for close to a decade now. Increased quality, curated offerings and better graphics have all led shoppers to try and in many cases then switch to the store brand offering. The latest salvo in this war is about data. Supermarkets used to rely heavily on data and insights on everything from shelf placement to how to market and promote foods from the likes of their CPG partners as well as Nielsen and IRI, to name just a couple. Then "category captains" were created. Usually staffed from the leading CPG brand and headquartered at the retailer’s location, those CPG companies offered retailers insights and recommendations on how to sell more product across the entire category—not just their own brand. Those positions are being eliminated. The source and quality of data has changed. Grocers are relying on their own proprietary research to decide how and where and at what price to place products—their own brands as well as those from CPG.

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Spotlight

Basic Outfitters

In 2014, Basic Outfitters co-founders Laura and Michael Dweck married and moved into a cozy apartment in NYC. It was quickly obvious whose clothing collection would take precedence in their precious and limited closet space. Michael’s eclectic and long-time accumulated sock and underwear assortment would have to go and be replaced by a fresh, new and curated collection of basics.

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