Amazon Proved Online Retail Prowess, Tesla Destined To Do The Same

EVANNEX | March 10, 2019

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It’s not uncommon to see Tesla compared to Amazon. There’s also a bit of a rivalry between Jeff Bezos and Elon Musk. Bezos has systematically extracted mass market product retail out of traditional brick-and-morter stores and into its industry-dominating Amazon marketplace online. Could Musk be taking a page out of the Bezos playbook — going all-in with Tesla’s online sales strategy? Furthermore, could Tesla be the first automaker to have the moxie to attempt such a bold Amazon-esque move? In the article, In 1 Astonishing Sentence, Elon Musk Just Revealed the Sheer Insane Power of the Tesla Brand, Chris Matyszczyk writes in Inc., “Musk offered several statistics that might stress the minds of traditional automakers,” but one particular sentence stood out to him: 82 percent of customers bought their Model 3 without ever having taken a test drive.

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Retail Merchandiser

Since our beginnings more than 56 years ago, Retail Merchandiser has displayed an uncanny knack for recognizing the emerging trends in retail. From accurately predicting the revolution that saw mass merchandisers become the kings of retail to prognostications on the ways that the Internet would impact brick-and-mortar stores, our magazine has grown and evolved to cover every aspect of the retail world in print, on the web and through social media.

OTHER ARTICLES

How Retailers Can Utilize In-Store Digital Signage

Article | February 10, 2020

Consumer attention is shifting. Brick-and-mortar stores must now compete with e-retailers as customers spend more time online, thanks to targeted ads and personalized deals. As noted by Digital eCommerce, online sales rose almost 18 percent last year to $3.46 trillion worldwide and are on track to top $892 billion across the U.S. in less than two years. This shift has alerted most brands to the need for a retail evolution to ensure ongoing success. With e-commerce sales still accounting for just under 10 percent of retail revenues, businesses have an opportunity to boost sales and raise their brand profile — if they can reliably capture consumer interest. One solution: effective and engaging digital signage. Retailers Can Capture Crucial In-Store Moments To capture attention and drive conversion, businesses must capitalize on what Google calls micro-moments, when customers leverage their mobile devices to discover more information, find a price or pinpoint a vendor online.

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Retail supply chains will be held liable for price gouging

Article | February 10, 2020

Texas Attorney General Ken Paxton today issued a stern warning to retail suppliers, including those who supply grocery stores and pharmacies, that state law strictly prohibits price gouging in the wake of a declared disaster. Price gouging laws apply to any person or entity selling necessities at an exorbitant or excessive price after a disaster has been declared by the Governor or President. This prohibition includes those who supply retailers. Under the Texas Deceptive Trade Practices Act, any price-gougers may be required to reimburse consumers and may be held liable for civil penalties of up to $10,000 per violation with an additional penalty of up to $250,000 if the affected consumers are elderly.

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Next website overwhelmed after re-opening online trading

Article | February 10, 2020

Next returned to selling clothes online this morning after the fashion retailer put extra safety measures in place to ensure warehouse staff can work safely during the pandemic. However, by 9am the website had closed again, with the high street giant saying it had already received all the orders it could process for the day – but it would return tomorrow. Next had initially closed its online operations in late March amid the coronavirus crisis, in response to criticism from staff who felt unsafe at work.

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What are the biggest barriers to AI adoption for retailers?

Article | February 10, 2020

According to KPMG’s “Living in an AI World 2020 Report,” retailers have some optimism, some skepticism and some pessimism about how artificial intelligence (AI) will impact the industry. The study explored how 751 insiders across five industries, including retail, view the future of AI in their sectors. On the downside, 64 percent of retail insiders agreed that the use of AI to help businesses is more hype than reality right now. The study also identified numerous challenges retailers believe they face in capitalizing on AI’s potential: AI readiness: Just 43 percent of retail respondents believe their employees are prepared for AI adoption. Relatedly, only 52 percent say their companies offer any type of AI training.

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Spotlight

Retail Merchandiser

Since our beginnings more than 56 years ago, Retail Merchandiser has displayed an uncanny knack for recognizing the emerging trends in retail. From accurately predicting the revolution that saw mass merchandisers become the kings of retail to prognostications on the ways that the Internet would impact brick-and-mortar stores, our magazine has grown and evolved to cover every aspect of the retail world in print, on the web and through social media.

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