A year of challenge and transformation. We are experiencing rapid technological change, altered customer behaviours, and a globalisation of retail competition.
These stores bring in a ton of foot traffic into your vicinity, which opens up more opportunities for your business to get discovered.
AR brings computer-generated objects into the real world — kind of like how in the movie Space Jam, Michael Jordan can be seen playing basketball with Looney Tunes characters.
Topshop teamed up with AR Door to create a virtual fitting room for its Moscow location. Using augmented reality technology and Microsoft Kinect, they were able to create a fitting room simulator that allowed the customer to see how a dress looks on her without actually trying it on.
Big Box Store Its name pretty much says it all. Big Data This refers to sets of data so massive, it would take sophisticated programs and really smart data scientists to make sense of it all.
Think of it as analytics on steroids. Crunching the numbers, analyzing, and extracting action steps from all that information takes a ton of work, but it usually pays off for retailers because Big Data gives them tremendous consumer insights.
With the help of IBM, the US retailer is able to gather torrents of customer information and behavior at a variety of touch points in order to serve up personalized experiences and recommendations.
On top of that, the retailer also factors in social engagement such as blogs and gift registries to further connect with its customers. Brick and Click This term refers to retailers that integrate their brick and mortar store with their ecommerce site.
These retailers bring the best of both worlds into their business. Most brick and click companies even offer seamless web-to-store services such as in-store pick ups and returns.
Beacons Powered by BLE Bluetooth Low Energy technology, Beacons are devices that can transmit messages to other Bluetooth-enabled gizmos, such as smartphones, tablets, and smartwatches.
This enables retailers to send tailored notifications to shoppers depending on where they are in the store or what type of customer they are. Beacons can also be used for in-store analytics purposes.
Most solutions come with tools for measuring foot traffic, dwell time, and more, enabling retailers to gather data and further get to know their customers and their store. Cashwrap This is the main checkout area of a retail store. Most cashwraps even have shelves containing merchandise that shoppers can pick up on their way out.
Click and Collect This is a service in which retailers enable shoppers to buy items online and pick them up in their physical stores. Modern consumers love stores that offer click-and-collect because it makes their life a lot easier.
Cross Merchandising This refers to the practice of displaying or putting together products from different categories to drive add-on sales. This is cross merchandising in action. Groceries know that people often take lemons with their tequila shots, so they strategically placed the two items together.
Clienteling This is a technique used by retail associates to deepen their relationship with each customer.
Clienteling involves relationship-building activities such as using CRM software to collect and track customer data, providing personalized shopping experiences, and following up with shoppers in a relevant and timely way.
They include NFC-enabled credit and debit cards, smart cards, and smartphones that allow customers to complete transactions without physically touching a payment terminal.
Instead of having to swipe their card, shoppers can pay for their purchases just by waving their card or phone over a terminal. Dead Stock Sometimes called dead inventory, this is one thing no retailer wants to have, ever.
Dead stock pertains to merchandise that has never been sold or has been in stock for a while. Retailers can get rid of dead or unmoving inventory through sales or donations, but the best way to deal with dead stock is not to have it in the first place.
Analyze the demand in your market to determine the items that you should keep in stock. Also, be sure to manage your inventory well and keep communication lines open between your sales and your purchasing departments. Dynamic Clustering If you have a fragmented customer base i.
This is where Dynamic Clustering comes in. Dynamic Clustering is all about identifying patterns or opportunities in various and diverse segments to bring about the best strategies for each cluster.
By using Dynamic Clustering, you are able to identify similar patterns and trends in four different states, namely California, New York, Nevada, and Massachusetts.
This then enables you to make better and more relevant sales, purchasing, or marketing decisions for that cluster of states.What are the important attributes of a “fast fashion” retailer to customers?
To store managers? The important attributes of “fast fashion” . Retail Dictionary: Important Terms All Retailers Should Know. If you’re new to the retail world, it can be hard to keep up with the retail jargon used in the industry.
Oct 23, · Fast Fashion may be the most important disrupter in the retail industry today.
Fast Fashion may be the most important disrupter in the retail industry today. Opinions expressed by Forbes. The Complete List with Examples # 2PS = Two Piece Suit = A business suit consisting of a jacket with matching trousers.
Ex. “I got a great deal on my 2PS at Suit Supply.” 3PS = Three Piece Suit = A business suit consisting of a matching jacket, trousers and waistcoat. A. A/W = Autumn/Winter Collection = A new line or collection released by a designer that focuses on fall and winter apparel.
Lampert seeks partner for Sears bankruptcy financing By Yoel Minkoff Seeking Alpha October 22, Sears Chairman Eddie Lampert is in talks with Cyrus Capital to contribute to a $M bankruptcy loan the U.S.
retailer is seeking, which would be separate from another $M bankruptcy loan that Sears' banks have offered to provide, Reuters reports. Woolworths Holdings Limited is an investment holding company and one of the top 40 companies listed on the Johannesburg Securities Exchange.
Its core business focus is the provision of retail and financial services to upper and middle-income groups mainly in South .