Customer Retention

Paleontologists and evolutionary biologists often speak of “punctuated equilibrium” — a time of rapid evolutionary change following a long span of stasis. Such periods occur following a cataclysmic episode — e.g., the massive asteroid strike that wiped out the dinosaurs. COVID-19 is a punctuated equilibrium event for retail. It changed everything, and many of these…

While COVID has been an “unprecedented disruption” for business and consumers, it’s clearly been an accelerant for existing trends. For retailers, this includes “Retail Darwinism.” Retailers filing for bankruptcy is nothing new, but regardless of a vaccine or another “unprecedented” event, failure to understand the context that made COVID exacerbate retail’s challenges will only leave…

In the early moments of the COVID-19 pandemic, the role of brands elevated nearly immediately. Some retail stores were deemed essential, and their employees became frontline workers seemingly overnight. Trusted brands also quickly moved to the forefront of the COVID-19 conversation. People, businesses and brands were given the opportunity to improve the greater good, or…

As states across the U.S. are relaxing stay-at-home orders, and with restrictions on everyday activities easing, Americans seem to be finally settling into a new routine. The burning question now is: How must retailers adjust to the new normal to best serve the post-pandemic consumer? According to the most recent EY Future Consumer Index, a…

Walmart on Tuesday unveiled a subscription service that will go toe-to-toe with Amazon Prime, reports CNN. The Walmart+ membership plan includes free shipping on items $35 and over, including same-day deliveries on certain items from stores, such as groceries. It will cost $98 a year or $12.95 a month, and includes a 15-day free trial period. Members…

Businesses are opening back up, but things are far from business as usual. Facing new customer concerns around health and safety, retailers have had to reimagine their operations. And while the crisis has spawned a bevy of new and innovative solutions to overcome unprecedented challenges, it’s become clear that the needs and expectations of consumers…

Small businesses are the backbone of our society, making up 44 percent of the U.S. economy and employing almost half of the private workforce. However, COVID-19 has changed the way people spend, forcing many of these local economy engines to pivot their business strategies, enter the digital realm and get creative to stay afloat. According…

This past quarter, retailers discovered what happens when a robust omnichannel strategy is forced down to one storefront: digital. Players in every industry have accelerated their timelines and poured resources into their online experience, and are learning as they go. We see firsthand the strain our own customers are feeling as they stare down a…

A 2018 post on evolving go-to-market strategies, by Sally Ann Lopez, noted that digital channels comprise a growing 10 percent share of $5 trillion in total annual sales, and recommending several e-commerce strategies to harness this emerging market. The worldwide COVID-19 outbreak rapidly shuffled the digital card deck, turning many recommendations into dire necessities for…

Loyalty, loyalty, loyalty. If your business is working to harness the purchasing power of future generations, these wise words from Pulitzer Prize-winning millennial rapper, Kendrick Lamar, ring truer than ever in 2020. The spending power of Gen Z and millennials combined with the increasingly saturated retail market has made attracting repeat customers — and organic…