Retail Stores
Cold weather has been blamed for a lot of bad economic data this year, including retailers’ weak sales. After all, it's easier to stay home and order everything online. But for shoppers who still make the effort to drive to stores, retailers are trying to make the process a little more rewarding. Sears has introduced a drive-through shopping option: if you buy something online and choose to pick it up at the store, you don't have to leave the warmth of your car. In five minutes or less, a store associate will bring your shopping cart out to you.
No industry has been more transfigured in the past year than retail. Stores now behave like websites, tracking consumers as they browse. American malls have pretty much died (but may be on their way back to life). And in some parts of the country you can have your milk and eggs delivered to your home, along with your new iPod, on the same day. Those who lead the field strike the right balance between physical and digital, experience and affordability, and convenience and quality.
Hometalk, a home and garden social network, has announced that its members will co-host Pinterest parties in 100 Michaels stores nationwide on Feb. 16. According to the companies, these parties will provide live access to Hometalk's expansive network of do-it-yourself (DIY) experts. Hometalk has selected 100 of its members to lead a series of DIY craft demos for consumers to learn from as they shop for supplies in Michaels stores. Handpicked for their DIY expertise, Hometalk members will put their own twist on one of five Pinterest-inspired projects, offering consumers hands-on help and tutorials, ideas and advice.
The first computer I ever bought was a Tandy TRS-80 I got at RadioShack in the mid-1980s. There was no floppy drive, no operating system, no internet connection and no hard drive. I used a tape recorder to save data, but I still felt pretty cutting edge, even if it was largely an expensive paperweight, since I had no programming skills and used it like a big calculator. While those were also the halcyon days of RadioShack, the electronics retailer would like 2014 to be the start of a new golden age.
When store labor is heavy, payroll expenses go up and operations run hot. When store labor is light, conversions go down and operations run cold. However, when store labor is perfectly aligned with defined plans, then operations run just right. And when operations run just right, consumers receive the right amount of help from store associates, conversions go up, important tasks are completed on time, margins improve and everyone wins.
With Forrester predicting online shopping will reach $370 billion by 2017, retailers are fighting to get consumers to visit stores — and provide a quality experience when they get there. The trick is matching the convenience, speed and depth of information in-store that the online world easily provides. Also taking priority: time-saving techniques like virtual try-on; faster, more secure checkout; and protecting customers’ information. Consumers "expect the in-store experience to match the convenience of online," said Chris Donnelly, global managing director of Accenture Retail. Evidence the growth of mobile payments, which Accenture said will quadruple to $630 billion by 2014.
Take a look at key omni-channel retail trends emerging worldwide and hear about IBM’s retail integration solutions.
Staying relevant in this economy is no easy feat, especially when you're competing against hundreds of other brands in-store. Commercials and advertisements only go so far; you also need to maximize your in-store marketing and ensure that shoppers seek out your brand while they're actually in-store. Luckily, there are several ways that companies can optimize their product placement and catch a shopper's eye. Here's how you can make sure that your brand gets the attention it deserves:
The one-size-fits-all mannequin is getting a much-needed makeover. Wings Beachwear's mannequins in Miami sport flower tattoos like some of the women who shop there. The mannequins at American Apparel's downtown New York City store have pubic hair peeking through their lingerie. And at David's Bridal, mannequins soon will get thicker waists, saggier breasts and back fat to mimic a more realistic shape. "This will give (a shopper) a better idea of what the dress will look like on her," says Michele Von Plato, a vice president at the nation's largest bridal chain.
This past January, as I've done for the past five years or so, I trekked into New York City's Jacob Javits Convention Center for the National Retail Federation's (NRF) Big Show. I was met, as I was in past years as well, by retailers from around the world. I spent time at this year's conference attending presentations and press conferences; meeting and interviewing retail industry execs in the press room; and walking the vast exhibit hall floors trying to find the "next big things" in retail technology. Here are a few of my takeaways