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Anyone that tells you that technology does not affect their buying practices is probably saying it on their flip phone or mailing it to you on stationary. Not only is technology changing the way we make purchases, it is altering our entire perception of progressive retail interactions. From inception to the memory of a past purchase, Western society has gone digital.
Read more: From Concept to Completion, Tech Is Changing It All
There is an inexcusable and avoidable problem in customer service today: 73% of brands think they care for consumers, yet only 36% of consumers agree, according to a recent Mblox survey. The retail industry performed only slightly better than the cross-industry average (36%), with 41% of those surveyed saying they felt cared for by retailers. Clearly, there is major room for improvement – but where do retailers start, and why is this gap so important to fix?
Because this gap will impact the bottom line sooner rather than later. Take this year’s holiday shopping season, for example. Mobile stood out from the pack – Cyber Monday mobile sales were up 27.6% over 2013. Increasingly, consumers are making purchases outside of brick-and-mortar stores, underscoring the need for brands to reach outside their physical locations to care for their customers, taking advantage of various channels and messages. This approach will create customer advocates and set the tone for sustained business.
Loyalty marketing was born in retail, a concept that started with S&H Green Stamps back in the 1930s and has been around so long that by now much of the practice is steeped in myth. Retailers often tend to side with historic “best practices” even when research points in the other direction. Using data to demystify the reality of loyalty, however, can give retailers a clearer picture about the true value of loyalty programs instead of the historical fiction that may be clouding their minds.
When it comes to consumer behaviors and preferences, there are numerous retailing myths that don’t hold up to current research. Here are five:
It’s three days before Christmas and you just thought of the perfect gift to buy your friend. You need to find this item - it’s just too right. Do you rush off to your local store in the hopes they’ll have it? Not this year.
A recent study by YouGov, sponsored by GT Nexus, found that only 39% of US shoppers trust physical stores to have their desired last-minute gift items in stock this holiday season, leaving 61% of the consumer trust pie to online retail instead. The findings are eye-opening since consumers historically have gone in-store for their last minute holiday purchases. But this change is just the latest in a long line that has shaken up the retail industry.
Consumers often dream of travel rewards, and high-dollar business travelers are the superstars of any rewards program. But what about the small earn-and-burn opportunities of everyday spend? Can loyalty programs at high frequency retailers capture the hearts of consumers and motivate them to truly change their behaviors? A recent study shows that yes, consumers do respond favorably to programs at high-frequency retailers like supermarkets and grocery stores, pharmacies, clothing retailers, convenience stores and gas stations, and are actually more engaged and motivated to spend than the high rollers.
If you’re like most retailers, you worry about making a mistake when choosing a Point of Sale (POS) solution. It’s understandable –POS software is a huge investment and the decision has a huge impact on the ultimate efficiency and success of your business.
What’s worse, there are now thousands of POS options to choose from, and they’re all different. It’s overwhelming and confusing, and many retailers end up with the wrong system if they don’t take the time to understand what’s truly most important for their business. In fact, it’s common for retailers to go through two or three different POS systems before they find one they’re happy with and finally improves their bottom line.
So how do you know which POS solution is best suited for your business? The following are some of the most common mistakes retailers make when updating POS technology, and will help make sure that you choose the right system, the first time around.
In today’s highly connected world, privacy is becoming a more precious and rare commodity. Between social media and mobile connectivity, the lines between the personal and public spheres are blurring, and now people are reachable and information is accessible virtually anywhere at any time. As a result, there is mounting concern about data exposure and accessibility, particularly in the realm of retail. Consumers are worried about merchants’ efforts to extract and store data about their customers, and the increase in retail data breaches has not positively impacted their sense of security.
Here are some tips for success this holiday season from Shmuli Goldberg, director of marketing for Feedvisor.
1. Feedback makes all the difference
Seller rating on Amazon is calculated by points. If an order is fulfilled without any problems, it receives points, and if a problem arises, points are taken off. The amount of points either granted or deducted depends on the size of the problem.
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