Government research has shown that when negotiations without a guaranteed resolution are required, establishing a shared sense or urgency can substantially improve the process, completion rate and overall satisfaction for each party. Retail and merchandising typically involve undergoing routine negotiations with a number of suppliers throughout the sales cycle. Negotiating pricing and promotion te[...]
In 2016, the Nielson Global Retail Loyalty Sentiment Report found that when all else is equal, over 70 percent of shoppers worldwide are more likely to buy from a retailer offering a loyalty am than who is not. More than 65 percent of the shoppers out there are joining loyalty programs for the free products and discounts that are offered. Five retailers who receive high praise for their retailer l[...]
According to a recent industry report, over 25 percent of U.S. retailers planned on using data analytics by the beginning of 2017 to help with improving their buying decisions. Within this quickly evolving and increasingly competitive sector, retailer's ability to convert in-store traffic into actual consumers is becoming more important with each day. Understanding the relevant metrics, recent te[...]
The list post is one of the most popular and readable blog formats on the web. It is composed of -- you guessed it - a list, and includes short explanatory paragraphs about each item. As of 2014, more than 3.5 million people in the U.S alone identify as teleworkers and work remotely from their office. Keeping the field team connected becomes more important as your workforce matures and more employ[...]
Many retailers rely heavily on visual merchandise for drawing in potential customers. Merchandising is more valued than ever as demands and competition continuously increase in the retail sector. Effective merchandising captivates the shopper's attention and entices them to make a purchase. Several of the creative merchandising concepts recently used by leading retailers can be replicated and scal[...]
Every company has recurring activities that are particularly time consuming. From the annual budget process, to tax day, to launching a new seasonal line, these activities require “all hands on deck”. - DOWNLOAD our Free E-Book.
Surviving and thriving in the retail sector is all about how well you can build strong connections with customers. Right now, the leading strategies for connecting with customers center around capitalizing on data, tapping into emotion and crafting a total retail experience. Finding ways to apply these fundamental steps to your specific enterprise and target audience determine how successful you c[...]
One of the first steps towards increasing retail efficiency is identifying the KPI for your business. For many retailers, the success of performance is measured by tracking sales per square foot. Understanding how to apply retail math formulas can help you monitor when the operations are running most efficiently and when they have gone off track. Using the space available effectively can help gene[...]
Whether your merchandising looks attractive or not is typically the primary factor driving sales in the retail sector. Some of the challenges you'll face are inherent with the products, while other issues can be sourced to a faulty approach. Following the five fundamentals detailed below will help enhance visibility at your store and help your merchandising appear more attractive to visitors.
The National Retail Federation found that over 75 percent of consumers are likely to research a product online and compare similar offerings before their purchase. As the number of consumers operating primarily online increases, successful retailers need to capitalize on digital applications as much as possible.