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"They say there’s nothing quite like retail therapy, but what happens when online shopping just feels like it’s lost its spark?” asks Jeena Sharma in Retail Brew.
“Well, more than 3 in 4 consumers say that while e-commerce is ‘functional,’ it’s just not fun anymore, a new study by Criteo found."
According to "The Spark Of Discovery" report by global marketing and media company Criteo, who surveyed 6,000 consumers in six different countries, shoppers describe online shopping...
as a chore, 29%
as lonely, 79%
as overwhelming, 78%.
Ouch!
When do shoppers prefer ecommerce? No surprises there either:
Save time, 48%
Easier price comparison, 45%
Avoid crowds, 38%
Better discounts, 38%
Broader range of products, 34%
The report went on at some length to propose how ecommerce businesses could imitate the best practices of specialty retailers.
You've seen them, right? You may be using one yourself.
The typical accounting package that lists expenses in alphabetical order.
How useful is that to retail management?!
Actually, there is an easy way for busy retailers to turn all that line-item data into useful management information. And maybe find those profits that have been hiding in plain sight!
Let’s take a break from the drama of the business and economic news, and its uncontrollables. It's time to put the fun back into retailing!
Remembering that "Retail IS detail," focus on attracting and appealing to your very best customers.
And we have the (free!) tools to make all this happen. But be ready: surprises and new insights will emerge.
First, check out this article on The ROI site: Rating Your Store From a Shopper's Perspective. See the 25 "retail is detail" items that do matter to shoppers, from Accessibility to Windows (and yes, Bathrooms really do matter.)
Running a retail operation, as you know, is a tough job to do successfully. (The failure rate keeps reminding all of us of that fact.) And now, that job is even harder.
Maybe we're being overly dramatic, but it seems to us that there are two very dark clouds simultaneously coming our way. Consumer confidence is falling while announced tariffs will be raising costs.
We all have to wonder whether consumers are going to hold back discretionary spending even more;
And, at the same time, we must start guessing what impact tariffs might have on our merchandise.
We've not heard of any available consultants, pundits, or fortune tellers that have magic solutions. Alas.
What is called for? Your best judgment, as the owner. Never before has it been needed more immediately.
It's that time of year when all the talk is about all that's new and different for retailers. As the trade show season gets into full swing, there is no shortage of reminders of all the elements you need for your business to "keep up."
We get it. Keeping pace with the relentless changes in retailing is not easy. Retailers know it demands constant adjustments.
But you’re the owner. How well is your business keeping pace with your personal goals and ambitions?
Remember, the point of owning your own business is to make the business work for you! How are you doing so far?
Very likely, you saw this headline today, as we did. “Amazon Announces $56,000,000,000 Profit.” For one quarter. Nice, eh?
The announcement also referred to Amazon as the world’s largest retailer, surpassing Wal-Mart. Again, how nice.
Meanwhile, another headline earlier this week: “Physical Stores Still Vex Amazon.”
Hmm. The “world’s largest retailer” not able to make stores work?! The hypocrisy of boasting about profits, most of which come from Amazon Web Services, not bricks-and-mortar retailing. Moreover, their “online stores” reports 11 times as much volume as their physical stores ($61.4B versus $5.2B.)
Well, if you are Amazon, a little hypocrisy will probably never be noticed. Oh, how nice.
Just in; published last month. The best financial data available! Annual Statement Studies from Risk Management Association for all NAICS industries.
The ROI’s Key Retail Benchmarks Charts are one of the most-used resources of The ROI. And for good reasons!
Presented visually, these compelling five year trend charts reveal how stores in each retail vertical are trending on key financial indicators: profitability; inventory productivity; financial strength.
The prospect of tariffs from 10% to 60% being imposed on goods from Canada, Mexico, China, and other countries by the incoming Trump Administration is certainly contributing to headlines and attention. Another flexibility test for retailers.
Some retailers have seized on the uncertainty that has resulted. They are using the fear of tariff costs leading to higher retail prices to heighten the shoppers' sense of urgency.
Incredible value! 👀
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