The Retail Profit Doug Stephens has astutely observed that purchasing products from Amazon is the quickest route from wanting to receiving. There is nothing special or emotionally engaging with acquiring goods with a few clicks of a mouse. Yet, Amazon is expected to be responsible for 80 percent of online purchasing growth in 2018 and commands 49 percent of all Internet searches.
What behaviors and characteristics prevent consumers from returning to a brick and mortar retailer? Podium recently surveyed 2,000 US consumers aged 18 - 64 to answer that question. The survey found that if a retailer demonstrated any of the attitudes and behaviors that caused consumers pain, they would never return to that business.
Derek Gaunt will be sharing the negotiation secrets of the Black Swan Group at the 2018 BKBG Annual Conference, September 25. Black Swan advises its clients to avoid the typical negotiating scenario where one-party states what their issues are and what they want and the other party does the same hoping to reach a compromise in the middle.
A fascinating study of 1,600 American consumers in February 2018 found that 65 percent of consumers’ shopping behavior has been affected by the current administration in the White House. This is a whopping 25 percent increase from a similar study produced in February 2017.
We all know the impact ecommerce has had and will continue to have on brick and mortar retailing. The consensus of both ecommerce leaders such as Amazon and brick and mortar stalwarts such as Nordstrom and Best Buy is that retail is not an either-or proposition. Why else would Amazon purchase Wholefoods and open brick and mortar grocery stores and book stores?
A number of brands seek to place their products and services in front of recognized influencers with lots of followers. Beyoncé, Miley Cyrus, Rihanna and Kanye West come to mind. Influencer marketing is a huge business with more than 73 percent of luxury fashion and beauty brands actively participating, according to a report from Fashion and Beauty Monitor entitled, The New Face of Luxury.
At some point when engaging with a client or customer, you need to ask for the sale. And when you do, look through the lens of your customer. What can you say or do that makes your offer a no-brainer? Here are four ideas to help close more sales.
“In the U.S., they’re cutting corners and cheating, and driving everything to the lowest common denominator – in the brands themselves and in the channels of distribution: department stores, shopping centers. And it’s reaching the point of no return, which means that retail in the U.S. will have to reinvent itself,” claims Value Retail’s CEO Scott Malkin in a recent Glossy interview. Value Retail owns and operates 11 luxury outlet centers in Europe and China
In his book, The Land of Strangers, Robert Hall writes, "The truth is, relationships are the most valuable and value-creating resource of any society. They are our lifelines to survive, grow and thrive." As company leaders, bosses and mentors, what are you doing to help your team members and coworkers build their network of professional relationships? What encouragement are you providing? What opportunities are available and does your team know about them? What are you doing to help yourself?