514.258.9359
info@a2r.ca
Advantage2RetailAdvantage2RetailAdvantage2RetailAdvantage2Retail
  • Services
    • Retail Services
      • Consulting
      • Business Process Review & Optimization
      • Systems Implementation & Integration
      • Custom Software Development
      • Project Management
      • Training, Technical & User Support
      • IT Staffing
      • Outsourcing
    • JDA Expertise
    • E-Commerce Expertise
  • Solutions
    • Veras Retail Solutions
    • HighJump Retail Advantage
    • Jesta I.S. Vision Suite
    • Pivot88 Solutions
    • Beehivr Field Marketing Applications
    • Point of Sale Systems
      • Veras CheckOut
        • Veras Activate
        • Veras Control
        • Veras Extend
        • Veras Locate
        • Veras Reach
        • Veras Stock
      • Jesta I.S. Vision Store & Mobile
      • WinDSS In-Store System
    • Merchandise Management Systems
      • Jesta I.S. Vision Merchandising
      • JDA Merchandise Management System-I
    • Warehouse Management Systems
      • JDA Warehouse Management
      • HighJump Warehouse Management System
      • Jesta I.S. Vision DC
    • Analytical Tools
    • HR & Workforce Management
  • Industries
    • Retail
    • Distribution
  • Media
    • Blog
    • A2R News
    • Resources
    • Client Feedback
  • Company
    • About Us
    • Executives
    • Technology Partners
    • Careers
    • Contact
  • Support
  • English

Retail Survival 101

    Home eCommerce Retail Survival 101
    NextPrevious

    Retail Survival 101

    By a2r_admin | eCommerce, Loyalty & Social Media, Mobile, Multi / Omnichannel, Point of Sale (POS), Social Media, Strategic Planning, Warehouse & Distribution Management | 0 comment | 4 August, 2017 | 0

    Retail Survival 101

    Three things Retailers can do Today, to prepare for the Customer of Tomorrow

    Overview:

     

    The Retail Industry has changed. The last five years have more greatly impacted the industry as a whole, than all the changes across the last fifty. This year alone, as we previously reported in our article “The Retail Apocalypse”, more than 6300 stores will be closing before the end of the calendar year, and many iconic chains have gone bankrupt, laid-off tens of thousands, and are beginning to impact the traditional malls across the country.

    Amazon and E-Commerce has risen to record highs, consumers are changing, with almost 68% of all consumers belonging to Generation X, Xennial, Millennial and Generation Z demographics, and mobile and social usage is fastly approaching complete saturation.

    Yet amid all the change and chaos, there are a few beacons of light. Success stories that show that Brick-and-Mortar Retail is not dying, but rather changing, evolving. In order to survive the coming changes, there are a number of strategies and tactics Retailers can take in order to strengthen their core, and build a flexible, yet stable base.

     

    1 – Click-and-Collect aka BOPIS:

     

    This is not a new concept, but rather an intrinsic strategy Retailers need to take advantage of. Buy Online Pickup In-Store is also an area where many Retailers fail, both with technology, execution and customer satisfaction. In order to seamlessly merge the Online and Offline worlds of commerce, and to increase your In-store foot traffic, your systems (ERP, OMS, POS, WMS) need to be integrated in real-time. Inventory accuracy needs to be 95%+ and by far the best way to achieve this in a dynamic environment like a store is via RFID tagging all items, however this is a large expense for the ROI. The best way to increase BOPIS participation with consumers is to incentivize BOPIS purchases, charge for E-Commerce shipping orders and offer an order discount for BOPIS. This achieves several areas of success.

    1. This reduces the cost of shipping direct to the customer, an area growing quarterly
    2. Increases In-Store foot traffic and additional sales (BOPIS pickups generally result in an additional 25% higher sales)
    3. Leverages store inventory, and takes the pressure off of the increasingly active distribution centers.
    4. Combats online Giants like Amazon, by offering fast and local order fulfillment
    5. Preserves gross-margin on revenue

    2 – Mobile-first:

     

    There is a vast difference between being a mobile-first and a mobile-friendly retailer.  Mobile-friendly refers to companies which utilize a mobile responsive web design, meaning the desktop experience translates well to a mobile device; while Mobile-first strategies refer to how a customer’s journey on a mobile device is planned on a mobile website/mobile app, and making sure it is translated in reverse onto a desktop.

    Mobile devices are used by 9 out of 10 of the largest population segment (Gen X to Gen Z), and is quickly approaching total ubiquity. In 2016, of all the 211 million Americans who shopped online, 64% of them (136 million) made a purchase via a mobile device, and that number is expected to grow to 68% by the end of 2017. Forrester also predicts that US E-Commerce will grow to 459 Billion this year (12.9% of total Retail Sales), so that is a large potential mobile commerce revenue, probably exceeding 40% of E-Commerce sales this year alone.

     

    In order to adopt a mobile-first strategy, retailers need to rethink their mobile browsing experience by creating an incredibly user-friendly design; large touch targets, simplified menus and navigation. This can be accomplished in a mobile browser, but there is also an added bonus to native mobile shopping apps, which are known to boost conversion and spending. Currently, according a Shopgate study, 85% of Retailers have launched a mobile-friendly website, only 22% have launched a mobile app.

    Integrate this mobile app in-store for added bonuses via beacon technology, geo-fencing, in-store discounts with scan-able barcodes, and you begin to tap the potential of Mobile Commerce online and off.

     

    3 – Data Analytics, AI & Chatbots:

     

    It has become clear over the last few years, that one thing Amazon does correctly is to be able to use their immense amount of web data to ensure that their customer is understood, and that their needs and wants are met. Advanced analytics and Artificial Intelligence are helping Retailers to understand their customer needs, and how to better serve them. By employing machine learning online, your company is able to glean insights into the habits and tastes of their consumers, which can then be utilized to better the online experience, improve the product selection, pricing and availability by area, and to improve the personalized marketing efforts that consumers want, and get from Amazon.

    While AI may be a stretch for most retailers currently, as far as deep machine learning, however BI (Business Intelligence) tools and analytics can and are being employed for the same purpose, and can give your organization a look into the who, the what, the when, the where and the why. Many retailers are using other forms of AI in the coming years, such as Chatbots on their websites to lower the cost of customer service and to improve the speed of customer satisfaction, and the hot-topic this year, shopping via voice on devices like the Amazon Echo, Google Smart-home, etc.

     

    Retail Survival:

     

    It is no secret that times are tough for Retailers, and unfortunately many won’t see the end of the next decade unless they make concerted efforts to adapt and evolve as the consumer has done.

    There is no single remedy or strategy that will work for any particular retailer and only time will tell if the strategy is sound for your model of business; for example, BOPIS may not be a feasible strategy if your organization sells large pieces of machinery or furniture, but may be perfect if your organization sells clothes, books, or electronics.

    At Advantage2Retail, we have been helping to guide and assist Retailers and Distributors for well over a decade, to become stronger, faster and better versions of themselves. Helping to optimize systems and processes in order to facilitate increased efficiencies, lower costs and pave the way to higher revenues. Please visit our website to learn all the Services and Partner Solutions A2R can offer to help your organization in the interim, and last beyond the next decade.

    a2r, advantage2retail, AI, Analytics, Artificial Intelligence, BOPIS, chatbots, click-and-collect, Data, Mobile-first, mobile-friendly, retail, technology

    a2r_admin

    More posts by a2r_admin

    Related Post

    • Brick-and-Mortar Automation: The Death of the Retail Cashier?

      By a2r_admin | 0 comment

      Brick-and-Mortar Automation: The Death of the Retail Cashier? Foreword Over twenty years ago, Amazon was formed as an online bookstore, and today sells everything from A to Z, and generates over 5% of total retailRead more

    • How Retailers Can Compete With E-Commerce Through Warehouse Fulfillment

      By Jasmine Glasheen | 0 comment

      How Retailers Can Compete With E-Commerce Through Warehouse Fulfillment   Competing with Online Giants: Retailers can combat being edged out by e-commerce by utilizing the latest innovations in warehouse fulfillment. As retail evolves, so mustRead more

    • Click and Collect: The In-Store Fulfillment Challenge

      By a2r_admin | 0 comment

      Click and Collect: The In-Store Fulfillment Challenge Introduction: With E-Commerce on a steady rise, ever-connected and price-conscious consumers turn to the option of buying online, and picking up in-store; otherwise known as BOPIS or Click andRead more

    • Robotics, AI & Retail

      By a2r_admin | 0 comment

      Robotics, AI and Retail: 3 Ways Robotics and Artificial Intelligence are Revolutionizing the Retail Industry Overview: If you watch any Sci-Fi movie or television series from the last several decades, there is a long-standing promiseRead more

    • Looking Forward: The State of Retail in 2018

      By Jasmine Glasheen | 0 comment

      Looking Forward: The State of Retail in 2018 The countdown to 2018 is upon us. Retail has evolved significantly over the past year, which means that we’ve also seen multiple store closings from legacy retailersRead more

    NextPrevious
    • English

    Search

    Recent Posts

    • Join the fight to End Homelessness
    • The Future of Retail
    • Five Years of Support
    • Brick-and-Mortar Automation: The Death of the Retail Cashier?
    • How Smartphones and Social Media have forever changed the way Consumers Shop

    Archives

    • December 2019
    • July 2019
    • December 2018
    • November 2018
    • August 2018
    • June 2018
    • April 2018
    • March 2018
    • February 2018
    • January 2018
    • December 2017
    • November 2017
    • October 2017
    • September 2017
    • August 2017
    • July 2017
    • June 2017
    • May 2017
    • April 2017
    • February 2017
    • January 2017
    • December 2016
    • November 2016
    • September 2016
    • July 2016
    • June 2016
    • May 2016
    • April 2016
    • March 2016
    • February 2016
    • December 2015
    • November 2015
    • October 2015
    • September 2015
    • August 2015
    • June 2015
    • April 2015
    • December 2014
    • November 2014
    • February 2014
    • October 2013
    • August 2013
    • May 2013
    • October 2012
    • May 2012
    • March 2012
    • December 2011
    • October 2011
    • August 2011
    • July 2011
    • June 2011
    • February 2011
    • January 2011
    • November 2010
    • September 2010

    Categories

    • Analytics & Dashboards
    • artificial intelligence
    • Charity
    • Consulting
    • CRM
    • design
    • eCommerce
    • Financial
    • JDA
    • Loss Prevention
    • Loyalty & Social Media
    • Merchandising
    • Mobile
    • Multi / Omnichannel
    • News
    • Partnerships
    • Photo
    • Planning & Allocation
    • Point of Sale (POS)
    • RFID
    • robots
    • Social Media
    • Strategic Planning
    • technology
    • Trends
    • Uncategorized
    • virtual reality
    • Warehouse & Distribution Management
    • Workforce Management

    Recent Tweets

    Canada
    9378 De Lille,
    Montreal, Québec,
    H1Z 2P5

    Phone Number
    514.258.9359
    Email Address
    info@a2r.ca

    United States
    Galt Dr., Fort Lauderdale, Florida 33308

    Phone Number
    954.229.4131
    Email Address
    info@advantage2retail.com

    Links

    • Services
    • Solutions
    • Industries
    • Media
    • Company
    • Support

    Featured News

    • Join the fight to End Homelessness

      Join the fight to end homelessness     The holiday season is

      4 December, 2019
    • The Future of Retail

      The Future of Retail For over a decade and a half, Advantage2Retail

      8 July, 2019
    • Five Years of Support

      Five Years of Support: You can help to put an end to

      4 December, 2018
    © 2017 Advantage 2 Retail | Tous droits réservés.
    • Services
      • Retail Services
        • Consulting
        • Business Process Review & Optimization
        • Systems Implementation & Integration
        • Custom Software Development
        • Project Management
        • Training, Technical & User Support
        • IT Staffing
        • Outsourcing
      • JDA Expertise
      • E-Commerce Expertise
    • Solutions
      • Veras Retail Solutions
      • HighJump Retail Advantage
      • Jesta I.S. Vision Suite
      • Pivot88 Solutions
      • Beehivr Field Marketing Applications
      • Point of Sale Systems
        • Veras CheckOut
          • Veras Activate
          • Veras Control
          • Veras Extend
          • Veras Locate
          • Veras Reach
          • Veras Stock
        • Jesta I.S. Vision Store & Mobile
        • WinDSS In-Store System
      • Merchandise Management Systems
        • Jesta I.S. Vision Merchandising
        • JDA Merchandise Management System-I
      • Warehouse Management Systems
        • JDA Warehouse Management
        • HighJump Warehouse Management System
        • Jesta I.S. Vision DC
      • Analytical Tools
      • HR & Workforce Management
    • Industries
      • Retail
      • Distribution
    • Media
      • Blog
      • A2R News
      • Resources
      • Client Feedback
    • Company
      • About Us
      • Executives
      • Technology Partners
      • Careers
      • Contact
    • Support
    • English
    Advantage2Retail