StoreFrontBackTalk has a blog post today talking about how Social Networks (SNs) are evolving and Retailers setting shop on Social Networks like Facebook should not cozy upto the data considering the changes these SNs are bringing in. Case in hand is Facebook Privacy changes. While most of the article adds fear in Retailers mind with respect to their strategies for SNs, the last para sums it up well.
That all said, it’s probably a fine idea to set up shop wherever—and everywhere—you can. But don’t get too used to whatever data you’re getting from those areas today. It may be short-lived.
Check out this really cool Retail demo depicting Sales Dashboard on a Map. The color coding on the map and the ability to add details by using layers make it even more interesting. You can drag any asset from the map to the right side details tab and see even more finer details like picture of the store, product revenue etc. The demo utilizes Microsoft SharePoint Server, Virtual Earth and some nifty Flash animation.
The above is a quote from the Video embedded below where Microsoft Industry Solutions Director David Gruehn talks about Innovation and how it impacts retailers.
Not only are retailers dealing with the new economy, they are dealing with an exponentially increasing tech savvy consumer who expects always on, always connected, always right and your next round of employees may be just as demanding of the technology they expect to have access to in your store. Microsoft Industry Solutions Director David Gruehn, and former retail CIO, talks about innovation and how it is impacting retailers.
If Store openings are any indication, retailers are surely looking forward to a better year and that recession is over. About.com maintains a complete and ongoing list of the store openings announced for 2010 by US Retailers. Good source to track the Retailers that are bullish on the market.
Some great advice on engaging Teens using SMS…
As many of us know, teens spend an inordinate amount of their waking hours connecting via text messaging (most people can't fathom how the average teen can write 100+ text messages/day), but this doesn't mean that teens want to be marketed too via text. Receiving a retailer's jargon-filled, stiff text message while conversing with a friend can be jarring. So how do we get their attention, while still making it personal and relevant?
The article discusses the following five steps to get Teen’s attention:
STEP 1: Ask the teen for permission to speak with them via their phone. Teens need to feel in control.
STEP 2: In the first month, ensure you share with them the best promotion you have to offer, so you maximize your chances of building a positive exchange through the mobile channel.
STEP 3: Be conscious of the "voice" you are using in the mobile channel. If your brand comes stomping in with a third-person corporate voice, it will stick out like a sore thumb.
STEP 4: Determine the mobile promotion for your business that makes teens say yes. The messages must convey maximum value and relevance.
STEP 5: Develop an in-store experience that engages.
Forbes.com China Tracker Blog has a blog post on the growing Luxury Market in China. According to the post, China is currently the fastest-growing and second-largest luxury goods market in the world, second only to Japan. It is expected to reach the number one spot by as early as 2015. In 2009 Chinese consumers purchased 27.5% of the world’s luxury goods at a total of 9.4 billion USD, in comparison to 2004 when their total was only 2 billion USD. Some great insights from the article:
On average Chinese Luxury Consumers are roughly 20 years younger than their counterparts in the U.S., Japan and other developed nations.
Not all luxury consumers in China actually have the salary to support such purchases
In general foreign luxury goods are preferred, with top purchases being automobiles, clothing, cosmetics, purses and watches.
Came across this great example of Augmented Reality where shop window displays allow shoppers to try on virtual 3D watches.
From Touch-screen Selfridges window displays allow shoppers to try on virtual 3D watches:
Passers-by outside the Oxford Street store will be handed paper wristbands which, when shown to a camera built into the display, will allow them to view an image of themselves “wearing” any watch they select on the touch-screen.
The “virtual watch” is created by real-time light-reflecting technology that allows the consumer to interact with the design by twisting their wrist for a 360 degree view.
Shoppers will be able to “try on” 28 different watches from the Touch collection by the Swiss watch maker Tissot, and can also experiment with different dials and straps.
Each watch will show the correct time and date and shoppers will also be able to try their touch-screen functions such as compasses and thermometers.
Just went through the great coverage of NRF’s recently concluded 99th Annual Convention & EXPO by NRF’s Stores Magazine. Good Read.
There are reports over the weekend that Procter & Gamble is opening a store of its own. While P&G termed it as a “Learning Lab” and not a direct competition to Wal-Marts of the country, if anyone is buying Tide over internet, they will likely buy it from the brand website.
Procter & Gamble announced it will launch an online store with e-commerce services leader PFSweb, but said it is not trying to bypass the big-box retailers like Wal-Mart and Target that peddle its household and personal care brands to Internet shoppers.
"While the eStore is another online store for consumers to buy Procter &Gamble brands, [it] is first and foremost a learning lab for ecommerce innovations,' P&G spokeswoman Tressie Long told Forbes. "P&G is not a retailer, nor is the eStore an indication that we want to be," she added, noting that it is not an attempt to bypass other online merchants. "We have already been talking with our retail partners regarding the eStore and making sure they understand our goal is to develop and qualify e-commerce innovations that will mutually increase online sales for P&G and our e-retail partners."
The site will be operated and managed by PFSWeb and exclusively feature P&G products to consumers in the U.S only.
Willard Bishop recommends Four Commandments for Food Retailers in the December edition of Competitive Edge:
By most accounts, 2009 will go down as one of the most tumultuous economic times in history. In 2010, food retailers will continue to battle for shoppers, sales, and profits in what certainly will be a difficult economy marked by shaken consumer confidence and new shopping behavior. This issue of Competitive Edge will provide insight, based on our experience and exposure to national and regional retailers, on four key areas to pay attention to in 2010.Read the complete Competitive Edge
