In the present day marketplace, slowing revenue growth is evident in almost every sector, especially within the retail industry. With internal and external factors constantly influencing sales, retailers need to re-think their growth strategy as long-term and sustainable. Based on a study conducted by Harvard Business Review earlier this year, the analysis showed that “less…
It is said that true consumer loyalty happens when the individuals feel empowered, noticed and appreciated. According to Julie Wittes Shlack and Ed Chao, the co-authors of Head vs. Heart. “Emotions drive behaviour; loyalty is generated when a brand makes a customer feel a certain way. According to a Gartner survey, “89% of companies expect…
We often arrive at the airport in a hurry, stressed out and anxious to board. These emotions are then amplified when we face never-ending lines in a disorganized setting. Plain and simple, we don’t like waiting. According to this year’s survey “America Thinks”, more than 34% of respondents identify the major pain point of travel…
When asked about why consumers buy at their favorite supermarkets, many will initially respond with the retailer stocking the product they seek or is conveniently located. However, a study from Bain and Co. depict that it is the in store experience the shoppers have encountered – specifically a short queue time upon check out or…
Due to economical challenges, casinos and the gaming industry worldwide have been seeing a slump in performance and revenue during recent years. In order to counteract this phenomenon, casinos need to increase internal effectivity to manage sustainable growth. Understanding the footfall of consumers through various time frames is one aspect of improvement, but leveraging granular…
In e-commerce, the process to track the consumer footprints is fairly straightforward as every touch point is traceable. Take a step back into the traditional brick and mortar store, more anonymity remains with the browsing and purchase behavior. Interaction with merchandise and in store employees makes it somewhat more complex to optimize and understand. Retailers…
The retail market has always been defined as one of the most dynamic industries. This fast paced environment is going through a perspective change driven by digitalization which has altered how the consumers react with brands. Innovations such as people counting technology reshaped how retailers may leverage this data and engage with their clientele. 1)…
Did you know those tiny rooms in the back of the stores are actually the key areas of the purchasing process? As a store manager, when you analyze your store’s and fitting rooms’ traffic, it seems to be pretty high, but you also wonder why your conversion rates are lower than expected. The fitting room…
Expanding a retail business can be a bit tricky. Your growth plan should be based on opening more physical stores in different locations and attracting an increasing amount of footfall day-by-day. Business owners tend to look at complex financials and get lost in them while trying to dwell on how to branch out. Here is…
Salesfloor has always been one of the key indicators of retail success and it stayed the same over the years. Some stores might have higher traffic numbers, but when these figures are analyzed, it is found out that the conversion rates are lower or vice versa. With today’s technological transformation, retailers can now utilize cloud…
