Brick-and mortar stores are seeing more and more customers using their phones to find better deals online. Mobile apps enable shoppers to scan the items in-store from their phones to instantly see competitors’ prices. The definition of showrooming is “when a shopper visits a store to check out a product but then purchases the product online” (Techopedia). Many brick-and-mortar stores are fearful of showrooming because it means they could lose sales to their competitors. Here are 5 forward-thinking ways for brick-and-mortar stores to deal with the mobile trend and keep closing sales. Read the full entry
Multi-touch technology in a retail business offers customers a unique, innovative experience, which can promote brand recognition and loyalty. When applying multi-touch media in your retail setting, there are four main factors that you should take time to consider. These will have a major impact on the type of kit you introduce to your retail store and have a bearing on the user experience created for your customers. Read the full entry
Whether you run an ecommerce business or a brick-and-mortar retail establishment, chances are you need to ship items to your customers regularly. But what do your shipping procedures currently look like?
If you’re guessing what shipping rates to charge customers, estimating how much postage to use, and not purchasing insurance and tracking, then you’re probably failing both your business and customers. Read the full entry
Your POS system is not just a cash register. Your system coordinates inventory, purchasing, receiving, and transfers of products. It also tracks sales information and trends, and performs analyses of various elements – cost, price, and profit – as needed.
Using the information stored in your POS reports, you can improve your business’s marketing, staffing, and sales processes. Read the full entry
When you process a credit card transaction in your retail store, there is an element of risk involved in the transferal of payment – a moment when the processing company assumes, but cannot confirm, that it will receive payment from the credit card holder.
In the majority of transactions, this risk is minor and ephemeral. However, certain transactions come with a greater degree of risk that the company will not receive payment or will become a victim of fraud.
To make up for the risks of this kind of transaction, credit card processing companies charge the merchant a much higher fee. Once you understand how risk is assessed by your processing service, you can take action to reduce that risk and, therefore, reduce your transaction fees. Read the full entry
Want to do an experiment? Find a retail establishment that doesn’t accept credit cards. It’s nearly impossible today, but somewhere between the cracks you can still find a few if you look hard enough.
The simple fact is that consumers are replacing the use of cash or checks with credit cards. One of the reasons is the convenience; all you have to do is reach into your wallet and pull out the plastic. And, for you, it’s nearly just as easy to accept credit cards. In fact, it’s about as easy as it is to whip out the plastic to pay for something. Read the full entry
Today’s retail environment is much more complex than it was back when the mom-and-pop corner store was the only place in town to buy a loaf of bread. Today, most cities have a handful, if not dozens, of chain grocery stores selling the same products, a Sam’s Club or Costco offering deep discounts on bulk purchases, and even online grocers to compete against.
Shopper marketing is more important than ever, and spending on this form of marketing is only projected to increase in years to come. The shopper state of mind and unspoken needs that influence buying behavior are factors retailers cannot afford to ignore. Read the full entry
At the start of each New Year you will put forth resolutions. While we all start out with the best intentions, a staggering amount of resolutions are forgotten by mid- January. Here are some helpful tips to attain your retail goals in the New Year.
Straight out the gate in the New Year, retailers will be coming off a large spike in income; however, sudden increases in income are generally mismanaged.
If you do not manage your purchasing, staffing, and schedules, all while making enough sales at the correct price, your profits will go out of the window and you will make few inroads to improve your business or stability despite all of your hard work. Read the full entry
This week I found myself in a home improvement store, staring at a huge selection of cabinet hardware and wondering if the store’s prices really were the best deal in the area.
Instead of jumping in the car and driving to the next store, however, I simply pulled out my smartphone, scanned the bar code for the type of hardware I was considering, and searched the price at five different stores in the area.
It turned out that I could buy them for almost two dollars less at a hardware store just down the street, so I headed down the road for the better deal. Read the full entry
As a means of giving your customers the opportunity to purchase products 24/7, 365 days a year, eCommerce provides huge opportunities for businesses to sell their products online and achieve sales volumes like never before.
According to Forrester Research US eCommerce is expected to reach $250 billion in 2014 – with an expected 10% compound annual growth rate. An opportunity like this cannot be ignored, however many companies underestimate the resources needed to open an eCommerce store or fail to consider that a strong front-end eCommerce system will never perform as well as it could without a strong back-end ERP system. Read the full entry