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Back-to-school shopping began earlier than ever this year, and according to NRF's 2013 Back-to-School and Back-to-College Surveys conducted by Prosper Insights and Analytics, the average family with school-age children in grades K-12 has already completed more than half (52.1%) of its shopping, up from 40.1 percent the same time last year and the highest percent in the survey’s history.
The list of the fastest-growing retailers this year tells a story of consumers’ growing affinity for fast-fashion, specialty grocery items and apparel. STORES Hot 100 Retailers list, published annually in the August issue of STORES magazine, consists of retail companies that reported the greatest increase in domestic sales between 2011 and 2012.
From Platt Retail Institute. This article recaps a presentation made at the PRI Retail Forum at Digital Signage Expo 2013. The presenter was Eero Rask, Business Area Director for Videra Visual Communications Services. Videra is one of four business units of Elisa, the largest telecommunications company in Finland. Elisa operates in more than 100 countries from North Korea to Finland to the United States, with more than 10,000 sites receiving services. Rask spoke about the company and the development of an integrated technology solution designed for the Elisa Shopit stores. There are 61 Elisa Shopit stores and more than 20 of them already have been remodeled with the in-store technologies developed by Videra.
From Platt Retail Institute. As a global leader in flavor, McCormick manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the entire food industry – from retail outlets and food manufacturers to food service businesses. Over the past few years, this $3.7B consumer products company has been focused on transforming its image from one of a “spice” company to a “flavor” company.
From Platt Retail Institute. After conducting extensive customer research, Lowe’s home improvement stores in Canada discovered there was an opportunity to educate customers on increasingly complex light bulb choices and guide them to the right product for their application. The solution was to combine engaging visuals with digital signage and interactive tablets to educate and guide customers through purchasing light bulbs, a traditionally difficult process.
From Intel/Platt Retail Institute. As retailers gear up for this upcoming Holiday sales period, the biggest question is: How will they address the perpetual challenge of inventory distortion? Inventory distortion is defined as the cost of out-of-stock merchandise plus lost sales, combined with the losses resulting from overstocks that retailers must discount deeply in order to sell.
From The Platt Retail Institute. The “70 Percent Rule” has been consistently advanced by those seeking to profit from the sale of all manner of in-store marketing devices – from POP displays to digital signage – as justification for these expenditures. Viewed another way, these expenditures are assumed to be effective because the marketing tools are located in-store. The implication is that in-store marketing activities are the most important factor impacting in-store purchase decisions.
Results from NRF's 2011 Return Fraud Survey include the types of return fraud retailers have experienced in the last year and holiday returns.
From J.D. Associates. Key performance indicators only tell you how well you are performing. To actually improve your performance you first have to know what KPIs mean and how to use them. In the first of three parts in this series we look at the role KPIs play in answering the big questions successful retail companies ask themselves to achieve outstanding results.
The National Retail Federation Foundation (NRFF) and KPMG have published the ninth annual "state of the retail industry" study, Retail Horizons: Benchmarks for 2010, Forecasts for 2011. Retail Horizons offers a detailed overview of the current state of the industry and retailers’ plans for the year ahead. The full report provides deep insights into tactical decisions and strategies retail companies will implement as the industry continues to recover, and how they will try to maintain customer focus while placing a greater emphasis on the bottom line. Research for this year’s report was conducted in the fall of 2010 and is based on responses in nine functional areas through online surveys from more than 310 retail executives in 135 companies.
KPMG and NRF Foundation are pleased to deliver the eighth annual state of the retail industry study, Retail Horizons: Benchmarks for 2009,Forecasts for 2010. A year ago, the retail industry was facing its greatest global financial crisis in decades and, while challenges continued in 2009, lessons were learned. This year's report details how retailers moved quickly and thoughtfully to position themselves for success as they entered a new decade.
From Revionics, Inc. Seasonality is a predictable cyclic or repetitious behavior in demand for products. Seasonality is distinguished from fluctuations in demand due to noise or causal activities like price- or promotionally driven demand in that it varies independently of these factors. Seasonal demand variation is often tied to weather, holidays or specific events.
From NRF. NRF is offering a new Holiday Webinar Series to our members. Topics in this series include: 5 Holiday Trends in Advertising and Marketing; 5 Online and Multichannel Trends; 5 Trends about 2009 Holiday Expectations, Gift Cards and Payment Methods; and 5 Lessons Learned from Black Friday and Cyber Monday.
From Predictix. In the last 12 months, the retail industry has seen shockwaves bigger than in the last fifty years. Their business has fundamentally changed. Retailers and brands who until recently had a clear sense of who their customers were and how, when, what, why and at what prices they bought, find themselves in a new world where all of these variables are in constant flux. This continuous change is limiting their ability to plan, forecast, price, and replenish effectively. Thus, retailers and brands are left facing a dilemma: They need new technology to adapt their processes and to respond more rapidly to their changing markets, but they can't afford the massive up-front capital expenditures or lengthy implementations associated with new technology.
From QuantiSense. In this edition of the "Retailing with Insight" Thought Leadership Series, QuantiSense Senior Advisor explains what retailers can learn from football, and how the Playbook is an essential element to any vertically-focused BI and analytics application.
What does it mean to be a customer-centric retailer? Watch, listen, and read along with this online session to learn the answer to this question. Research by IDC Global Retail Insights describes the state of customer-centricity in the industry. DemandTec and Precima highlight best practices for merchandising and marketing. Leading retailers Best Buy and PharmaPlus present practical case studies of their own customer-centric initiatives.
From Applied Predictive Technologies. A Fortune 500 retailer recently struggled with setting the right amount to mark down prices for distinct types of products. The retailer was concerned that the company’s discounts were too aggressive but did not know whether a smaller price reduction would slow sales of those products and ultimately hurt profitability. The retailer decided to test less aggressive price cuts for a subset of the products in the store. The impact on profitability was still unclear. In need of a precise understanding of the costs and benefits of different markdown strategies, the retailer turned to APT for guidance.
In this Shop.org Online Session, Patti Freeman Evans moderates three retailer case studies that show concrete examples of innovations in customer-focused merchandising. Find out what eBags does with customer comments and reviews, how myShape pulls robust profile information from their customers, and how Borders has gone beyond multichannel to cross-channel retailing. Patti interviews each speaker and discusses in detail their philosophy about being customer-focused, their thought process behind each innovation, and the results that have occurred since implementation.