Author: Will Fuentes, Retail Expert
One of the best tools that I had when I was managing stores was Psyche Walks. Basically, I would put myself in the mindset of a particular customer persona—mom, single dad, credit hungry customer, single twenty-something, etc.—then I would have a “shopping experience” in that mindset. I would start from the parking lot and go all the way through to checkout.
Extreme Weather Has Become the New Normal: Do You Have the Right Retail Strategies in Place to Sustain Profitability?Tuesday, 23 October 2012 00:00
(This is the second blog in a two part series that provides retailers with the retail strategies necessary to navigate the global retail industry’s New Normal, which is expecting and preparing for extreme weather worldwide that will substantially impact their costs)
As we pointed out in the first blog of this series, with extreme weather becoming the New Normal for the retail industry it is important that retailers are able to respond and prepare for this type of weather volatility with price, promotion, space allocation and assortment strategies and tactics. This will enable retailers to maximize return on investment, respond to the inflationary impact and address the subsequent changes to consumer demand patterns.
Extreme Weather Has Become the New Normal: Do You Have the Right Retail Strategies in Place to Sustain Profitability?Thursday, 11 October 2012 00:00
(This is the first blog in a two part series that will provide retailers with the retail strategies necessary to navigate the global retail industry’s New Normal, which is expecting and preparing for extreme weather worldwide that will substantially impact their costs)
It was a rough summer for many areas of the world. Extreme weather affected several parts of the world including the U.S., which experienced the worst drought in 50 years, the UK had its wettest season in 100 years and both North and South Korea experienced the worst drought conditions in more than a century.
By Jeff Moore, Revionics Vice President of Science and Analytics
Retailers are still reeling from the commodity inflation experienced in 2007 and 2008. Many attempted to hold prices to compete against the big box stores, as consumers became more value-conscious in the wake of the recession. The result for many retailers using legacy pricing technology was margin erosion and damaged customer loyalty.
Retailers are facing a new wave of cost increases due to commodity and gas price increases. Today’s challenge is compounded by a forever-changed, price sensitive consumer. Harry Balzer, chief industry analyst at NPD and author of Eating Patterns in America, stated:
By Richard Huston, Director of Solutions Consulting, Revionics Inc.
Markdowns are sometimes seen as a way to just push out unwanted inventory and clear space for more desirable products. Here are some questions and thoughts to consider…
Do you have thoughtful merchandising strategies for markdowns?