To survive in today's economic climate, retailers must stay on the cutting edge of technology, business strategy, and more. This section is all about business strategy, with content focused on topics such as retail technology trends, retail and e-commerce marketing strategies, merchandising, omnichannel best practices, and more!
With e-commerce return rates rising, 39 percent of consumers now return items purchased online at least once a month, according to a recently published report from Narvar, a post-purchase platform. Additionally, in 2023, the National Retail Federation reported that returned merchandise in the U.S. reached $744 billion. The 8th Annual State of Returns Report, which...
In an unexpected twist, “underconsumption” became the buzzword of the summer. Google Trends data revealed a surge in searches for this term, signaling an impossible-to-ignore shift in consumer behavior. But what’s driving this change? Welcome to the world of “underconsumption core,” a trend that’s shaking up traditional retail models. Consumers are no longer chasing fleeting...
Dara Meath, senior vice president and chief technology officer at Build-A-Bear Workshop, spoke with Ron Offir, managing director, retail and consumer products at Deloitte Consulting, at Total Retail Tech last month about the ways her company uses generative artificial intelligence to build a brand and drive revenue. Below are three Gen AI tools she uses...
Forrester Principal Analyst and Vice President Sucharita Kodali said she’s been surprised lately when she gets questions from retailers such as, “How do we address the economic downturn?” when the truth is, the data shows that there’s no such downturn. “To which I’m like, ‘Your business may be challenged, but overall, the global economy and...
Expanding in retail can be a gift for a growing brand. More retail locations mean more opportunities to serve existing customers and attract new ones. However, winning in retail requires more than getting on shelves. Once an order is in, brands must also be able to support their presence on shelf and drive velocities. Expanding...
Editor’s Note: While many notable companies have either completely eliminated or scaled back their DEI programs, including Tractor Supply Company, Lowe’s, and Harley-Davidson, we at Women in Retail Leadership Circle still believe in the value of investing in DEI efforts. The below article continues our effort to not only promote the value of DEI initiatives,...
Global transformation: it’s just two words, but it pulls people, process, technology, culture, emotions and personalities all into one giant initiative. Elizabeth Elliott, managing partner at Columbus Consulting, and Andrea Cahn, a retail industry planning and allocation expert, know this well. In this Columbus Conversations episode, Cahn and Elliott discuss strategies to successfully implement global change...
The way consumers discover, vet and buy new products is undergoing rapid change. In 2023, 274.7 million people in the U.S. shopped online, which is more than 81 percent of the population. By all projections, this number will continue to rise in the coming years. Although the majority of retail conversions occur in-store, brands must...
Effective retail and e-commerce merchandising weaves a narrative, eliminates shopper confusion, influences consumers to choose your brand and, crucially, converts more visitors into loyal customers. Here are 10 reasons why brands and retailers should prioritize merchandising in 2024: Curation simplifies purchases. Telling a compelling story about a product collection enables consumers to quickly immerse themselves...
Despite cautious optimism about the economy leading to increased spending, rising prices are causing consumers to tighten their belts, resulting in fewer purchases across categories. However, a glimmer of hope exists for businesses: the rising spending power of Gen Z. This generation happily mixes brand names from familiar stores, like Target or Macy’s, with lesser-known...
