Four out of five retailers attribute almost 50% of their sales to baby boomers.1 But, this is soon to change as 80 million Millennials are entering their peak consumption years. That’s according to this report put together by Synchrony Financial. In it, they share their findings about Millennial and Baby Boomer shopping habits and strategies on how to win over Millennials without losing Baby Boomers. In...
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Ninety percent of all sentiment on social media around loyalty programs is negative, according to a recent CapGemini study. Combine that reality with the fact that most households are in 15+ legacy loyalty programs already and the tectonic shifts in how consumers are shopping and purchasing today, and it's clear every company must rethink customer loyalty. The first place to start is the idea that only...
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According to this article posted on CMO.com, there are four ways big brands can innovate and compete like mobile startups. Those four are: Leverage innovation in your existing products and services Prepare your enterprise to take action Secure C-level sponsorship and funding Connect everything to the customer relationship We will just talk about the fourth one, because that’s most important to us. The author of this article goes deeper into each...
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According to this infographic posted by RetailNext, “Only 49% of consumers feel they receive a consistent experience across retail channels.” But, a consistent shopping experience across all retail channels is what shoppers want. Unfortunately, when retailers hear the words “omnichannel retail” they seem to believe that they need to create different experiences at different channels. This is the opposite of what they should do. Instead, shoppers want a consistent...
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In a recent Harvard Biz article, Peter Merholz relates the trend at checkout toward Square and the Apple Store-type experiences to farmers' markets and food trucks. Consumers want to tear down the barriers between the shopper and the merchant. They want the farmers market, not the supermarket. They want the food truck, not the restaurant, and at checkout, they'd rather remove the big clunky cash register in...
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According to this article, a panel at the Retail Business Technology Expo (RBTE) “likened omnichannel to the early stages of internet connectivity after claiming retailers struggle with the more complex aspects of offering an omnichannel experience, such as personalization, seamless payments and single customer journeys.” Offer personalization by removing silos Many retailers assume each of their retail channels should operate differently. And if they don’t assume each...
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