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Bob Phibbs is The Retail Doctor - helping make retailers smarter, more competitive and more profitable since 1994. Visit www.retaildoc.com
This week, two analysts from UBS gave us the most shocking headline which said 75,000 stores will need to close by 2026. They argue that if online continues to steal market share, there simply won’t be the need for so many stores
Three very short examples about customer service… A friend of mine was at a restaurant the other day. She was told they would have the next ocean-view table
But when the inevitable winds of change blow with increased competition like Amazon, the retailer can be rocked to the core…or even collapse like Payless, Charlotte Russe, and others. When every inch of your store is thought out to how it could surprise and delight, and you add a professional retail sales team carefully schooled in modern retail sales techniques, who is constantly consumed with making everyone else’s day before they try to make their own day, offering an exceptional experience is a standard, not a rarity. Offering options when it comes to products, asking permission of the customer if you have to leave them alone, and providing wisdom when comparing and contrasting similar products are all hallmarks of an exceptional customer experience. To succeed against Amazon, you have to figuratively get up in the blimp and look down on your whole playing field on a regular basis to see the opportunities you’re missing, your competitors who are offering new and innovative products, your employees who need additional opportunities, ... the works.
Greg Petro, CEO of First Insight said, “We're seeing an enormous uptick in subscription models; we look at it from men and women, as well as Millennials and Baby Boomers. “As far as their engagement online versus in-store, when a consumer is engaged with a brand or retailer or manufacturer online, and they've gone to the store, not only are they engaged to activate that purchase at a higher rate in-store, but to add-on an additional product is much higher in-store than it is online. Jonathan Treiber, CEO, RevTrax said, “In the world of customer acquisition marketing, retailers don't know who you are until you make a purchase. And if it’s a wake-up call on customer service and selling the 70% of shoppers who leave your store without making a purchase, make a call to me.