There are several common data mistakes that retailers make in the effort to lead consumers down the path towards making a purchase. Because consumers can now discover, research and buy products online, retailers have access to a wealth of data on their shoppers. Unfortunately, many retailers miss the mark in their attempts to leverage this data and drive conversions.
Personalization – it’s the buzz word of the day that is being blended into marketing messages everywhere. You can now “personalize” anything, including but not limited to, shoes, sundaes, omelets, weekend bags and even personalization strategies! At Baynote, we have known about the value of personalization since 2005 and though it’s finally the “it” word, it certainly isn’t news to us.
Sales leaders want their teams to sell more and close more, faster. Yet, some sales leaders are searching for an improved sales performance from their teams, while driving the same old processes and playing the same old game. At the recent Sales 2.0 conference, Tiffani Bova, VP and Distinguished Analyst from Gartner, said “What got us here, isn’t going to get us there”
Day two of the Retail Online Magazine Women in Retail Leadership Summit left me thinking about courage: especially the courage to change. Lisa Gavales spoke about what brick and mortar retailers must do to succeed in the fast, fast world of e-commerce which is forcing store-based retailers to change in unprecedented ways. From marketing, to merchandising, IT and planning, retailers still struggle to align digital and physical channels. Lisa, ... Read More »
While it is a blast to be in sunny South Beach at any time of year, this week it is particularly fun to share this venue with so many, smart, capable women leaders in retail at Retail Online Magazine’s Women in Retail Leadership Summit.
Retail organizations are becoming more and more sophisticated, and we aren’t just talking blazers or stilettos. Under Armour reported that their first quarter net income increased 73% due in part to their global expansion (see our recent infographic on global eCommerce).
Algorithmic trading in the stock market moves millions of shares by breaking up the big buy/sell orders into a series of smaller ones. Yet, on the flip side, algorithmic trading is also used to sew smaller orders together to make bigger moves all at once. Kevin Slavin mentioned this in his 2011 Ted Talk.
New York’s Madison Avenue was once the purveyor of class and taste, selling an aspirational state of mind, brand by brand. Drink this, wear that, go here, drive this and you too can be beautiful, successful and smart! Back in the day, marketers pushed brands to consumers via print, radio or TV. Sears was the first retailer to launch a catalog (1896) in order to tap into rural American ... Read More »
Nordstrom. REI. Trader Joes. Pottery Barn. What do all of these brands have in common? A strong presence with content. Yes, content. They spend large marketing dollars on community newsletters and catalogs (which we know from our holiday survey are still widely distributed and enjoyed by consumers).
Retail, like other industries, is fairly inbred. Many retail leaders have been in the business for years, even decades, and have seen a lot change. Jeffrey Gennette is a perfect example of a couple of retail management phenomena that we are seeing. The first is that he has been with Macy’s for over 30 years. That’s a long time to be in retail, ... Read More »