“No industry has been transformed more in the past year than retail.” That’s the lead in line to Fast Company’s article on The Worlds Top 10 Most Innovative Companies in retail. I couldn’t agree more. But the interesting thing is the way that these innovators have gone about changing the rules of the game.
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).
By Marti Tedesco in Retail on April 2, 2014
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 »
We’re deep in the heart of the modern retail landscape. Retail brands with a business model based on brick-and-mortar have announced massive losses, and many plan to close hundreds of stores across the country. It’s the destruction of an old business model and the evolution of the new retail industry. Bold retailers willing to experiment will ultimately reap the bounties of the new retail wild.
By Marti Tedesco in Retail on March 18, 2014
Remember grade school when you would walk into the massive office supply store for annual back to school shopping? List in hand, mom at your side, you searched through the aisles determining what items can make learning as fun (and hopefully organized) as possible. Nothing like that nice, neat backpack on the first day right?
As eCommerce continues to grow, we are seeing a decline of physical footprint of stores for many brands. It has been going on for some time, but seems to be moving to another stage at the moment. At eTail West, we heard from Staples that “with nearly half of our sales generated online today [we] plan to close 2,200 of [our] stores.” Meanwhile, RadioShack plans to close 1,100 of ... Read More »
My earlier blog discussed some of the interesting insights in the January 2014 report by RSR, Retail Analytics Moves to the Frontline. The strengths of winning retail companies that really stood out to me included driving a more data driven decision making process, focusing on customers and putting information in the hands of front-line employees.
By Dan Darnell in Customer Experience, Featured, Retail on February 24, 2014
I found some very interesting insights in the January 2014 report, Retail Analytics Moves to the Frontline., written by Brian Kilcourse and Paula Rosenblum from RSR research. In particular, I was happy to note from the survey that winning retailers have a more data-driven decision making process, focus more on customers and put more information in the hands of front-line ... Read More »
By Bill Hustad in eCommerce on February 19, 2014
Here in the heart of Silicon Valley, it is easy to get very wrapped up in our own perspective on technology…We tend to build things here that our engineering based culture finds cool. We love to build big complicated things, like data platforms, algorithms, virtual servers, clouds and electric cars. The problem is that if we want to build an industry-based solution, like VUE, we really have to look ... Read More »
By Marti Tedesco in Customer Experience, Featured on November 25, 2013
Previous Baynote blogs have noted the need for retailers to initiate their personalization strategy by first understanding who their customer really is. Looking into the future, this will become even more important to the core of each retailers business. Why? Because there is a fundamental sea of change in retail happening right now, and the last 24 months have seen a massive acceleration of this change.