Sorted by Topic: Merchandising
Omnichannel is a buzzword. Multichannel is a strategy.
Have you heard that omnichannel is the future of retail? Do you read case studies and blog posts about being everywhere for your customers, all the time? Maybe you’ve even seen that omnichannel is the next evolution of multichannel.
I’m here to tell you that you’ve been misled!
Multichannel Retailers Need to Rethink Merchandising
Merchandising (managing product data, executing promotions, and setting pricing) is critical for the multichannel seller. Retail is more complex than it has ever been. Therefore, the need for processes and technology that help you stay on top of your product data has never been stronger.
To be successful in the modern retail world, you need to understand how merchandising is different than it has ever been and why you should be using a product information management system to stay ahead of the game. (more…)
What We’re Reading: Product Information Management, PIM for B2B, The Sharing Economy
To be successful in today’s retail world, you have to be able to execute merchandising practices that support a multichannel strategy. Product information management (PIM), as a technology and as a practice, are critical to your success as a retail business. The same is true if you are a supplier or a B2B business. Accurate, relevant product information can make or break sales. And, it keeps getting more complex to manage product information, as you have to proliferate your business through all kinds of new channels.
Why You Need a Product Information Management System
Increasing your customer base doesn’t always come down to likes, shares, and advertising. In fact, the most crucial aspect of increasing your eCommerce business is often overlooked: proper Product Information Management.
Kimberly Struyk, the principle SVP at QualQuant Signals, states that, “product information is the single most influential content to raising purchasing intentions” and on average overall brand impressions drop by 19% because of sparse product information. With out proper utilization of PIM you’re not only missing out on customers who could be visiting your site, you’re losing customers who land on it.
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Operation Holidays 2014: 5 Tips to Increase Your Online Sales
This holiday season should be a big one for retailers. Deloitte anticipates that total holiday sales will increase somewhere between 4.0% and 4.5% over 2013, for total sales of $981 to $986 billion. Another recent projection from eMarketer–even better news for e-retailers–projects eCommerce growth for November and December at 16.6% this year to $72.4 billion, up from their estimate of 15.3% last year.
In their Seventh Annual Online Retail Holiday Readiness Report, IBM provides key metrics to convince sellers to sell online this year. Average order value (AOV) and items per order both rose to record over the past year. AOV in 2013 was $122.46 in December, a 13% increase from 2011.
Multiple sources are reporting promising numbers for this holiday season. It’s not too early to start prepping for the most wonderful time of year. (more…)
