What We’re Reading: Retail Tech Spend, Trends for 2015, Blurring Online and Offline
Being the beginning of the year, a lot of time is spend within retailers determining what went well last year and what didn’t. Oh, and how do you fix it THIS year? These articles show where retailers ran into challenges and where they are planning on focusing their efforts and dollars in 2015.
How to Select the Right Multichannel Retail Systems
Selecting the right point solutions to execute your multichannel retail strategy is difficult. You must evaluate eCommerce platforms, enterprise resource platforms (ERP), and point of sale (POS) systems. And, it’s complicated to figure out which ones will work together to support your multichannel business processes.
For example, if you want to list different pricing for your B2C website versus your B2B website, does your ERP support that? How about your eCommerce system? More importantly, how will those systems communicate to make sure each has the right price displayed?
Many vendors do not build software that supports the key requirements to building a multichannel business. They built their software in the last decade (or sometimes the last century!) and are trying to milk every dollar they can from it. Some are not interested, others are incapable of making their systems multichannel-ready. You, the multichannel retailer, will feel the weight of that this problem.
But it doesn’t have to be that way! (more…)
What We’re Reading: Future of Retail, Operational Efficiency, Customer Data’s Importance
This week we’re reading about the future of retail, how to leverage operational efficiencies, and the importance of customer data. These are all ideas that help you build a better business. Use these articles (actually, one is audio) to inspire your multichannel retail strategy. How are you going to win, tomorrow?
How to Build a Customer Loyalty Program That Actually Works
We’ve written about how throwing a loyalty card at a customer doesn’t necessarily make them more loyal. Now, our friends at Sweet Tooth Rewards are chiming in on the RIGHT way to run a loyalty program. Here’s what they have to say…
Many eCommerce merchants will look at their analytics data and say, “If I could just get my existing customers to buy one more time this year, my profitability would increase drastically.”
They are right! According to the Harvard Business Review, a 5% increase in customer retention can lead to a 95% increase in profitability.
But how do you increase customer retention?
Best Bigcommerce Apps for Building Customer Loyalty
Chess Masters play the first 15 to 20 moves of their game by remembering moves that they or another Chess Master has played before. To beat a Chess Master, you not only have to remember every move that’s ever been played–you have to keep playing. It’s only after you’ve exhausted every move in the book can you even compete.
In many ways, retail is like chess. So what if you want to compete with a retail master? (more…)