Data-Driven Pricing in Retailing

Retailers are under pressure to improve profitability and gain a greater percentage of spending, so it’s not surprising that more firms realize the value of price optimization to increase same- store sales and improve their competitive position. But how can retailers best optimize pricing? Experts advise them to move away from a “gut-feel” approach

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Knocking Off the Knockoffs?

1. Introduction As E-commerce numbers grow, counterfeiters are heading online. Producers of knockoff merchandise are busy all year long, but the holiday season of 2015 may have set records for the sheer volume of bogus goods that entered the marketplace, with E-commerce earning the dubious distinction of leading the way. “The growth of counterfeit

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The Significance of Retail Image

Image refers to how a retailer is perceived by customers and others, and positioning refers to how a firm devises its strategy so as to project an image relative to its retail category and its competitors— and to elicit a positive consumer response. To succeed, a retailer must communicate a distinctive, clear, and consistent

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A Store-Based Retailing Perspective

Store atmosphere (atmospherics) can be divided into these key elements: exterior, general interior, store layout, and displays. Figure 18-5 contains a detailed breakdown of them. EXTERIOR A store’s exterior has a powerful impact on its image and should be planned accordingly. A storefront is the total physical exterior of the store itself. It includes

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A Nonstore-Based Retailing Perspective

Many atmospherics principles apply to both store and nonstore retailers. However, there are also some distinctions. Let’s look at the storefront, general interior, store layout, displays, and checkout counter from the vantage point of one type of direct marketer, the Web retailer. STOREFRONT The storefront for a Web retailer is the home page. Thus,

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Encouraging Customers to Spend More Time Shopping

Paco Underhill, a pioneer in retail anthropology, advises retailers to encourage consumers to spend more time at the store because shopping time (excluding the time spent waiting in a line) is directly related to total spending. This insight has been supported by a variety of studies with online and store-based retailers that have tried

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Community Relations in Retailing

The way retailers interact with the communities around them can have a significant impact on both their image and performance. Their stature can be enhanced by engaging in such community- oriented actions as these: Making sure that stores are barrier-free for disabled shoppers and strictly enforcing handi­capped parking rules Showing a concern for the

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Elements of the Retail Promotional Mix

Advertising, public relations, personal selling, and sales promotion are the elements of promotion. In this section, we discuss each in terms of goals, advantages and disadvantages, and basic forms. A good plan integrates these elements—based on the overall strategy. For example, a movie the­ater concentrates on ads and sales promotion (food displays), whereas an

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Planning a Retail Promotional Strategy

A systematic approach to promotional planning is shown in Figure 19-12 and explained next. Our blog site (www.bermanevansretail) has posts related to promotional strategy, including word of mouth. 1. Determining Promotional Objectives A retailer’s broad promotional goals are typically drawn from this list. In developing a promotional strategy, the firm must determine which of

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Keep retail Simple

“In this omnichannel shopping era, it is more important than ever to deliver a simplified shopping experience. Retail brands that can deliver the most streamlined experience will drive the highest levels of long-term customer loyalty.” That was the message in branding firm Siegel and Gale’s sixth annual Global Brand Simplicity Index, based on responses

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More than Retail Price

A study released in 2016 by Deloitte, the Food Marketing Insti­tute, and the Grocery Manufacturers Association shows that more than half of Americans surveyed weigh “evolving driv­ers” in their purchasing decisions—health and wellness, safety, social impact experience, and transparency—in addition to the traditional drivers of taste, price, and convenience. “Price is always going to

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Enhancing the In-Store Experience through Facial Recognition Software

The best way to understand what eyeQ is trying to do is to com­pare it to a conventional digital display. Unless it’s a specialized store, that display can’t show shoppers a significant portion of a store’s assortment, so it might instead show a variety: lots of fast fades and dissolves, and maybe some panning

Revitalizing Retail Customer Loyalty

There are many ways to maintain customer loyalty, but experts say consistent and clear pricing may be the most important. Moreover, getting the price right across all products all the time is a key ingredient in strengthening shopper loyalty. The trick is to do so profitably. “Today’s retailers have a unique opportunity to leverage

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Inside the Mind of Shake Shack’s Founder

1. Introduction Danny Meyer is an extremely creative and proactive business thinker and entrepreneur. He has demonstrated this throughout his career—especially with the introduction and expansion of the growing Shake Shack chain. Shake Shack serves a menu of premium burgers, hot dogs, crinkle-cut fries, shakes, frozen custard, beer, and wine. With its fresh and

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Integrating the Retail Strategy

A major goal of Retail Management has been to describe the relationships among the elements of a retail strategy and show the need to act in an integrated way. Figure 20-2 highlights the inte­grated strategy of TJX, the off-price apparel retailer. TJX has been cited as a “high performance retailer”—and it outperforms most retailers.

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Control: Using the Retail Audit

After a retail strategy is devised and enacted, it must be continuously assessed and necessary adjustments made. A vital evaluation tool is the retail audit, which systematically examines and evaluates a firm’s total retailing effort or a specific aspect of it. The purpose of an audit is to study what a retailer is presently

Envision the Retail Future

1. Envision the Future: Part 1 Note: Following are findings from a study encompassing an industrywide retailer survey and interviews by Meridian- NorthStar Partners and Progressive Grocer; a similar supplier survey and interviews; a Web-based survey of 1,000 shop­pers across age groups by Carbonview Research, a division of Stagnito Business Information + Edgell Communications;

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Achieving Excellence in Retailing

1. Introduction The 2016 A. T. Kearney Achieving Excellence in Retail Opera­tions (AERO) study uncovers both the good and the bad in this new era of store operations. The good: a clear and consistent trend of “smarter” retail. Survey responses from executives at more than 100 global retailers reveal that companies are align­ing store

Careers in Retailing

Overview A person looking for a career in retailing has two broad possibilities: owning a business or work­ing for a retailer. One alternative does not preclude the other. Many people open their own retail businesses after getting experience as employees. A person can also choose franchising, which has elements of both entrepreneurship and managerial

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