Sat.May 13, 2023 - Fri.May 19, 2023

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Artificial intelligence in Retail: Great ways to use it

Tokinomo

Everybody has heard about ChatGPT. While this is the most well-known use of artificial intelligence, this technology is quickly spreading in all industries. AI has been growing in importance in various industries due to its ability to process and analyze large amounts of data, make predictions and recommendations, automate repetitive tasks, and improve overall efficiency.

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Customer Service Is Like Dating

Hyken

I like the title of this article, but perhaps a more appropriate title might be: Customer Service Is Like Being Married. The buying cycle for a customer typically includes a little research, talking to a salesperson, making the purchase, and whatever happens after the sale. This can include follow-up from the salesperson, dealing with customer service for a problem, or any interaction you have with the company or brand after the sale is made.

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Is Retail Media the New Walled Garden and is that a Bad Thing?

Retail TouchPoints

With the proliferation of retail media properties, it’s beginning to feel like the digital economy is producing walled gardens faster than baby rabbits. This is actually a healthy development. These walled gardens don’t necessarily carry the baggage of the big original ones, and even when they do, it’s a net positive to the broader marketing ecosystem.

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The Role of Shopping Centres in Creating Communities and Shaping Urban Areas

Retail Focus

Shopping centres are so much more than a place to purchase a new outfit or a loved one’s birthday gift. In recent years, they’ve become an exciting social hub that serves in strengthening communities and shaping urban areas. Online shopping continues to grow even post-pandemic, meaning it’s never been more important that these complexes continue to differentiate themselves from online retailers, cementing their place in society.

Shopping 162
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Mastering Retail Peaks: Composable Commerce, Loyalty Tech, and Future-Ready Strategies for 2024

Speaker: Jennifer Hileman - Head of Retail Platform Strategy at Orium, and Zach Ettelman - Solutions Partner Team in North America at Talon.One

Prepare to excel in the dynamic world of retail, spanning the holiday season and beyond into 2024! Join us for an insightful webinar as we delve into the powerful synergy of composable & MACH Technology paired with the leading loyalty and promotions engine. Discover how composable commerce and loyalty management can redefine your retail approach, ensuring sustained success through the holiday rush and well into the new year.

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Buy now, pay later (BNPL) financing helps consumers pay for major milestones

Retail Dive

As most Americans anticipate a major life event in the next decade, there’s ample opportunity for BNPL usage to grow.

Finance 110
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US mall giant Simon’s latest results reveal four issues facing the sector

Inside Retail

When it released its first-quarter results recently, Simon Property Group, the largest mall operator in the US and a global player with projects in the US, Europe and Asia, reiterated its bullishness on the future of the mall sector. Is the crowing justified or is it a smokescreen to disguise an industry in continuing decline? And what is the spillover into Asia ?

More Trending

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CDUK partners with The Good Plastic Company

Retail Focus

CDUK, the Leeds-based supplier of solid surface materials and complementary products, including Corian® Solid Surface, PaperStone® and M|R Walls, announces a partnership with surface manufacturer The Good Plastic Company. As part of the new partnership, CDUK grows its surface material portfolio with the addition of Polygood, The Good Plastic Company’s highly sustainable surface material made from 100% recycled and 100% recyclable plastic.

Consumer 147
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Nike faces lawsuit over greenwashing claims

Retail Dive

A Missouri plaintiff said that 90% of the products Nike advertises as using recycled materials don’t, and that some of the recycled materials themselves are environmentally harmful.

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Fashion recommerce on the rise – Afterpay report

Inside Retail

Australian shoppers are increasingly buying and selling second-hand clothing items and want more sustainable, gender-diverse and inclusive brands, according to a new report by Afterpay. The rise of recommerce – the selling of previously owned products – is evident with 67 per cent of respondents saying they had bought or sold second-hand clothing items.

Fashion 260
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Implementing an Effective Loss Leader Pricing Strategy

Intelligence Node

What is Loss Leader Pricing, & Why do Retailers Implement it? Loss Leader pricing is a pricing strategy in which a company intentionally offers a product or service at a. The post Implementing an Effective Loss Leader Pricing Strategy appeared first on Blog.

ATS 104
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Brick & Mortar Retail Relevance: How to Stay Ahead of the Curve

Speaker: Jay Black, Senior Account Executive

Let's set the record straight: in-store retail isn't dead - it's evolving! Faced with the digital age and the demands of omnichannel shopping, some retailers are thriving while others are struggling to adapt. Join Jay Black in this exclusive session as he explores the strategies that set successful stores apart, including: Crafting unique and unforgettable in-store experiences 🛍️ Mastering the art of retail demands 🛒 Navigating inventory challenges in today's climate 📦 an

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Revo Opens Flagship Store in Barcelona

Retail Focus

Revo, the premium, high-quality performance sunglass company, announced today the opening of their first flagship store in Barcelona, Spain. The store is located on Baixada de la Llibreteria, in the Gothic Quarter, one of the city’s most charming and highly trafficked districts. The newly completed store will bring a unique and immersive shopping experience to Revo fans and newcomers to see the entire brand under one roof.

Location 147
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How to Test the Effectiveness of Your Pricing Strategies

Wiser

For some, implementing a new pricing strategy can feel like a real shot in the dark. Set your prices too low and you’ll miss out on profit. Too high, and you’ll lose sales to your competitors. It’s not as simple as copying the competition’s prices, and there is no easy, one-size-fits-all solution. Luckily, you don’t actually have to continue flying blind.

Consumer 109
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Dusk revises guidance for FY23 after soft Mother’s Day trading

Inside Retail

Premium home fragrance retailer Dusk Group says an “increasingly cautious consumer environment” has impacted sales growth. In a trading update citing unaudited accounts, the business said it expects sales to be in the range of $135 million – $137 million while pro forma EBIT will be around $16 million – $17 million. Group CEO and MD, Peter King, said the mounting cost of living has impacted the disposable income levels of customers.

Shopping 246
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From Retirement to Retail: How Employers can Support Successful Returns to Work

Retail TouchPoints

The economic fallout from the pandemic has had a profound impact on the labor market and society. Worker shortages across industries have created a challenging scenario for countless businesses as they rush to fill job vacancies while still ensuring the satisfaction of their existing staff and customers. According to the U.S. Chamber of Commerce, the current rate of participation in the labor force is 62.6% , down from 63.3% in February 2020.

Returns 120
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How to Stay Competitive in the Evolving State of Martech

Marketing technology is essential for B2B marketers to stay competitive in a rapidly changing digital landscape — and with 53% of marketers experiencing legacy technology issues and limitations, they’re researching innovations to expand and refine their technology stacks. To help practitioners keep up with the rapidly evolving martech landscape, this special report will discuss: How practitioners are integrating technologies and systems to encourage information-sharing between departments and pr

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Selfridges invites customers to ‘Go Long’ at The Stock Market in the Corner Shop

Retail Focus

Selfridges launches The Stock Market at the Corner Shop, a month-long circular experience where customers can uncover the value of what they already own, exchange items for Selfridges credit and restore or upcycle clothing and accessories. Drawing inspiration from the towering 360 o desks and the rotundas of data-filled screens found at the London Stock Exchange, The Corner Shop will be transformed into a ‘trading floor’, an immersive hub for buying, selling, repairing and upcycling.

Shopping 147
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John Lewis Partners to team up with The Floor Room nationwide

Retail Times

Retail Times publishes international & UK retail news covering products, data, tech, packaging, people, research, comment and more besides! John Lewis and The Floor Room have announced an exclusive partnership, to create an exciting new fitted flooring offer across the retailer’s department stores and online. Under the agreement, the flooring specialist will take over responsibility for all of John Lewis’ fitted flooring, from customer consultation to installation.

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My Food Bag to delist from ASX after sales plummet

Inside Retail

Subscription-based meal kit business My Food Bag Group will delist from the Australian Stock Exchange (ASX) after its profits slump. For the year to March 31, sales fell 9.4 per cent to $175.7 million while tax-paid profit declined 60.8 per cent to $7.9 million. The company has increased its investments in Bargain Box – a meal kit delivery service – in response to softening consumer demand while growing its active customer base by 12 per cent.

Consumer 246
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How Walmart+ SVP Plans to Get ‘Most of America’ to Join the Membership Program

Retail TouchPoints

The debut of the Walmart+ membership program in September 2020 was a significant departure for the retailer. “We spent 60 years democratizing every asset and every experience — everyone, no matter who you are, gets the same everyday low price and experience,” said Chris Cracchiolo, SVP and General Manager of Walmart+ at Walmart in a recent webinar. “Membership is a bit of a different variable in that equation.

Planning 120
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Exploring the Advantages and Hurdles of Direct Store Deliveries

Direct Store Delivery, or DSD, is a common practice among global suppliers and retailers – like PepsiCo, Frito Lay, CVS, and Dollar General – and its popularity is growing, with the global DSD market expected to reach $1.19 trillion by 2027. Download this eBook for exclusive insights into direct store deliveries, challenges, benefits, and future trends.

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Elevate to resonate

Retail Focus

As footfall recovers, retailers are upping their game to win over the hearts and minds of shoppers by offering more luxurious shopping experiences. While some may have suspected bricks and mortar retail would struggle in a time of low growth and high inflation, the luxury sector is proving the opposite is true. In fact, the latest figures from Bain & Company reveal that people are increasingly keen to enjoy upscaled retail experiences.

Shopping 130
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WRS Rezones 100 Acres at Lakeforest Mall in Gaithersburg, Maryland for Mixed-Use Village

Shopping Center

Gaithersburg, Md. — WRS Real Estate Investments has successfully rezoned a 100-acre site in Gaithersburg that houses Lakeforest Mall. The Gaithersburg City Council approved the rezoning of the site for mixed-use as well as a sketch plan of the future… The post WRS Rezones 100 Acres at Lakeforest Mall in Gaithersburg, Maryland for Mixed-Use Village appeared first on Shopping Center Business.

ATS 111
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How Pizza Capers’ founder is driving Gnocchi Gnocchi Brothers’ rapid growth

Inside Retail

Pizza Capers founder Anthony Russo built something of a franchising empire over the years. Starting with one restaurant in Kenmore, he developed the business to over 120 international locations, before selling to the Retail Food Group for $30 million in 2012. Coming out of retirement, he has joined Gnocchi Gnocchi Brothers founders Ben Cleary-Corradini and Theo Roduner, and entered the business as “gnocchi whisperer” and hands-on investor.

Location 246
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Amplifying Sound’s Role in Retail Design

Retail TouchPoints

Editor’s note: As retail interfaces and systems continue to evolve, the way we design retail experiences to user needs and behaviors is also transforming. In the new series “Stimulating Retail,” join award-winning sensory designer and Harvard neuroscientist Ari Peralta as he breaks down the science and tech behind some of today’s most stimulating sensory retail experiences.

Shopping 110
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Disruption Reimagined: How to Conquer, Not Crumble, During Supply Chain Instability

Speaker: Robyn O’Brien - Founder of Sirona Ventures, Adjunct Professor at Rice University’s Business School, Supply Chain Optimization and Logistics Expert

Today’s supply chain leaders are required to stay strong in the face of disruption and not only accept it, but embrace it – after all, progress is made outside of your comfort zone. While it’s easier said than done, conquering the fear of instability in your supply chain is within your reach. Thanks to the advancement of technology and AI, we now have more tools and resources at our disposal than ever before to conquer, not crumble, in the face of uncertainty.

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Walmart sales up 7.6% as shoppers hunt for low prices

Retail Dive

Cheap groceries and household goods are drawing in more customers, including higher-income ones, but analysts say few are buying more than that.

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Toro Signs 11 Tenants to Mixed-Use Development Underway in Metro Atlanta

Shopping Center

Johns Creek, Ga. — Toro Development Co. (TDC) has announced leases with 11 tenants at Medley, a mixed-use project currently underway in Johns Creek, roughly 30 miles northeast of Atlanta. Upon completion, the development will include 200,000 square feet of… The post Toro Signs 11 Tenants to Mixed-Use Development Underway in Metro Atlanta appeared first on Shopping Center Business.

Shopping 105
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Temple & Webster returns to sales growth, invests in AI

Inside Retail

Pureplay furniture and homeware retailer Temple & Webster says it has “returned” to year-on-year growth as it continues to invest in AI technology. Despite the current macroeconomic slowdown, the business says sales grew 10 per cent in the last four weeks when compared to the previous corresponding period. Although trading improved over the half to date, sales fell 5 per cent.

Returns 246
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Zeropark Helps Retailers Optimize Their Brand Advertising

Retail TouchPoints

Zeropark offers commerce media solutions, targeted at retail brands and agencies looking to drive incremental performance and efficient sales with sustainable, cookieless and 100% brand-safe advertising. The solution provider aims to streamline high-intent consumers toward promoted brands by creating shoppable opportunities during the key moments of their buying journey.

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2 Retail Sectors That Are Completely Changing the Game: FMCG & Q-Commerce

Speaker: Joe Heather, Deliverect GM (UK&I)

Fast-Moving Consumer Goods (FMCG) and Quick Commerce (Q-commerce) are two vibrant sectors that have undergone significant transformations with the advancements in digital technology. With growing internet penetration and the proliferation of smartphones, consumers' purchasing habits have unsurprisingly evolved. They now demand quick, convenient, and seamless shopping experiences, which both FMCG and Q-commerce sectors strive to provide.

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Footwear brand On reports record sales growth in Q1

Retail Dive

The company is selling predominantly at full-price — even within a promotional environment in the category — and more than quadrupled net income.

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Gen Z has influencer aspirations

Retail Wire

Members of Gen Z use TikTok and other social media to share their fashion finds and other details of their lives like professional influencers. “You might have 12 followers and you’re selling swag,” said Vickie Segar, the founder of Village Marketing. “The macro movement of everyone being a creator, and the idea that creators should monetize themselves in every avenue they can, is just trickling down to the everyday person.

Fashion 103
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Mathers parent snaps up Bobux from receivership

Inside Retail

Australian company Munro Footwear Group (MFG) has rescued New Zealand kids’ shoe company Bobux International from receivership. MFG owns and sells brands including Mountfords, Midas, Mollini, Mathers, Williams, Cinori, Ziera, Colorado and Diana Ferrari. It operates more than 290 stores in Australia and employs 2500 staff. In a LinkedIn announcement, Bobux International said MFG has a “shared passion for a customer-centric approach” which aligned well with the brand.

Planning 246
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What Retailers get Wrong about Tourists

Retail TouchPoints

I love to travel. Most people do. There is nothing like that feeling of stepping out into a country you’ve never visited, the assault on your senses from all the new sights and sounds, and the subtle ways that every part of this world does things differently. It’s this drive that helps tourism make up a substantial portion of the world economy. Before the pandemic, tourism spending was 10% of global GDP and accounted for one quarter of new jobs.

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ABM Evolution: How Top Marketers Are Using Account-Based Strategies

In times of economic uncertainty, account-based strategies are essential. According to several business analysts and practitioners, ABM is a necessity for creating more predictable revenue. Research shows that nearly three-quarters of marketers (74%) already have the resources needed to build successful ABM programs.