Audits, Tasks and Communication
Retail and Hospitality Operations
It wasn’t too long ago that retailers and consumers were facing a plague of out-of-stock merchandise and empty shelves — on account of supply-chain disruptions in global retail. Times have certainly changed since then, and so have the challenges. A study by HubSpot shows that 50% of retailers in the U.S. are struggling with unsold … Continue reading How to create an Effective Merchandising Plan
Retailers and consumers alike have been facing the brunt of inflation of late. You don’t have to be an expert in economics to see how dramatically the prices of everything — from gas to household essentials — have been rising since the past year. June 2022 recorded an inflation rate of 9.1%, the highest we’ve … Continue reading How to Run a Thriving Retail Business Amidst Economic Uncertainty
Values related to sustainability, community, and corporate social responsibility (CSR) have become front and center for consumers, which is why many brands have ramped up their CSR efforts over the last few years. However, it’s worth pointing out that some retailers have long been prioritizing these values. We’re referring to co-op stores. Also known as … Continue reading 7 Tips to Successfully Manage a Retail Co-op
Despite being a mature category, the alcoholic beverages market continues to grow. Analysts are forecasting a CAGR of 2.2% from 2022 to 2031, a performance that’s driven by an increase in young adult consumers and a rise in disposable income. This is great news for retailers specializing in beer, wine, and spirits. However, it’s important … Continue reading How to Audit Your Beer and Wine Retail Stores
The start of the year is always a good time to ideate and come up with new business practices. And one of the most important areas to consider when making changes is your retail store design. Aesthetics, shopping behaviors, and consumer preferences are always evolving, so you need to make sure that your store’s look … Continue reading New Year, New Look: 9 Ways to Spruce Up the Design of Your Retail Stores
Between rapidly changing consumer trends and more competition, agility is a super power in the retail industry. If you want to thrive today and in the coming years, it’s critical that you learn how to be fast, nimble, and adaptable. This post explores the topic of retail agility in more detail, and sheds light on … Continue reading How to Be an Agile Retailer: 6 Expert-Backed Ideas
The Internet of Things (IoT) is a term that’s been around for a while. And though conversation around the buzzword fluctuates, it’s is already ingrained in most major retailers’ day-to-day operations. IoT is literally every device, tool, machine, and human that transfers data over an internet connection. IoT technology in retail is expected to reach … Continue reading How IoT is Transforming Retail and Food Service
Retailers are putting processes in place to help them reach their sales goals and connect with their market and audience. As we look ahead, nothing stands out more than customer engagement, interaction, and care as a way to boost sales. Why? Because an engaged customer represents 23% more revenue than average. Companies who improve customer … Continue reading How to Engage with Your Customers
Whether shopping online, strolling through stores or browsing social media, it’s fair to say that the path to purchase is not what it used to be. So, what shapes customer buying decisions? And more importantly, how can merchants better understand a customer's path to purchase so they can boost store sales? The Buying Decision Process … Continue reading 5 Realities Driving Customer Buying Decisions
A young population, a growing middle class, massive investments in infrastructure in one of the world's fastest rising economies are changing the retail landscape in India. Below, interesting facts and trends shaping the future of retail in India. Demographic changes and per capita income growth The India Retail Forum observes there are several macroeconomic fundamentals … Continue reading Retail in India: Facts and Emerging Trends
Emerging technologies, a booming population, and rapidly developing economies are changing the retail landscape of Africa. Below, interesting facts and trends shaping the future of African retail. Durban, SA Image Credit: Shutterstock Demographics and UrbaniZation Africa has the fastest rate of urbanization in the world. More than 40% of its population is currently living in … Continue reading Retail in Africa: Facts and Emerging Trends
Let’s just cut to the chase — if you’re a retailer, your goal is to get new customers and keep the customers you have coming back, all in the name of increased sales. Without sales, you don’t have a business. Thus, strategizing about how to maximize retail sales should be a top priority. According to … Continue reading 10 Ways To Maximize Sales In Retail
Seasonal programs like Valentine's day drive big profits for retailers and restaurants.Valentine’s Day spending topped 25 billion in 2024! The average spend is also up to $185.81 per person. And while most Americans still spend the majority of their Valentine's Day budget on a significant other, the National Retail Federation (NRF) observes a "big increase this year in … Continue reading Valentine’s Day In Retail: Interesting Facts and Emerging Trends
In order to grow as a business, you have to learn from the best in the business. And when it comes to retail, it doesn’t get much better than Apple. When Apple released their financial results for its fiscal 2018 fourth quarter, it was revealed to be a quarterly revenue of $62.9 billion, an increase … Continue reading 7 Things Retailers Can Learn From Apple
As a retailer, you know that your point-of-sale (POS) system is more than just a tool to process transactions but rather an asset to help your business improve both profit and operations by leaps and bounds. With so many POS options available, it’s easier than ever before for merchants to have access to even more … Continue reading 5 POS Strategies That Increase Sales
More than 1 billion shoppers find the products and services they need and want online today. It has become increasingly difficult to get customers into a physical store and even harder to keep them engaged long enough to make a purchase. The good news is, with the right techniques, you can improve the overall in-store … Continue reading How to Create a Memorable In-Store Experience for Your Customers
Does retail lighting boost sales? According to Amerlux, "Globus, a major grocery retailer in Germany, experimented with a combination of colored lights at a promotional area inside one of its stores." This led to a 6% increase in sales in the promotional area. If you are still using fluorescent tubes, it is definitely time for … Continue reading 5 Lighting Techniques for Visual Merchandising to Increase Sales
All humans share similar psychological and emotional triggers — gravitating toward pleasure versus pain, amusement versus boredom, and satisfaction versus discontent. The average consumer naturally weighs costs and benefits when shopping. Retailers can utilize a range of psychological techniques to influence shoppers’ behavior and ultimately increase conversions and total sales during the holiday season and … Continue reading 10 Ways To Use Consumer Psychology To Increase Sales In Retail
In retail today, every dollar counts, and loss prevention challenges are very real. Shrink has a significant effect on a retailer’s bottom line. In fact, a recent study by the National Retail Federation (NRF) found an average shrink rate of 1.6%. This costs the retail industry more than "a staggering $100 billion...”. This is why … Continue reading Loss Prevention Challenges in Retail
Retail is abuzz with the momentum of companies jumping to create a niche for themselves in the emerging cannabis market. As cannabis becomes more widely accepted thanks to legalization, the market will continue to boom with new products. Here are the trends affecting cannabis and retail. Cannabis Edibles and Retail Photo credit: Shutterstock Though cannabis edibles … Continue reading Cannabis and Retail: Interesting Facts and Emerging Trends
Are small stores the next big thing in retail? It would appear so. Over the last few years, big name retailers have made the move towards smaller format stores. Target, for one, already has numerous small stores in various urban areas. They continue to grow their small format stores year over year to bring more … Continue reading 4 Ways SMBs Compete with Big Retailers Opening Smaller Stores
Through our business and research, we have come across a number of high-level facts and statistics about the convenience (c-store) industry, its direction and emerging trends. We thought they would be of interest to our customers and readers. There are lots of convenience stores! Convenience stores continue to have steady growth as an industry, doubling … Continue reading Convenience Store Industry, Emerging Trends and Interesting Facts
Across suburbs and cities, pet ownership is on the rise. Experts estimate that upwards of 60%+ of US households have at least one pet. The U.S. pet industry reached revenues of $136.8 billion. If you are wondering about the trends fueling the growth of revenues for all things related to Fido, check out our high-level … Continue reading 6 Trends Propelling the Pet Care Industry
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