Category Archives: Industry Trends

by Jennifer Bosavage

Pop-Up Stores Support an Omnichannel Vision

Two smiling young women outside of a pop-up store, one holding bags looking over the other's shoulder as she holds up her phone

Pop-ups project a fun, trendy and intimate attitude to customers, and for retailers they can function as an integral part of an omnichannel strategy.

Pop-up stores represent a temporary opportunity for shoppers to take advantage of something new that a brand wants to promote. Businesses can also use pop-ups to test out new technology before making a larger change in their stores.

Pop-Ups creating Omnichannel Buzz

Three young ladies looking at their phones smiling outside a Pop up

By their very nature, they generate buzz, and that can be parlayed into creating an excitement for a retailer’s other channels: online, mobile and in-store.

For example, a retailer might incorporate QR codes into a display that leads them to a scavenger hunt via the brand’s app.

The app might then continue the fun through gamification during the checkout process. Looping in a loyalty or rewards program adds to the positive and interactive customer experience.

Pop-Ups and Social Media Incentives

Pop-ups naturally complement social media. The excitement created by suggesting a “limited engagement” combined with an engaging atmosphere encourages interaction with customers.

The result is an experience that social influencers can’t resist. Social engagement generates enthusiasm for the pop-up store, and vice versa.

Exciting pop-up experiences attract hardcore social media users who can’t help but share how they spent their time interacting with the brand.   And that publicity doesn’t just impact these small satellite shops; once followers see what their favorite influencers are raving about, they’ll start visiting not only the pop-ups but also the brick-and-mortar sites, as well as related websites.

Brand Awareness Boost

man looking at a very well-known brand of shoe

Brand awareness and connecting with consumers are the two most popular reasons for launching a pop-up.

Customers have become burnt out from traditional “push” marketing tactics such as paid ads, and pop-ups offer a fresh take for brands to get attention.

They encourage customers to not only shop, but also to take part in marketing the brand.

Pop-ups can pair the physical storefront with digital marketing. They are the springboard for an omnichannel journey.

Having the right POS platform helps retailers that collect data from new customers they’ve attracted at a pop-up event and parlay them into future loyal customers; the POS data from the event is seamlessly and efficiently integrated with every channel.

That’s where a POS platform and customer management system for omnichannel retail – like Retail Pro Prism – comes in.

As a hybrid from both the physical and digital worlds, they tie all channels together – functioning as a place for completing transactions, fulfilling purchases, building community, and encouraging discovery as well as being their own unique destinations.

Look What’s Popping Up in Traditional Retail 

4 ways to use pop-ups’ popularity to boost your brick & mortar strategy

by Jennifer Bosavage

Name brands take on private label competition

As inflation heats up, store-brand and private-label products are becoming more attractive to consumers who typically buy more expensive name-brand goods.

Recent economic reports project real GDP growth will slow to 0.7 percent in 2023.

Such a cloudy financial outlook makes private labels popular as shoppers actively seek ways to get more for their money.

The trend has given manufacturers pause as they consider how to retain customers in the face of less expensive competition.

Upgrading private-label brands

Years ago, store-brand products often had bland packaging and were often not in the same league quality-wise as their more expensive competitors.

But today, that’s changed, with stores offering good quality at value pricing.

Some, such as Target, are marketing brands that are sought-after, including Threshold, Good & Gather and Up & Up.

For example, the food segment has seen significant growth in private-label success in the past three years.

The Food Marketing Institute reports that over 40% of consumers surveyed said they are more likely to buy private brands now than before the pandemic, and plan to continue doing so.

Nationwide brands need to actively market themselves to avoid being drowned out by an impending tidal wave of less expensive competitors.

To maintain relevance, experts suggest following the following tips.

Value in the details

Name brand products need to appear relevant to customers by clearly highlighting their features.

That may include describing hand crafting, attention to detail or a unique recipe, which would justify the higher price.

In addition, the price/value proposition should be appropriately marketed to the target audience.

Branded products must differentiate how they differ from private label goods, and how those differences benefit the customer.

Bonus perks creating loyalty

By providing related services, name brand products cultivate loyalty.

For example, Williams Sonoma provides in-store cooking instruction. Customers can learn new techniques, try out recipes and buy equipment all during a single visit.

Values-based private label brands

Having a social consciousness is attractive particularly to shoppers in the younger generations.

For example, Patagonia’s Worn Wear appeals to those shoppers committed to reducing overall consumption.

And Lush cosmetics are cruelty free, while Seventh Generation is environmentally friendly.

The key is to distill the brand’s message into something relatable to customers, and promoting it as fundamental to the product.

Lower cost private label brands for comparable quality

The primary reason private label products are bought initially is the cost factor.

Once a customer is convinced that the products are only minimally different that the more expensive name-brand counterparts, it can be difficult to win back that customer.

The best defense is therefore a strong offense.

Well financed national name brands can afford to use innovation and marketing to compete against private labels, and their survival depends upon it.

Brands Explore Creative Ways To Boost Customer Loyalty

Take Another Look at Sustainability

by Jennifer Bosavage

Are DTC brands coming of age?

DTC brands are beginning to populate traditional retailers of many brands / Beautiful asian woman holding shopping bag and smiling looking at perfume display in a big box retailer,

Many direct-to-consumer brands are reevaluating how they do business – and leaving the one-to-one intimacy with customers for a more traditional method of getting their products to more customers.

By embracing a wholesale strategy, often in conjunction with DTC methods,  these brands are developing a more robust omnichannel presence. 

An omnichannel presence is crucial to success in retail, as consumers have become used to having plenty of choices and will often choose convenience above most.

Omnichannel stat. Retail Pro Prism provides the capability for omnichannel operations and retail management.

Difficult circumstances for one channel of discovery

Woman sitting in bed, blowing on her mug and looking at a laptop, browsing DTC brands

For example, in February, digitally native beauty brand Glossier announced its partnership with makeup mega-retailer Sephora.

Glossier’s products will be on shelves at 600 Sephora stores across the United States and Canada, as well as online and on the Sephora App.

The brand’s jump to traditional retail came after a trial run with wholesale sales in 2020, when Glossier experimented with its “Glossier You” fragrance that it sold in seven U.S. brick-and-mortar Nordstrom locations.

The shift for Glossier hasn’t been easy; the brand has reorganized, replacing its CEO and laying off employees as it moves from a single channel of distribution.

However, its experience highlights how DTC brands can realign their resources to help them navigate the ways in which their customers want to engage. 

Additionally, new DTC brands are partnering with wholesalers from the get-go to build visibility and build their customer base.

DTC brands have had massive access to data from having sole access to all the data of their customers due to website-based operations.

The traditional retailers have learned from DTC and aimed to replicate the level of data for a personal loyal relationship with customers.

The cost of a customer

Customers being shown a DTC brand of TV of many in a traditional brick & mortar store.

Keeping customers is a far less expensive proposition than acquiring them, but for DTC brands, it’s imperative to increase their base in addition to keeping loyal customers happy and engaged.

DTC brands often start as small, trendy brands that appeal to a particular niche.

For example, the launch of Warby Parker addressed a customer need for affordable, attractive eyeglasses.

By bypassing wholesalers and retailers, DTC brands such as Warby Parker and Glossier have removed the costs associated with having intermediaries between manufacturers and consumers.

As they grow, however, DTC brands are realizing they need to cost-effectively increase their distribution channels.

Expansion is easier with wholesalers’ large customer base as part of the equation. Rising inflation rates are increasing operating costs; goods are more expensive to produce.

Expanding reach for DTC brands

Asian man holding a tablet POS with Retail Pro Prism software on it standing in a mall, slightly smiling

Adding wholesale as part of an overall strategy can help attract more customers, which is particularly important as consumers are becoming less brand loyal and more value-seeking.

No matter the stage of audience and growth your business is looking to have, omnichannel is the most important aspect a business can have to

A recent McKinsey’s Consumer Pulse survey underscores that sentiment, reporting that “more US consumers reported switching to different brands and retailers in 2022 than at any time since the beginning of the pandemic—and most of them say they intend to incorporate that behavior into their routines.”

Adding wholesale into the DTC mix can benefit all those in the ecosystem.
While the DTC model has provided high margins and customer insights, growing brands are able to parlay a wholesale relationship into a larger customer base while containing marketing costs.

DTC brands have a big impact on traditional retail

retailer in the back room taking account of stock, transparent white overlay of the world map above her

Meeting Stock Availability Expectations Across Channels with Retail Pro Prism

by Jennifer Bosavage

Tempered supply chain issues and strategies

Female Owner Of Fashion Store Using Digital Tablet To Check Stock In Clothing Store

As 2023 kicks off, there are still vestiges of supply chain shortages that continue to challenge retailers. Big box stores are still dealing with consequences of 2020 bottlenecks and supply chain issues.

Recent business surveys found that a majority of logistics managers don’t expect the supply chain to fully resolve until next year.

Additionally, a healthy unemployment number nationwide coupled with labor shortages and a looming recession has added to an overall disruption for general retail operations.

The bleak forecast has resulted in softer expectations in demand during the first half of 2023, with a possible uptick in the second half, making margins a key focus.

However, because that economic softness is expected to stick around, supply chains may appear to be working better because there’s simply less economic activity. 

The good news, according to analysts, is that the number of job openings, which reached its highest level in 21 years in 2022, is on its way down.

The Great Resignation has lost steam and the average quit rate is slowing.

Furthermore, the unemployment rate, at 3.4% in January, has been relatively stable since early 2022.

Having a good, reliable roster of associates is critical to moving goods.

Here are some tips to help get you through the next six months.

Retail recruitment strategies

Female Inventory Manager Shows Digital Tablet Information to a Worker Holding Cardboard Box, They Talk and Do Work. In the Background Stock of Parcels with Products Ready for Shipment.

The labor shortage is a significant challenge for retailers and will continue to be, well past COVID.

Competition is tough, so retailers are encouraged to look beyond financial rewards and invest in building a brand that focuses on culture, values and career growth.

Technology, too, plays a larger role inside the store. Omnichannel retailers encourage shoppers to order use multiple channels for a single order.

Associates receive, track and present customer orders – as well as deal with the inevitable returns.

Tools such as RIOT RFID can make these processes much smoother, faster and more accurate by taking care of the entire time intensive process of tracking products and updating counts upon return or order placement.  

This is a much broader scope of responsibilities, which requires a more advanced set of skills from the managers and staff.

A more transparent and connected system for retail management and point of sale leads to happier and more efficient staff. Retail Pro Prism provides total visibility across channels, saving your business and associates time so they can be more thoughtful, present resources for customers.

Streamline offerings

Supply chain troubles seem amplified when a retailer’s shelves are empty because several products are unavailable simultaneously.

Streamlining the types of products you offer and partnering with a number of suppliers to provide those specific types of items helps focus investment on high-impact areas.

You’ll be delivering a more consistent customer experience as well.

In addition, consider alternatives to what you currently offer without cutting back on quality of service. For example, florists may not be able to reliably source plastic vases for every order, so they might offer creative bouquet wrapping instead.

Map your supply chain

Ensure you have supply chain visibility. Surviving a supply chain shortage requires a steady flow of parts and materials.

Supplier mapping includes locations, details of what supplier provides and how critical each product is.

Understanding their inventory levels as well as your own is also crucial. Consider tracking your vendor’s supply chain as well.

Having the visibility of connected retail management across channels helps you in accounting for every order in process, giving you peace of mind.

Finally, as suppliers continue to feel the squeeze, be quality conscious.

It’s tempting for manufacturers to cut corners to meet demands quickly.

For designer brands, counterfeit goods can be a big problem when supplies are scarce.

Support your suppliers by investing in them, insisting they only accept first-rate work and authentic products, and offering credit terms if appropriate.

After all, if your biggest, most critical suppliers go out of business, you will too.

Strategies for Supply Chain Resilience for the Holiday Season

Female Inventory Manager Shows Digital Tablet Information to a Worker Holding Cardboard Box, They Talk and Do Work. In the Background Stock of Parcels with Products Ready for Shipment.

Rethinking the Challenges of Retail Hiring

retail worker carrying boxeslooking at phone evaluating for stock inaccuracies

Stock Inaccuracy and Omnichannel Operations

by Jennifer Bosavage

Brands Explore Creative Ways To Boost Customer Loyalty

From using artificial intelligence to analyze shoppers’ actions to promoting their own core values, retailers are looking to deeply engage with their customers to increase repeat business.

Customer loyalty is the Holy Grail for retailers. Businesses put hours of effort into understanding just what combination of factors entice a shopper to return – as well as what makes them choose one retailer over another time after time.

The elusive answer may be to create a brand that displays insightful knowledge of the customer, without being overbearing, and connect with them on a personal level.

Retail Pro Prism provides an integrated view of data across all channels and retailers can create customer profiles to record important, helpful data to improve their relationship with customers.

To Know Them is to Love Them

Who doesn’t prefer to shop where the associates are thoughtful, attentive and – if you’re lucky – just a bit intuitive?

It’s for those reasons that retailers such as Nordstroms and hoteliers like Ritz Carlton stand apart from their peers. And it’s why they have tremendous loyalty among their customers.

Artificial intelligence (AI) can help retailers gain insights into their customers, offering data that helps provide personalized experiences with targeted product recommendations.

Brands can tailor shopping experiences to fit customers’ interests, based on real-time web browsing habits and shopping data.

Knowing what’s of interest to a particular customer allows the retailer to curate selections.

Further, to keep an experience fresh yet relevant, AI can use browsing data to automatically present shoppers with new product selections whenever they visit an online store.

That creates customer excitement over new merchandise, prevents boredom and helps encourage spontaneous buying behavior, especially on mobile devices.

Personalized shopping experiences are central to customer engagement, retention and loyalty in today’s retail environment.

Personalization is also linked to higher conversion rates and product sales. According to McKinsey, personalization can deliver 5 to 8x times the ROI on marketing spend and improve revenue by 10% or more.

AI creates seamless experiences that leave shoppers satisfied and inclined to return.

Personalized ecommerce uses company data to recommend, cross-sell and upsell relevant items to shoppers.

By synthesizing shoppers’ onsite actions, AI can deliver recommendations tailored to individual customer’s tastes.

It’s a strategy aimed at providing better customer experience and higher conversion rates.

AppCard with Retail Pro allows retailers to leverage every bit of data collected from their POS system and using AI to create personalized marketing strategies to increase customer loyalty and in turn, retention.

The Value Proposition

Knowing and catering to the values of your customers can also help foster repeat business.

Values-based purchasing takes into account more than just price, quality and convenience.

These customers look at factors such as sustainability and resale practices as well as cruelty-free manufacturing, local sourcing and fair labor practices.

Sustainability casts a wide net. It can include retailers that sell pre-owned clothing or furniture, for example.

Some brands, such as Patagonia and Coach, incorporate both new and preowned products.

Such retailers have loyal followings that particularly enjoy “vintage” finds of their favorite brands.

Conversely, “pre-loved” merchandise is often available at lower price points, which provides a convenient entry point for a new set of customers.

Sustainability can also include retailers that support certain delivery practices – bundling orders for similar areas, providing eco-friendly shipping materials and cutting back on their carbon footprint throughout their supply chains and operations.

Sometimes it’s just a matter of looking at points of friction to find alternate options for those points of operations.

With Retail Pro Prism, retailers have an integrated view of the data from every corner of operations so they can analyze the whole picture and look for ways to eliminate unnecessary steps or trips.

“Value-driven retail” is more than a buzzword. In a crowded market, it differentiates a brand, and encourages loyalty.

There are factors in addition to fair pricing and convenience that encourage customers to return. A strong set of brand values fosters emotional investment and positions a brand as the best solution for customers’ needs.

And AI-powered technology can help brands create the customer experience that drives success.

6 Ways to connect your physical and digital store operations with Retail Pro Prism for better omnichannel experiences

The Benefits of Consolidating Point of Sale Data

Take Another Look at Sustainability

by Jennifer Bosavage

Rethinking the Challenges of Retail Hiring

As retailers continue to emerge from the pandemic and gear up for the 2022 holiday season, the challenges of retail hiring and retaining employees are becoming increasingly apparent.

First, there’s the struggle to find employees to fill open positions, as the onsite nature of retail jobs has limited the applicant pool.

Then there’s the challenge of keeping current associates happy and fulfilled, all while not overwhelming them due to staffing problems.

Retailers are on the case. According to a Deloitte study, 83% are investing in employee recruitment and retention.

Those issues include reassessing salary but go beyond that to rethinking flexibility and culture, as well as diversity, equity and inclusion (DEI).

The key is to create a culture that’s worthy of employees’ time and energy on its own merit, rather than one in competition with another, such as those exemplified in the gig economy.

At a glance, jobs in the gig economy such as Uber, DoorDash and Instacart are tough to compete against, retail executives acknowledge.

Gig jobs may be considered more attractive than traditional retail positions because they often offer flexible hours for the same (or better) pay.

They successfully attracted workers who were forced to leave their retail jobs when stores closed during pandemic lockdowns, and many don’t want to return.

With a reported 1 million unfilled retail positions available, stores will require some creative solutions to lure back former employees.

During the past two years, many wage earners have reflected on what work means to them individually.

Money is not always tied to feelings of satisfaction and purpose. Many are seeking a better balance between work and their personal lives.

And then there’s the desire to work from home – a request that is impossible to align with the requirements of retailing.

All of that has created the perfect storm of people leaving their current job while seeking work that allows them to live their lives on their own terms.

Executives must therefore think outside the box to attract talent.

Career Advancement

The challenge facing leadership is the acknowledgment of the constraints of retail work, while leveraging its advantages.

Those benefits are many times directly influenced, if not created, by employers. Significantly, such advantages must benefit both the employer and the employee.

Developing and promoting clear career paths encourages employee tenure. Employees are not simply seen as filling a shift, but rather, as representatives of their brands.

Offering professional development programs demonstrates to workers that a business wants to invest in them.

They provide the retailer with a trained workforce and the employee with a resume-worthy credential.

Not every company can offer in-house training; some employees may be looking to continue their education more formally, for instance at a college or university.

Tuition assistance options can support those career-advancement goals.

Many workers want reassurance their activities mean something and are valued.

Providing an actionable plan to the next level as well as the education or training needed to get there can promote longevity in the ranks.

Diversity, Equity and Inclusion

Professional Shopping Assistant Using Digital Tablet Helping Female Client Buy Clothes And Improve Personal Style In Store. Free Space

Infusing DEI into the fabric of a retail business requires a commitment to investing in staffing.

Deloitte’s research found that 94% of retailers believe employees prefer workplaces that “consider DEI.” That means DEI initiatives should be in place at all levels of a company, from entry-level to the C-suite.

Improving DEI starts with an audit of current recruitment practices to identify gaps in the hiring practices.

Each element of the recruiting process—from job descriptions and candidate outreach to employee satisfaction surveys, should be evaluated.

Just as a retailer would promote its career advancement opportunities, it should also be transparent about its DEI goals and initiatives.

The two strategies can work collaboratively, helping traditionally disadvantaged groups receive training and education that can provide entrée into the elusive C-suite.

In a post-pandemic world, retailers must reevaluate what they offer employees beyond salary and standard benefits.

The past two years have given the workforce an opportunity to contemplate how they want to work, and what they want to receive for that effort.

Retailers now must reevaluate what it will take to get associates back into stores while developing a commitment to their staff as well as to their bottom line.

retailer in the back room taking account of stock, transparent white overlay of the world map above her

Meeting Stock Availability Expectations Across Channels with Retail Pro Prism

Christmas at the mall

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by Jennifer Bosavage

4 Important Ways the Retailer-Vendor Relationship has Changed

Asian woman shop owner - young Asian woman store owner carrying shoe boxes at store

The last two years have seen dramatic changes in the retailer-vendor relationship. Supply chain shortages caused by the pandemic are still reverberating throughout retail operations.

While the online channel unsurprisingly grew in response to imposed lockdowns, the less-popular hybrid shopping model known as “click and collect,” also gained tremendous momentum.

Retail Pro’s customer ACFC was able to make BOPIS a reality early on in the pandemic thanks to Prism’s data integration and total inventory visibility.

And, although shopping has returned to pre-COVID routines, supply chain issues remain. Here are some ways retailers are handling post-pandemic challenges.

The Product Journey to the Customer

delivery man holding box up as person receiving it signs an ipad

Dropship is more popular. Published statistics show that the global dropshipping market is forecast to reach $196.78 billion in 2022, a substantial increase of  23.7 percent from 2021.

That number is expected to continue to rise, reaching $243.42 billion next year.

The uptick in retailers needing to fulfill online orders during the past two years is a big reason for the dropship surge.

Retail Pro’s ability to streamline inventory visibility across all channels and give retailers a single view makes it easier for them to reduce the margin of error in fulfilling online orders.

Retailers Expanding Retailer-Vendor Relationship

Female Inventory Manager shows digital tablet Information to a male worker holding cardboard box, explaining how their retailer-vendor relationships work

Retailers have expanded their footprint to include marketplaces such as Amazon and Alibaba, as well as social platforms including Tik Tok and Instagram.

Miniso’s UK branch was able to experiment easily with selling on Amazon in the face of tough challenges brought on by COVID with Retail Pro Prism, opening their understanding of future operations possibilities

In fact, TikTok has been experimenting with shoppable ads and shoppable livestreams indicate its readiness to compete for retailers’ attention with Instagram and Facebook.

That has boosted brand awareness not only for the retailer, but also for the supplier. As product demand increases, however, shortages sometimes occur.

Expanding selection through third-party relationships. Some large retailers, notably Lands End, Hudson’s Bay and Anthropologie have begun their own marketplaces.  

Those retailers feature channels on their websites that allow select third-party brands to sell products directly to their customers. It increases selection while letting the retailer avoid increasing the number of vendor relationships they must manage.

Automation of Operations

A female Asian retailer looking over her store's automated inventory across channels

Increasing workflow automation. Reducing or eliminating the manual creation of reports regarding orders, stock levels, and sales trends, and automating that process can accelerate the receipt of information regarding potential stock shortages.

That is particularly helpful when earmarking stock for in-store purchases; for ecommerce order fulfillment and for pickup by click and collect customers.

Automation reduces errors and makes data collection more efficient. Retailer Saleem Fabrics was able to automate their inventory to lessen challenges brought on during COVID with the help of their Retail Pro Business Partners at System Plus and Retail Pro’s software plugin capabilities.

The best supplier-buyer relationships require collaboration. Retailers and their suppliers must be committed to the long-term pursuit of value.

Working with Retail Pro and our partners means a retailer has engaged support and help to take any steps necessary for the sorts of modernizing changes in operations mentioned above.

Together, retailers and their partners are employing innovative solutions to offer joint opportunities to create and retain significant value.

Professional Shopping Assistant Using Digital Tablet Helping Female Client Buy Clothes And Improve Personal Style In Store. Free Space

6 Ways to connect your physical and digital store operations with Retail Pro Prism for better omnichannel experiences

retail worker carrying boxeslooking at phone evaluating for stock inaccuracies

Stock Inaccuracy and Omnichannel Operations

Your Shoppers Have Gone Omnichannel. Have You?

by Jennifer Bosavage

How NFTs are Influencing the Retail Market

Non-fungible tokens (NFTs) are becoming a bigger part of the fashion landscape. In so doing, they are also becoming a substantial part of retail.

An NFT is a unique, “bespoke” item that by its very nature fits right into the fashion world.

To put it in terms of physical collecting: anyone can buy a Givenchy dress. But only one person can own a bespoke version (like Megan Markle).

An NFT is registered on a blockchain, which is used to record ownership of an asset. Limited-edition, unique digital fashion items are purchased, and buyers receive “1 of 1” certificates of ownership – adding a level of exclusivity that has long been the hallmark of fashion culture.

NFTs and brand loyalty

NFTs can also be integrated successfully into loyalty programs. With NFTs, fashion brands can give customers tokens for enticements, including yearly access to new products, discounts, admission to exclusive events and private communities. 

For example, Dolce & Gabbana debuted its NFT collection, Collezione Genesi, which has physical, digital, and experiential value.

The NFT holder receives the physical, fitted version of Dress from a Dream, an original signed sketch, and a custom digital recreation of the dress—in addition to two-year access to Dolce & Gabbana Alta Moda, Alta Sartoria, and Alta Gioielleria couture events in Italy.

In that way, the customer is encouraged to continue engaging with the brand.

Hype and controversy

The strategy to market NFTs with products can be wildly lucrative.

 For instance, Adidas made its first NFT drop, Into the Metaverse, of 30,000 NFTs, priced at $800 each. The drop sold out almost immediately, and generated more than $23 million in sales.

But not everyone is gung-ho over NFTs. Much of the controversy surrounds the carbon footprint of NFTs.

They are supported by blockchain technology, which is extremely energy-intensive. The cryptocurrencies used to buy and sell NFTs generate millions of tons of planet-heating carbon dioxide emissions.

 Others argue against NFTs because they are part of a new, unregulated market – and those types of markets, in general, have a greater propensity to harm the environment.

Digital opportunities around NFTs

But NFTs and cryptocurrencies are offering retailers entry into new markets. Some shoppers don’t have access to bank accounts or credit cards—and others simply don’t want them.

Those customers can now make electronic transactions with cryptocurrency.

According to Statista, the number of blockchain wallet users is increasing dramatically: From roughly 69 million in February 2021 to 81 million a year later. Benefits include superior payment security, lower transaction fees, and speedier transactions.

Ralph Lauren has been selling branded digital apparel in virtual worlds such as Zepeto, while Dolce & Gabbana has auctioned millions of dollars in NFT-based digital couture.

Those well-known luxury brands and others are forging into the “metaverse,” expanding their retail channels. And retailers see that brand expansion into NFTs offers a way not only to expand sales but also to increase revenue receipts via cryptocurrencies.

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Take Another Look at Sustainability

earth growing green foliage because of sustainability practices

Sustainability means serious business to a new generation of customers.

Business sustainability is far more than using recycled plastic in shopping bags or motion-sensing lighting.

It’s not a feel-good buzzword. Rather, it’s a way of doing business that considers the effect companies have on the environment or society.

Sustainability – from Millennials & Gen Z to Mainstream

a stack of clothes from different fabrics with a tag labeled co2 neutral Carbon neutral, CO2-free concept product to signal sustainability

For Millennials and Gen Z customers, sustainability includes reusability.

Thrifting or “resale marketing,” is popular with this group, and the secondhand market, including clothing retailers such as Poshmark and ThredUp, is thriving.

The similar concept of “circular fashion” considers the entire lifecycle of a garment, from how it’s made to ensuring its durability so it can ultimately be passed to several owners.

 Established brands are joining the party; for example, Patagonia’s “Worn Wear” program offers credits toward new items when customers trade-in gear.

With Millennials representing $600 billion in spending power and Gen Z at $140 billion, their preference to shop sustainably can’t be ignored.

Increased appetite for sustainability

Woman who cares about sustainability with shopping bags in studio on yellow background isolated

Not every product can be reused, however, so looking at responsible, “green” ways of manufacturing continues to be important.

What has changed, however, is that customers are more willing to pay for sustainable products. For example, last July, a survey from First Insight and Wharton’s Baker Retailing Center of more than 1,000 U.S. consumers found 68 percent of them willing to pay more for sustainable products, up from 58 percent from a survey taken in 2019.

That’s a compelling argument for retailers to create, source, and sell more sustainable goods.

Sustainability and cost incentives

packing away products to ship with brown cutout paper to increase sustainability

Sustainability aligns with business goals as well – and though many small and midsize retails are leading the charge, it’s not solely the purview of smaller companies.

A great example is “Amazon Day” when the behemoth retailer packages into one weekly delivery, chosen by the customer. That’s a huge savings in gas costs for Amazon, while it reduces environmental pollution.

In addition, Amazon has committed to produce 100,000 electric vehicle delivery vans for Amazon through 2024.

Brick and mortar retailers that provided enhanced delivery and customer pickup services might consider reducing the resulting carbon footprint by bundling packages for customers, which will consolidate the number of delivery/pick up trips.

Employees and sustainability goals

employee at sustainability-conscious artisinal

Finally, companies that embrace sustainability as a key purpose may be better positioned that their competitors to attract motivated, skilled workers that drive financial success.

Everyone likes to rally around a common goal, and employees with shared purpose are likely to be more satisfied at work – and happy employees are great ambassadors for your business.

Millennials: the force driving thrifting’s upsurge

woman shopping in store

Gartner: Retail’s role in sustainability improvements

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NRF 2022: Simplifying the omnichannel purchase journey

Woman hands bag of various items of dishes to retailer. Beautiful woman shopping tableware in supermarket. Manager helps a costumer with returns

Omnichannel is about making it easy for customers to buy from you, get their products from you, and make returns.

A shopper’s purchase journey goes through multiple stages and retailers must think through the omnichannel experience at each phase.

  • PRODUCT RESEARCH PHASE How do the online and in-store experiences complement each other to help shoppers get a tangible feel for the products they’re exploring?
  • PRODUCT PURCHASE PHASE How can we best simplify the path to purchase to win more sales and avoid losing customers due to out of stocks or poor experiences?
  • PRODUCT FULFILLMENT PHASE What are cost-effective ways to get customers what they’ve ordered?
  • PRODUCT RETURN PHASE How can we streamline the omnichannel returns experience for shoppers?

Request your consultation now >

Streamline omnichannel orders & fulfillment with Retail Pro Prism

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Improve efficiency in operations needed to support your omnichannel retail environment for more efficient omnichannel operations.

  • Connect all points of purchase for efficient order management and fulfillment
  • Execute on BOPIS and curbside pickup with mobile POS
  • Keep accurate inventory counts with integrated, affordable RIOT RFID for Retail Pro
  • See inventory in the warehouse, in transit, in the back room, or on the sales floor

Request your consultation now >