Many retailers have been preparing for the mandatory October migration to EMV payments.  Those chip-embedded payment cards offer improved protection against fraud, and shifts the  liability in the case of fraud from the banks to the retailer. The plan has been on the books for three years, and although some retailers have made headway in preparation, one trade group, the Food Marketing Institute, has asked the credit card companies to move the deadline to next year.

EMV (Europay, MasterCard and Visa) is a global standard for cards with technology needed to authenticate chip-card transactions.

U.S. retailers are late to the EMV party; MasterCard’s risk movement happened on Jan. 1, 2005, for instance. According to EMV Connection, the standard has been implemented in more than 80 countries, with roughly 1.5 billion EMV cards issued globally and 21.9 million POS terminals accepting EMV cards at the end of 2011. In March 2012, Visa, MasterCard and Discover reported EMV migration plans for the United States, and American Express followed in June 2012.

The mandate puts the responsibility for investing in the required new hardware and software in the merchants’ hands, an investment some have been slow to make. In an interview with the Wall Street Journal, the letter from Leslie Sarasin, president and chief executive of the trade group noted: “Regardless of how strong the commitment or how many dollars invested, the reality is that the system will not be ready to meet the card networks’ arbitrarily-set mandate for the liability shift in October 2015.”

However, the National Association of Federal Credit Unions is petitioning Congressional leaders to reject the FMI’s request. In a letter to Senate Majority Leader Mitch McConnell, R-Ky., Minority Leader Harry Reid, D-Nev., House Speaker John Boehner, R-Ohio, and Minority Leader Nancy Pelosi, D-Calif. NAFCU President and CEO Dan Berger wrote:

Merchants, retailers and credit unions are all targets of cyberattacks. The difference is that financial institutions have developed and maintain robust internal protections to combat these attacks; they are required by federal law and regulation to protect this information and notify consumers when a breach occurs that will put them at risk. By contrast, merchants and retailers are not covered by any federal laws or regulations that require them to protect the data and notify consumers when data is breached.

The WSJ reported that MasterCard and American Express had no arrangements to change the date, while Visa and Discover did not respond.

However, as the deadline gets closer, more critics are voicing concerns that the standard is being compromised for expediency. CNN Money recently interviewed Mike Cook, Wal-Mart’s assistant treasurer and a senior vice president, who said that the giant retailer would have preferred the standard be chip and PIN, rather than chip and signature, which some retailers are adopting. Some critics think that move is a half-measure, one that would protect against counterfeiting, but not fraud.

CNN Money reported that Cook said during a presentation at the recent Electronic Transaction Association’s Transact conference: “Signature is worthless as a form of authentication. If you look at the Target and Home Depot breaches … not a single PIN debit card needed to be reissued in those breaches. The card number was worthless to the individual thief and fraudsters, because they didn’t know the PIN.”

The next several months will see how Chip and PIN vs. Chip and Sign play out, but it’s clear the public is ready for improved measures. Gallup reports that 69% of Americans report they frequently or occasionally worry about credit card information they used in stores stolen by computer hackers — the most common concern. And, if 2014 is any guide, retailers would be wise to adopt the most aggressive security measures possible, because fraudsters are becoming increasingly sophisticated.

This entry was posted by Jennifer Bosavage on Tuesday, April 7th, 2015 at 9:58 am .

Retailers are buzzing about the “Internet of Things,” but most think of the technology as a consumer home run. Take Amazon’s Dash, for example. Dash is a small device that helps consumers keep on top of frequently used supplies. If Mother Hubbard had only had Dash, her poor dog would have been well provided for. From Amazon:

Every member of the family can use Dash to easily add items to your AmazonFresh shopping list. Keep it on your kitchen counter or hang it on the refrigerator. Did your kids just eat the last of the cereal? Conveniently refill and restock your home’s everyday essentials, and have fun doing it.

I’m not sure how much fun, exactly, this will be, but the convenience and efficiency has me eagerly awaiting the time when my address will be in the delivery zone. Until then, retailers could use similar technology to keep inventory stocked and tracked. Easily.

Internet of Things may shape future of ecommerce

In fact, recent IoT research from Deloitte predicts that this year, one billion wireless Internet of Things devices will be shipped. That’s an increase of 60 percent from 2014, which will lead to an installed base of 2.8 billion devices. IoT-specific hardware comes in different flavors, from expensive cellular modems to much less costly Wi-Fi chips. That market is expected to be worth $10 billion, but the big news is the segment dedicated to the associated services enabled by the devices. That’ll be worth roughly $70 billion. Such services include all of the data plans that may be required for network connectivity of devices, as well as professional services — such as consulting, implementation, or analyzing data. Currently, according to Deloitte, IoT hardware and connectivity sales are increasing at approximately 10 to 20 percent annually, while the apps, analytics and services are growing at an even more rapid rate of 40 to 50 percent.

The irony is that as consumers are demanding interactive, engaging and convenient retail experiences, retailers are often hesitant to invest in the technology. But by implementing IoT devices, retailers could find themselves more accurately handling the back end processes, thus trimming expenses, while simultaneously providing improved customer service And that’s a win by any measure.

This entry was posted by Jennifer Bosavage on Thursday, April 2nd, 2015 at 12:13 pm .

Fashion has always set the course for Lyn Evans’ life and passions. In 1978, she opened her first women’s clothing and accessories boutique, Lyn Evans Potpourri Designs (from here on called Lyn Evans). In 1980, Lyn established her second store in Wellesley, MA, which currently serves as their flagship store and corporate office. Lyn Evans makes it their mission to curate an exceptional shopping experience and to give back to the communities they serve.

The Lyn Evans Lifestyle

Lyn Evans does not take a price-driven approach to retail. Instead, each of Lyn’s seven stores with locations in community-focused North East cities in the U.S. strives to build personal relationships with the customers they serve.

“We get a lot of snowstorms in Massachusetts,” Shotkus told us. “Some of our patrons will travel for two to three months to a warmer part of the country. We don’t want to lose the customer just because we don’t have a store in that location, so we keep up the relationship online.”

One such customer is a poster child for this kind of relationship maintenance. An associate met with her online for a personal shopping appointment. An hour and a half and one happy customer later, the Lyn Evans associate hung up the phone with a $3,000 order.

Lyn Evans takes fashion to the community – and won the Association of Massachusetts Award of Excellence for commitment to community service.

“Our goal,” Lyn Evans owner Stan Shotkus said, “is to integrate the stores with the online community, with our website serving as a showroom.”

Lyn Evans Gives Back

With customer engagement that far surpasses most consumer expectations, Lyn Evans is building a reputation of being a community-centered business. In 2012, they were awarded the Retailers Association of Massachusetts Award of Excellence for commitment to community service.

One non-profit to which they donated is the National Education for Assistance Dog Services, or NEADS, which works with a nearby prison to train dogs to be service animals for people with special needs. They have also raised money for animal shelters, breast cancer awareness, school projects and scholarship funds, and many other causes and organizations.

Their relationship with the community is the reason their customers are such loyal fans. “People do business with people they like,” Shotkus said. “If we were just price driven, our customers would have no reason to come to us, or to keep coming back. But we’re more than that.”

Curating Custom Looks

It is out of these intimate retailer-shopper-community relationships that Lyn Evans stores began shaping the direction for their next stage in retail.

As a boutique, they serve a consistent community of loyal fans, and they always give their shoppers a reason to come back: their collections are updated and refreshed throughout the season, with a local boutique version of Zara-esque turnover for their styles.

But the market does not always cater to a specific community’s fashion ambitions. “Customers would come to us with requests for certain styles or colors that just weren’t available in the marketplace. Sometimes they would just want a longer top or longer sleeves, or a color that wasn’t available with the current color trends,” Shotkus told us. “So that’s how Lyn Evans label was born.” Lyn Evans stores now carry 24 items that they’ve curated specifically for their customers, and there are plans for growth.

Lyn Evans’ chic Westborough, MA store

Defining their Omnichannel Strategy   

Lyn Evans is striving to create a seamless experience for their customers. Every store is suited with iPads that display their company website at all times to allow for cross-selling of items from other stores. If a customer wants a certain style or color that is not available at their location, a store associate will save the sale by helping the customer place the order from the store’s iPad before they go.

They keep track of everything using their Retail Pro retail management software, which manages all of their inventory for all channels. Lyn Evans outfitted their Retail Pro with an e-commerce solution from 24Seven Commerce to administer web orders, and integrated the two to keep real-time tabs on inventory across every location, without data duplication. Other solutions they tested created too many intermediary steps to keep clear inventory on both their brick and mortar and their online channels. 24Seven, as an integration with Retail Pro, significantly simplified their operations.

24Seven’s transparency and level of communication accelerated the implementation process. “It’s a very responsive team,” Stan shared. “We were communicating on a daily and sometimes hourly basis.”

Using Analytics to Direct their Strategy 

The company hired a new buyer, who came to them from the shoe and apparel retailer Reebok. She was experienced in complex analytics but needed to learn how to optimize the Retail Pro reports capabilities for their retail business. So Lyn Evans management called their Retail Pro Business Partner, JD Associates, to conduct a half-day training seminar on-site on how to create customized reports with their Retail Pro analytic tools.

The buying team uses custom Retail Pro reports to see exactly what their customers want. Lyn Evans analyzes performance data from the previous year’s collection and guides future buying decisions accordingly. Last year, they purchased 7,000 tops at this point in time. This year, based on data collected from their customers’ purchasing trends, they bought only 3,700, improving inventory flow and turn.

“It’s constantly evolving. You can say, ‘Aha! I’ve found the secret formula for which and how many of each product to buy,’ but you’ve really only discovered it for this point in time.”

Now they are implementing an inventory rebalancing program fueled by Retail Pro analytics. Because they can see exactly what inventory is at which store, they can transfer goods from one location to another to meet customer demand. The customer can order online and pick it up in one of our stores or have it shipped to their home, which is a big part of the Omni channel convenience their customers enjoy.  In addition, a replenishment strategy will be implemented on basic and core products to maintain a good stock position.

Lyn Evans carries all the season’s best styles and curates their own by popular demand.

Taking the Experience Online

Lyn Evans is also applying this business intelligence for growth in their online store. “In order for the specialty store to survive, we have to change the way we do business.” The challenge is keeping the personalized customer experience consistent between the online store and the brick and mortar stores, but their customers know that a friendly Lyn Evans associate is always just a phone call away.

And they are not limiting their website to be just another avenue for sales. “We are promoting a lifestyle,” Stan explained. Plans for the website include adding a blog with top trends, recipes, and how-to videos, like this video of a Lyn Evans associate showing different ways to tie a scarf.

With these seamless omnichannel operations in place, the Lyn Evans boutiques have achieved a competitive advantage over so many retailers in their industry, creating a smooth and personalized experience for their shoppers through both channels, while staying true to their brand. “We are a small company with only seven stores. We don’t have the resources that the big players do. We had to do this on a budget and in a short time frame, but we have the passion and commitment to take our business to the next level.” And, might we say, they are doing it exceptionally well.

This entry was posted by Ulyana Avetisov on Wednesday, April 1st, 2015 at 12:51 pm .

Retailers today — like myriad ones before them — face the challenge of personalization. Customers want products that satisfy their needs, but they also want some element of serendipity. Creating a shopping experience that caters to the customer is the challenge of every retailer, regardless of whether it’s a brick ad mortar, or an online specialty shop. It’s been the marching orders of every store since bartering for goods: Provide what the buyer wants in both goods and services, and you’ll earn a loyal customer.

Earning those types of customers requires deep and insightful knowledge in order to successfully use personalization as a tool. Online retailers do not have the benefit of engaging customers in casual conversation, making eye contact or reading body language. But they do have reams of data from information keyed in by every customer. The challenge is in designing a Web site that will provide the desired information, and then analyzing that data for accurate results. The websites that generate the most sales are customer-centric and address shoppers’ needs.

Shrewd retailers will use that information and create shopper “personas,” or archetypes of customers, that can be used to personalize the type, amount and even design of site content. But a common trap is that the information gleaned is influenced by the researcher’s own experiences. Andrew McAfee, principal research scientist at the Center for Digital Business at MIT Sloan, wrote in a post that was published on Harvard Business Review that people are not inherently better at making decisions, predictions, judgments, and diagnoses, although people seem to be proficient at telling stories that weave together multiple causes and multiple contexts. “The stories we tell ourselves are very often wrong,” wrote McAfee, “and we have a host of biases and other glitches in our mental wiring that keep us from sizing up a situation correctly.”

Trends within customer service sometimes come and go, but one aspect that seems to satisfy consumers significantly is personalized elements during their shopping experiences.

Creating those personas is a solid first step, and resources exist to help retailers, such as Oracle’s blog Identifying Buyer Profiles: 5 Ways To Segment Your Marketing Audience. Physical stores with an online presence working to bolster their omnichannel efforts can benefit from understanding their target audiences — and it’s likely that online shoppers may be similar, but different from, those frequenting the mall, for instance. Personalization efforts therefore need to acknowledge and be tailored to each shopping channel.

Last week, RetailPro announced a strategic partnership with 24Seven Commerce, a Silicon-Valley based global provider of integrated e-commerce software and market place solutions for independent retailers. With 24Seven, Retail Pro customers have access to turn-key integrated e-commerce applications that extend and enhance the capabilities of their physical stores. But for online customers, the 24Seven Cart also includes an adaptable responsive design and easy to navigate interface for the quickly growing smartphone shopper segment. Personalizing those types of solutions for customers can go a long way toward positioning a retailer as one that is attending to the way customers want to shop.

It’s critical for retailers to recognize the nuances of who their buyers are: What they don’t want and need is just as important as what they do. Further, understanding their “pain points” and working to relieve them will turn a retailer’s site from one that is reflective of products, to one that is a resource that shoppers see as “just for them.”

This entry was posted by Jennifer Bosavage on Monday, March 30th, 2015 at 8:17 am .

FOLSOM, CA, March 26, 2015 – Retail Pro International (RPI), a leading provider of Point of Sale (POS) and retail management solutions, today announced a strategic partnership with 24Seven Commerce®, a Silicon-Valley based global provider of integrated e-commerce software and market place solutions for independent retailers. The alliance leverages the companies shared capabilities and expertise to provide increased value to their customers and business partners. Through this partnership, 24Seven Commerce is extending the value of its cloud-based e-commerce solutions, making Retail Pro integrated e-commerce accessible to more specialty retailers globally.

24Seven’s cloud commerce solutions are developed specifically for brick-and-mortar retailers and connect directly to Retail Pro® retail management software, delivering a unified platform for managing in-store and online operations, including integration between Retail Pro®, eBay and Amazon.

“24Seven serves an important role in providing an accessible omni-channel solution that is affordable for even the smallest enterprises. Our partnership enables our customers to build and launch an integrated online/offline operation at the minimum investment possible. With 24Seven, Retail Pro customers have access to turn-key integrated e-commerce applications that extend and enhance the capabilities of their physical stores,” said Kerry Lemos, RPI CEO.

As specialty retailers expand to the web, they become increasingly reliant on trusted partners that can deliver scalable cloud-based solutions. 24Seven Commerce combines the power of their e-commerce solution with Retail Pro® retail platforms, enabling retailers to administer web orders and web products through the familiar Retail Pro® user interface, and without data duplication. The 24Seven Cart® also includes an adaptable responsive design and easy to navigate interface for the rapidly expanding segment of smartphone shoppers.

“Our partnership with Retail Pro International validates our mission to extend a retailer’s POS system, providing a unified solution for both physical and online operations, including e-commerce and market places like eBay and Amazon,” said Anil Jindal, CEO 24Seven Commerce. “While on tight budgets, small businesses often lack the knowhow needed to implement and manage a POS integrated e-commerce system. Our mission is to make integrated e-commerce accessible to every brick-and-mortar retailer, deliver it on an easy to manage platform, and provide flexible plans that fit different needs and budgets,” said Jindal.

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About Retail Pro International

Retail Pro International (RPI) is a global leader in retail management software that is recognized world-wide for rich functionality, multi-national capabilities, and unparalleled flexibility. For over 25 years, RPI has innovated retail software solutions to help retailers optimize business operations and have more time to focus on what really matters – cultivating customer engagement and capitalizing on retail’s trends. Retail Pro is the chosen software platform for omni-channel strategy by serious retailers everywhere. To learn more, visit www.retailpro.com

About 24Seven Commerce, Inc.
24Seven Commerce is a global provider of integrated e-commerce and market place solutions for independent retailers. Our application suite includes 24Seven Cart®, 24Seven Link® and 24Seven Channel®, providing retailers with the tools and professional services required to sell on global marketplaces, including Amazon and eBay. Our feature rich platform is developed specifically for brick-and-mortar retailers and integrated with in-store point of sale (POS). With our client focus being on the specialty retailer, our applications are an affordable solution for the small retailer and start-up. 24Seven Commerce is headquartered in San Jose, CA with an office in Asia. For more details, please visit www.24sevencommerce.com, or call 408-329-6551.

This entry was posted by Ulyana Avetisov on Wednesday, March 25th, 2015 at 3:39 pm .

Last week Facebook announced it was going to make it easy to transfer funds between people. While that’s not on the same level as paying bills online or paying for purchase at a retail store, it has tremendous implications.

Right now a very small percentage of the overall buying public uses mobile payments. But many are eager to start doing so, and those that do are very enthusiastic. A study earlier this year by Verifone found that 84 percent of shoppers said they would use a phone to pay for small and medium purchases, but that many U.S. adults are still unaware of these services or how to use them.

The rollout of Apple Pay in October 2014 made huge strides in the public’s acceptance of mobile payments. Since then, more than 220,000 retailers have partnered with Apple to offer contactless mobile payments, enabling iPhones and iPads to wirelessly communicate with checkout machines using near field communication (NFC) technology. Facebook’s latest move using Messenger to transfer money between friends has the potential to move the needle in a similar manner.

For eight years, gamers and advertisers have processed payments on Facebook. With 1.4 billion active monthly users, Facebook offers huge potential growth in the mobile payment space. And it works very simply: Via Facebook’s Messenger app, users open a message with a friend, tap the $ symbol and enter the amount to send, then tap “Pay” in the upper right, and add a debit card. The friend receives it when he or she opens the conversation and taps “add card” to add a debit card and accept the funds.

The system may eventually help increase retail sales. As IFAN Financial President and CEO J. Christopher Mizer noted: “IFAN has long-recognized the growing synergies between social commerce and mobile technologies. We believe that Facebook’s participation in the mobile payments arena will likely accelerate consumer adoption of peer-to-peer money transfers via smartphone and ultimately add value to our platforms.”

For instance, often times shoppers will see an item and remember that it was something a friend mentioned wanting to pickup. Typically, the shopper would call or text the friend with information on the product, and the friend would need to arrange getting to the store or looking it up online to take ownership. With the increasingly social nature of shopping, however, the purchase can be handled in one trip: The shopper not only advises the friend the product has been located, but also can accept payment for buying it on her friend’s behalf. (It could take one to three business days to make the money available to you depending on your bank, just as it does with other deposits.)

Of course, consumers are still very concerned about security of their information, and time will tell if players such as Apple and Facebook can instill more confidence in mobile payment platforms.  But despite that hesitance, the public is clearly interested in mobile payments, and with Facebook providing a solution it makes the process seem more accessible to many shoppers— perhaps billions of them.

This entry was posted by Jennifer Bosavage on Tuesday, March 24th, 2015 at 11:12 am .

One of the biggest opportunities for personalized retail lies within the luxury market. Last Fall, for example, Neiman Marcus debuted “Snap. Find. Shop,” a 3-D visual fashion search and purchase feature, and made it available through its mobile app. The high-end retailer has been successful in leveraging its in-store success online; 21 percent of its revenue is derived from its e-commerce initiative.

It pays to be first with innovative technology; “Snap. Find. Shop” lets NM app users snap images of fashion items and instantly be provided with all close-matching products currently available at www.neimanmarcus.com. Being at the leading edge positions the company as forward thinking, and attracts the sought-after Millennial segment.

Other luxury retailers, such as Bloomingdales, Saks and Nordstrom’s, are also in the high-tech game. The benefit of providing apps that attract users is all that information they gather. By capturing orders and analyzing key information about the customer retailers are building loyalty and taking full advantage of their clienteling solutions. Clienteling incorporates many technological solutions that, in union, provide data that can be analyzed by retailers to provide customers a personalized, relevant shopping experience.

Omnichannel businesses are becoming the norm, and the most successful ones develop a consistent brand across all channels.

Barneys New York, for example, re-launched its e-commerce sites (Barneys, Barneys Warehouse and The Window) earlier this month, incorporating “responsive design”— an approach that optimizes e-commerce sites across a variety of devices. So shoppers will feel comfortable browsing via their smartphone, for example. Better presentation online means less scrolling and resizing images, which means customers are less likely to become frustrated and go to a competitor’s site.

The new sites provide an omnichannel view of the shopper to Barneys; they incorporate what a shopper has bought in store as well as on its sites. That provides a holistic view of a customer who might buy a Ball shock-resistant Engineer Hydrocarbon Spacemaster Orbital II watch for $6,000 in-store, but might not online. In addition, the three sites are more inter-related, particularly Barneys with its editorial site, The Window. That site offers content on all things fashion and fashionable — from what to pack for a spa vacation to A Day At The Farmers Market With Freds’ Executive Chef. The Barneys retail site provides the perfect tie-in for where to buy the items featured in The Window’s editorial. The company says that visitors to The Window site are 15 times more likely to shop at barneys.com than other visitors to the site, and they spend 40% more.

The interconnection of the Barneys sites illustrate the next step in omnichannel and providing that just-right customer experience, particularly for the luxury set. And the strategy’s resulting boost to the bottomline ensures that technology will continue to create innovative retail solutions.

This entry was posted by Jennifer Bosavage on Thursday, March 19th, 2015 at 6:37 pm .

The “experience economy” was born more than 15 years ago, but today the concept is more relevant than ever. Bringing customers more than just good products at a good value is expected today. Consumers who have made the decision to go to a brick and mortar often want  to be treated with a personal touch, and have an enjoyable experience. Serve goes hand-in-glove with atmosphere; today’s retailer must invest in both to be successful.

One of the benefits of retail technology is the ability to collect information and drive better retail business intelligence.

But a retailer’s job doesn’t stop there, in actuality, it’s just beginning. For example, the book store with the coffee shop inside and learned staff is intriguing for a while, but after some time customers tire of it. There are no compelling new reasons to go there, and, unless you feel like a cup of coffee, it’s easier to go online and buy a copy of War and Peace.

Earlier in the year, the Harvard Business Review published a case study on this “fatigue” factor as it affected the Georgia Aquarium. The aquarium had opened in 2005 as the largest in the world: 120,000 animals spread across 60 habitats in excess of 8 million gallons of water.  But after the novelty wore off within a few years, attendance fell from a high of 3.5 million to 2 million. The aquarium had to confront what turned out to be an industrywide problem of declining revenue and attendance.

Because the aquarium was one of the most expensive in the United States, raising ticket prices wasn’t an option to boost sales numbers. In addition, that was unlikely to increase attendance. Adding attractions was ruled out as not a permanent solution; the new exhibits might be popular for a while, but it was likely that soon the same problem would reoccur, and only the “regulars” would be visiting.

A marketing expert was hired, who realized the problem was similar to that faced by brick-andmortar retail: How do you bring in the “right” customers, and cultivate them into loyal patrons? The answer is by using business intelligence to figure out what demographic is likely to be the best future customer, and target marketing to it.

The aquarium did something familiar to any retailer: First, it gathered information on its current best customers, including their ZIP codes. Then, it targeted “lookalike” ZIP codes and identified areas that were similar to the ones where the existing best customers lived. Those were families just waiting to learn about what the Georgia Aquarium could offer.

One difficulty with increasing the number of visitors is that typically as an attraction grows in popularity, customer satisfaction declines. Lines are longer, crowding is unpleasant and the entire experience is not one that engenders a return trip. To combat that, the aquarium added jugglers, mimes and a DJ to entertain people waiting in line. Inside, a parade, singers, and other activities encouraged visitors to stay in the atrium longer, thus shortening lines for exhibits. According to the HBR, satisfaction rose 3% from the prior year.

Retailers aiming to provide an experience for shoppers can learn valuable lessons from the Georgia Aquarium. Perhaps the biggest on of all: While it’s important to put on a good show, it’s mission critical to collect data, analyze it, and use that business intelligence to expand your customer base. Successful retailers in the Experience Economy are not one-trick ponies. Rather, they can grow and adapt and continue providing value while cultivating a loyal customer base.

This entry was posted by Jennifer Bosavage on Wednesday, March 18th, 2015 at 6:28 pm .

Retailers are ready to embrace personalization in an effort to boost their bottom lines, and consumers say they want — and welcome — such efforts from their favorite brands. The irony, however, lies in the reality that most shoppers don’t want to share personal information, unless they are assured they will get something of value in return.

Digital coupons are being leveraged to foster loyalty for certain brands among consumers.

A recent study by Accenture found that nearly 60% of consumers want real-time promotions and offers but very few — just 20% — want retailers to know their current location and even fewer 14% care to share their browsing history. The Accenture Personalization Survey reported that an overwhelming majority, 82%, of surveyed consumers said they would welcome automatic discounts at checkout for loyalty points or coupons. Real-time promotions were also popular at 57%.

The takeaway seems to be that consumers feel as though their patronage should be rewarded. And why not? Repeat customers are the bread-and-butter of any retailer. Customers are wise to realize that their sales dollars are worth more than just what they are paying for merchandise.

Retailers are now more than ever realizing that they are in a two-way business. Retailers, which  were hesitant previously to offer discounts and coupons and other “cents-off” enticements but are now turning the corner, are learning that consumers need to be persuaded that sharing information can tangibly benefit them. After all, for every loyalty program that does provide value, there are dozens that simply collect information with no return — and customers are keenly aware of that.

“Personalization is a critical capability for retailers to master, but as our survey shows, addressing the complex requirements of U.S. consumers is challenging because they are conflicted on the issue,” said Dave Richards, global managing director of Accenture’s Retail practice. “If retailers approach and market personalization as a value exchange, and are transparent in how the data will be used, consumers will likely be more willing to engage and trade their personal data.”

The study also noted that as part of the information exchange for a more personalized retail experience, consumers expect to get something in return. After all, they are anticipating having a more unique shopping trip, catering to their preferences. The key benefits cited included: access to exclusive deals (64 percent), automatic crediting for coupons and loyalty points (64 percent), a one-time discount (61 percent) or special offers (61 percent).

Increasingly, shoppers are willing to give retailers their personal information, but businesses must be willing — and able — to provide benefits in return. Smart retailers will find that the exchange will be worth their while.

This entry was posted by Jennifer Bosavage on Monday, March 16th, 2015 at 8:02 pm .

Debunk the Training Myths

One of the myths of employee training and development is that it is a one-time event. We send employees off to a training for a day or two to learn something new. But do we ever follow up with those employees? What was their impression of the training? Was it useful? Is that new knowledge being put to good use?

For an organization to grow and benefit from training, they need to create a culture of continuous employee development. In this view of training, much less emphasis is placed on training as an event. Instead, it focuses on how the individual and the organization continues to grow and learn. It is, in fact, learning how to learn. An organization that is serious about employee development and its effect on company growth will develop company-wide processes that incorporate planning, self-analysis, and continual feedback.

Increase Aptitude for Adaptability in Evolving Markets

It’s no surprise that the most successful companies – the ones that grow continually – are those that are flexible and able to adapt to new challenges and changes in the marketplace. It’s no surprise that these companies have created a culture of continuous development where employees, teams, and departments constantly strive to be better. The healthiest companies realize that investing in the growth and development of individual employees will have a positive impact on business growth.

According to a 2012 study by the National Institute of Adult Continuing Education (United Kingdom), there is a strong correlation between employee development and sustained employment. Employees who invest in their own development are more motivated and engaged.  They are able to adapt to changing business environments. A willingness to continue their education also indicates an aptitude for adaptability and flexibility. An employee with these traits will undoubtedly apply them to workplace challenges to the benefit of their employer.

Build a Methodology of Traditional and Alternative Forms of Ongoing Education

Continuous employee development is the idea that training and development does not include one-time, or even a series of, training events. Instead, employee development is carefully planned, carried out on a daily basis, and evaluated for effectiveness. Not all training comes in a classroom setting. It doesn’t always look the way we think training should look. Continuous employee development requires that we shift from our preconceived notions of what training and development look like to explore novel approaches. In this context, employee development may include traditional classroom-based learning and online learning. In reality, these more traditional approaches may only make up a small percentage of the total training program.

Other training methods may include on-the-job training, coaching and mentoring, group or team learning, and experimental learning. Although training and education plays an important role in employee development, professional growth is equally important. Activities that encourage an individual to develop professionally include joining trade associations, attending conferences and seminars, and becoming active in industry-specific events outside of the company.

Cultivate a Growth Mindset in the Company Culture

In order to take advantage of the benefits of continuous employee development, you may find that you need to make some changes within your company.

• It Starts with Management  It’s a truism in business that culture develops from the top down. This is especially true with respect to training and development. Upper levels of management must set the tone and make employee development a priority. Employees need to understand that the organization is invested in their training. It is management’s responsibility to connect the dots between what the company wants to achieve and how the employee can help make it happen. Employees often see training as something they have to sit through or endure. They don’t see the advantages of training or its relevance to the workplace. But employees must be persuaded of the importance of development, not only to themselves but to the company. Employers communicate the necessity of training and development to the larger context of business goals.

• Dedicating Resources to Training  It’s also important that the company allocate resources, including sufficient time and money. This is especially important in times of economic uncertainty or when the company is experiencing difficulties or periods of high turnover. Too often, little more than lip-service is given to training and development. Once employees see that management is committed to their development, they will commit to it as well.

Looking Ahead

In the next newsletter article, we’ll take a look at some training and development methods – including traditional methods and some that are more innovative. If you have implemented unusual and effective training programs at your company, we would love to hear about it. Send us an email at training@retailpro.com.

One of the more traditional methods we will look at next time is classroom and online training. Retail Pro University is your partner in delivering training that will empower your employees with the skills and knowledge to use Retail Pro to its maximum capacity. Every month we offer in-person classes in our Folsom, California office. See the schedule for upcoming class dates. You can also take advantage of our online training classes. Go online from your My Retail Pro account and start any time. If your company requires a more tailored approach to education, contact us about a customized training solution.

We look forward to hearing from you!

This entry was posted by Ulyana Avetisov on Wednesday, March 11th, 2015 at 9:45 am .