The Week in Retail: Why Retailers Need to Focus on Customer Retention, Millennials and Apple Pay

//The Week in Retail: Why Retailers Need to Focus on Customer Retention, Millennials and Apple Pay

As more retailers jump on the social selling bandwagon, Twitter is now testing mobile commerce with its new “buy” button on tweets. The new feature is currently available to a small group of users and the first sellers include artists, non-profit organizations and several retailers, including Burberry. The social networking service has partnered with several payment providers and is working towards making social shopping easier and more accessible. (Fashionista)

According to Sparked, retailers seem to be more focused on customer acquisition rather than customer retention. But by doing so, are retailers losing out? Sparked infographic states that companies that increase customer retention rates by 5% can increase profits by as much as 95% and that a 10% increase in customer retention levels can result in a 30% increase in the value of the company. Retailers, it may be time to realign your priorities. (MarketingProfs)

3D printing has been driving design and innovation in the cosmetics, jewelry and apparel industries and now shoe companies such as Nike are beginning to use the technology. Shopping for shoes can be challenging. Many of us have one foot that is slightly longer than the other, some have wide or very narrow feet and others simply need extra support. 3D shoe printing solves all of these problems by customizing the shoes based on the shape of each foot, your weight, height and the activities you engage in. (Huffington)

According to Accenture, millennials in the Unites States will spend $1.4 trillion in 2020. As retailers continue to learn and understand the unique characteristics of this generation, many are reevaluating their retail strategies. Research from various companies such as Nielson and The Boston Consulting Group have found that millennial shoppers are less attached to brands and more willing to create their own style. As retailers shift and realign, it’ll be critical to consider this generation’s desire for establishing their own identity. (BOF)

Although several exciting announcements were made during Apple’s special event this week, the company’s new feature Apple Pay is what’s creating the most buzz in the retail industry. Unlike other payment companies, Apple has approached mobile payments from the customer point of view which is also one of the reasons why the company’s technology is so popular among consumers. With its own form of payment tokenization, plans to use the payment system for e- and m-commerce, Apple Pay may just transform the world of payments. (Internet Retailing)



Photo Source: ModCloth

2014-09-12T10:20:46+00:00 September 12th, 2014|Articles|