The Week in Retail: Going Beyond Traditional Loyalty Programs, Social Selling, and E-Commerce Celebrates its 20th Anniversary

//The Week in Retail: Going Beyond Traditional Loyalty Programs, Social Selling, and E-Commerce Celebrates its 20th Anniversary

According to the Wall Street Journal, the luxury retail sector will be facing a slowdown as luxury consumption is estimated to grow by 6 percent compared to 7 percent in 2013. It’s time for luxury retailers to re-evaluate their customer loyalty strategies to ensure that they align with their premium products and exceptional customer service. Bloomingdale’s and Lancôme are two retailers that are going beyond the traditional models when it comes to loyalty programs. (Luxury Daily)

Have you heard of social selling? According to Soldsie’s (the first social selling platform) co-founder and CEO, social selling is the future of e-commerce. Social selling lets retailers post product photos along with the product details (sizes, colors, price etc.) on social media platforms and allows consumers to make purchases instantaneously. The growing popularity of social selling simply reinforces the notion that retailers must meet their customers wherever they are. (Forbes)

Consumers are more educated and digitally savvy than ever which causes many retailers to feel the need to reduce their prices to win customers over. Although the evolution of digital technology causes certain challenges for retailers, it also offers many opportunities for retailers to differentiate themselves. Digital strategies used to build relationships, provide customized service and exclusive offers are only some of the tactics that retailers can use to provide added value to their customers. (Ad Age)

We often hear negative commentary when it comes to Millennials and words such as fickle, entitled, and self-obsessed are used to characterize them. The truth is, there are ways for retailers to tap into this significant group of consumers with large purchasing power. To win them over, retailers must be agile and analyze their customer data thoroughly in order truly understand how Millennials are interacting with their brand. (Inc.)

This week marks the 20th anniversary of e-commerce. It’s difficult to image a world without online shopping now that it is an essential part of retail. Many headlines have suggested that e-commerce will replace retail stores, however, this is a misconception. Omni-channel retailers that seamlessly integrate both offline and online channels at every step of the customer’s journey and those that have a well-executed digital strategy will reap the most rewards. (HBR)

2014-08-15T10:00:01+00:00 August 15th, 2014|Articles|