Retail Intel – June 2018

Retail-Intel_June2018-web

June 2018—

Dipping your toes into Facebook Ad’s waters

Want to advertise on Facebook but don’t know where to begin? Marketing guru Jennifer Spivak spoke recently at the Independent Retailer Conference and shared a few tips.

Finding the right audience won’t be easy, but it will be worth it. Spivak says she’s often asked by retailers how they can target their audience. Her answer: Test it out! “It’s incredibly rare that the first audience you select will be your best, but that doesn’t mean the second, third or tenth won’t suddenly generate crazy profit.”

Spivak says to test different options side by side and compare the results. It will take time to find the right audience, but it will be worth it.

Spivak also says dynamic retargeting is where the money is. “You know how when you drop shoes into your online cart, and never check out and those shoes follow you around the Internet? That’s dynamic retargeting and it’s incredibly powerful,” says Spivak. “It’s as simple as creating a product feed for a sofa, and plugging that feed into Facebook, which will automatically show your ads to people who viewed or added a product to their cart but never pulled the trigger on buying it.”

Source: Kizer & Bender

 

Brick and mortar relevance stats

Brick and mortar more relevant than ever

It’s easy to throw up your hands and think traditional retail is heading the way of Toys R Us, but as RetailDIVE points out there’s still a place for brick-and-mortar stores in a world seemingly dominated by digital technology. That’s why Amazon bought Whole Foods. That’s why online printing giant Vistaprint will open its first brick-and-mortar store after 20 years of business. The decision to provide an offline experience was apparently the result of listening to its customers, who wanted a place where they could actually see, touch, and feel the products. Is there an industry that accommodates those senses more than the furniture industry?

Check out RetailDIVE’s poll that shows a majority of American consumers still want the tangible experiences offered by physical stores.

Source: RetailDIVE

 

Finding the big fish in a shrinking pool

It’s a bit of a Catch-22. As unemployment continues to shrink, so does finding good help. If your store is going to provide exceptional experience, you need exceptional employees. Independent Retailer highlights the biggest challenges retailers face when hiring new employees, and tips on how to attract top talent. Make the most out of your hiring opportunities with these three tips:

Put Thought into Your Post

Small retailers can stand out by putting time into the job description. A lot of companies don’t update their job postings regularly. Many more just write something quickly to get it up. A thoughtful and personable listing is the first step towards success.

Look at Your Brand Reputation

According to Glassdoor.com, 69 percent of job seekers will not accept a job with a company if that company has a bad reputation. You’re already checking customer review sites like Yelp and Google. You should also check employee review sites like Glassdoor. The first step in improving your reputation as an employer is to know where you stand.

Evaluate Your Compensation Package

Indeed.com says 42 percent of prospective employees consider work-life balance the most important factor. Benefits such as flexible scheduling and paid time off can be as compelling as salary.

Source: Independent Retailer

 

A personalized brand spells success

Retail technology has become an intrinsic part of the in-store experience—whether using beacons to understand which areas of your furniture store are most visited or which inventory items your customers interact with.

As part of the push towards a more customer-centric shopping experience, furniture retailers who fully customize their consumer journey will not only retain customers, but also attract new ones. The formula for this? Create an experience they simply cannot get anywhere else.

Modern Retail notes that today the customer is always right because more emphasis is placed on the in-store experience and beyond, with purchases taking a back seat. Your store needs to create a service that tells a story, or one that fits into the lifestyle and beliefs of your customers. For example, brands that are aligned with comfort and well being (furniture), illustrate to consumers that there is something deeper within the service you provide or the items you sell.

Source: Modern Retail

 

The store renaissance

One of the stories at the National Retail Federation’s Big Show this year was the renaissance of the brick-and-mortar store. It was clear that stores—be they furniture, clothing or everything in between—are far from being an outdated commodity as long as they provide the technology that customers crave. As K3 Retail reports, old-school retailers are focused on marrying physical space with digital solutions. This can be kiosks (yes, they are far from being dead) and employees sporting tablets with access to real-time inventory and recommendation engines that significantly enhance the customers’ engagement.

So, whereas some things in retail are being dramatically changed by technology and traditional models are being upended, there are some aspects that seem set to continue to be a core component of the sector, namely those most old school and supposedly outdated of things: People and stores.

Source: K3 Retail