From a pipe dream to one of the most successful retail operations in terms of revenue per square foot, Apple has defied expectations and lead a retail revolution of sorts.
Below is a small excerpt from a larger article written by Dr. Chris Peterson for Retail Customer Executive. He likens the changing landscape of retail to the concept of the survival of the fittest as proposed by Darwin.
According to Chain Store Age, Apple has exemplified a growing trend among retailers and their managers, utilizing mobile devices to increase the revenue per square foot of brick-and-mortar stores without expanding their footprint.
A customized in-store experience is the preferred method of shopping preferred by customers, according to a recent Chain Store Age article. Having said that, the checkout process is still a thorn in the side of nearly three-quarters of shoppers. Two-thirds of Americans also prefer to shop in stores where they receive personalized shopping experiences.
In an effort to better serve their customer base, Nordstrom has begun tracking shopper movement in their namesake and Nordstrom Rack stores. According to CBS, the company is using cell phone data to track how much time customers spend within the store, and in which departments.
In a move to further marry the online and in-store shopping experience, The Gap is turning to Big Data to develop a more personalized experience. According to RIS News, they have never lacked the appropriate data, rather they needed a way to turn that data into information relevant to their shoppers.
In the latest effort in the JC Penney turnaround, the retailer has taken to social media to win back their customers. According to an article on Chain Store Age, the ad will run this week on national television and on their social media platforms.
According to Retail Customer Experience, the National Retail Federation analyzed survey data from an April Consumer Survey.
A former online bookseller and one of the largest brick-and-mortar chains will soon battle it out for e-commerce supremacy. Amazon and Walmart are about to go toe-to-toe to see who reigns supreme. According to an article on Forbes, Walmart clearly dominates in the retail arena, but pales in comparison to Amazon when it comes to the web. Does that give Amazon an advantage when it comes to e-commerce? It might not at the moment, but it could soon.
According to Chain Store Age, Ann Inc., the parent company of Ann Taylor and Ann Taylor Loft, has reached their emissions reduction goal three years earlier than expected. Their goal was to reduce carbon emissions by 8% per square foot of their retail space.
The traditional retail model that we currently know is about to undergo a major paradigm shift. According to an article on Retail Customer Experience summarizing “The Retail Revival: Reimagining Business For The New Age of Consumerism,” by RCE blogger Doug Stephens, big data, increased processing power, and hyper-connectedness will lead the way to a new digital future in retail.
Walmart will install 10,000 self-checkout lanes in its stores this year. The reason? Every second lost at the register costs the company tens of millions of dollars, a hole in the dam they are hoping to plug. While technology is not going to replace all jobs, the truth of the matter is that it eventually will completely replace some.