Retailers do everything in their power to prevent theft and damage of their merchandise, but unfortunately there are times when these negative situations take place. For businesses in the United Kingdom, recent research has revealed that billions of pounds are lost each year due to retail crime.

Financial Times reports that according to a study by The British Retail Consortium (BRC), retail crime between 2011 and 2012 jumped by 15.6 percent and resulted in a loss of £1.6 billion ($2.5 billion). These figures include the value of goods that are stolen or damaged as well as the money spent on preventing theft.

Unfortunately, this research looked only at reported crimes, and the study stated that retailers are often not alerting authorities when theft takes place, The Guardian notes. For every eight retail crime incidents, only one is reported to police.

“Systematic targeting of higher value goods by organized criminals is pushing up the cost of retail crime but the proportion of shoplifting incidents reported to police has plummeted to just one in eight, highlighting just how much there is to do to build retailers’ confidence in the way police forces respond,” said BRC director general Helen Dickinson.

This entry was posted by Retail Pro on Tuesday, January 29th, 2013 at 10:58 am .

With the rise of digital technology, retailers have learned how implementing solutions and devices into their operations have provided benefits in the form of increased customer satisfaction and revenues. Now, businesses need to be prepared to adopt even more technological systems to accommodate consumers who want mobile and self-service options during their retail experiences. Failing to integrate these types of preferences can have a negative impact on brands, as customers are more likely to bypass merchants without the wanted solutionsand instead visit competitors.

Technology leads to changed expectations
Many retail industry experts know that more mobile and self-service options are set to cometo forefront of operations for many businesses in 2013 and beyond. Frost & Sullivan’s Information & Communications Technology practice states that the emergence of smartphones, tablets and other digital solutions have given way to an evolution of consumers’ expectations when it comes to shopping with brands. This is resulting in a change of how companies provide service for their customers, and many are attempting to implement new strategies aimed at boosting shopper satisfaction.

“Customers now expect superior, consistent customer service from companies 24/7, but their experiences have been hobbled by complex self-service menus and by long hold times when trying to reach customer service representatives,” states Frost & Sullivan Information & Communications Technology principal analyst Nancy Jamison. “The rise in the use of mobile and social as customer contact channels driving the need to improve self-service and intelligent virtual assistants is a way of accomplishing this.”

Point of sale going mobile
Resource Nation writes that these mobile and self-service options are working to make shoppers’ retail experience faster and more efficient. One waythese solutions are impacting operations is through point of sale. The source writes that while traditional cash registers and card processing terminals are still widely used, businesses are increasingly implementing systems that can accept mobile payments from consumers’ smartphones, and they are even giving associates mobile devices that can process credit and debit card transactions on the sales floor.

This is especially beneficial for customers who visit brick-and-mortar locations with certain products in mind that they want to purchase. These mobile options allow them to enter stores, pick out their wanted merchandise and quickly pay for it, providing greater convenience for shoppers and increase satisfaction for companies.

This entry was posted by Retail Pro on Tuesday, January 29th, 2013 at 5:39 am .

As the economy continues to improve, there have been strong signs of the recovery, including increased confidence among merchants and consumers within the retail industry.However, there have alsobeen some recent conflicting reports that are paintingvery different pictures of the sector and how it will fare in the coming months.

The Deloitte Consumer Spending Index decreased for the month of December, coming to a reading of 3.81. In November, the index stood at 3.96, but was a decline for the first time in a year. The indexanalyzes four factors – tax burden, first-time unemployment claims, real home prices and real wages – as indications of how consumers will be spending their money in the coming months.

On the other hand, U.S. retail sales increased in December, according to NBC News. Statistics from the Commerce Department showed that the figure jumped 0.5 percent from the previous month, meaning that consumers are increasingly becoming confident in the economy and their finances, despite the fiscal cliff negotiations that took place at the end of 2012.

This entry was posted by Retail Pro on Tuesday, January 29th, 2013 at 2:55 am .

Almost every merchant has seen customers come into their stores and visit their websites to partake in some retail therapy, hoping to stock up on products that will lift their spirits. Many businesses may want to focus on trying to attract some of these shoppers, who are forecasted to flood stores in the coming weeks.

According to a study by CouponCabin.com, 36 percent of consumers said they are more likely to shop during the winter months following the holiday season, as browsing for and purchasing retail products can be an instant mood booster. The research also revealed that more than one-quarter of shoppers (26 percent) stated that bad or cloudy weather has encouraged them to visit retail stores.

“Now that the holidays are over, gray skies have taken over and warmer days are months away, some consumers find shopping takes the edge off a dull mood,” said Jackie Warrick, senior savings adviser at CouponCabin.com.

So how can retailers draw in these customers into their stores? The Sun Sentinel writes that several businesses in southern Florida are offering giveaways and free items to attract consumers. Some of these discounts and specials usually require a certain purchase amount of other products, but some businesses are handing out merchandise in the hopes of boosting customer retention and loyalty.

This entry was posted by Retail Pro on Monday, January 28th, 2013 at 12:35 pm .

For retailers specializing in toys, consumer electronics and jewelry, there is good news. American shoppers boosted their spending for these items during the last quarter of 2012, and analysts expect more increases to come this year.

According to the recently released Chase Freedom Lifestyle Index, which researched Chase cardholders’ activity, the purchase of toy products in the fourth quarter jumped by 81 percent from the third quarter of 2012. For consumer electronics, this figure rose 65 percent. As for jewelry, consumers increased their spending on these items by 49 percent from the previous quarter. These types of merchandise are popular throughout the holiday season, which is why they saw such significant increases, Chase states.

However, these were not the only items that were sought after during 2012’s fourth quarter. The research also revealed that books, clothing and accessories and sporting goods were in demand at the end of the year. Several retail categories that saw the least improvement in spending, including restaurants, travel and leisure expenses.

“Our cardholders give us a reason to be optimistic about the economy,” said Phil Christian, general manager of Chase Freedom. “It is clear that they did not shy away from holiday spending.”

This entry was posted by Retail Pro on Monday, January 28th, 2013 at 9:47 am .

It’s good news for the American economy – retail sales throughout December rose, despite the fiscal cliff negotiations that took place in Washington, D.C. during the final weeks of 2012. This element, along with the ongoing economic recovery,created concerns among the nation’s retailers. However, the latest sales figures are actually better than was forecasted.

Bloomberg reports that according to the most recent totals from the Commerce Department, retail sales increased 0.5 percent in December from the month prior, representing the biggest gain in three months. In November, sales rose 0.4 percent after being revised upward. As for the first few months of 2013, analysts expect retail spending to still be strong, but American consumers will continue to be cautious as higher payroll taxes take effect and individuals are left with less disposable income, the source notes.

Holiday retail sales provided a lift for the increasedsales totals for December. The Associated Press reports that research from the National Retail Federation found that during November and December, consumers spent an approximate $579.8 billion on products and services for the gift giving season. This is a 3 percent gain from 2011.

This entry was posted by Retail Pro on Saturday, January 19th, 2013 at 7:42 am .

For customers that visit retail stores and websites, receiving excellent service before, during and after purchases is important. This is why many businesses are looking for ways to implement successful service strategies to provide the best possible experiences for their shoppers.

One method of customer service that is gaining traction among retailersis mobile technology. A recent study by the International Customer Management Institute revealed that companies are aware of the importance of mobile devices and how they can help merchants significantly improve their service practices. Forty-three percent of respondents stated their businesses know how vital mobile technology is for service, and 68 percent believe that it can drasticallyenhance shoppers’ experiences. In addition, 62 percent of retailers say they can use mobile methods to differentiate themselves from their competitors.

Another strategy that merchants can adopt is equipping sales associates in brick-and-mortar locations with mobile devices to give customers the assistance they need immediately, writes Business Insider. This helps answer any questions consumers may have, and the technology can even be used to process payment transactions, allowing patrons to buy items quickly and efficiently.

This entry was posted by Retail Pro on Friday, January 18th, 2013 at 11:23 am .

It seems as though every few months, there is a new clothing trend that takes hold, as consumers venture out to stock up on products that feature the latest fad. Recent research has revealed that the next style expected to become popular is ‘steampunk’ – a sub-genre of clothing, technology and other accessories that were worn during Victorian society.

According to a study by IBM, which tracked demographics, social media posts and a variety of other elements, the steampunk trend is steadily gaining traction and clothing retailers need to be prepared to accommodate customer who are searching for this style. In 2010, there was a 296 percent year-over-year increase in online discussions about the trend. Younger generations are more interested in the style, as the research revealed that 63 percent of web conversations about steampunk are created by individuals under 30 years old.

The trend is gaining momentum, as Business News Daily reports that at a recent National Retail Federation conference, retail professionals learned all about the steampunk style and how it is set to go mainstream within the industry this year. By carrying merchandise that falls under the category, companies could see boosts in revenue and consumer satisfaction as the trend takes hold and becomes more widespread.

This entry was posted by Retail Pro on Friday, January 18th, 2013 at 7:12 am .

Now that the holiday season is over, retailers around the world are analyzing how well they performed. Before the shopping rush started, there was some concern about how businesses would fare,as economic downturns still loomed over several countries and industry experts forecasted a less-than-stellar season for many companies. However, research has revealed that global retail revenues actually increased over the past year and throughout the recent holiday season, as businesses looked to expand to new markets and consumers regained their confidence and spent more.

Fiscal year 2011 saw vast improvements in revenues
According to a study by Deloitte Touche Tohmatsu Limited and STORES Media, for the fiscal year 2011 – which ended in June 2012 for many retailers – global revenue reached $4 trillion, a year-over-year increase of 5 percent. This growth came amid economic concerns within many countries.

The report states that emerging markets played a big role in the retail revenue boost, especially the Latin American, Asian, Middle Eastern and African regions. Middle class consumers as well as younger customers and foreign investments helped to fuel this trend.

“Growth opportunities for many of the world’s largest retailers continue to be driven by global expansion in an attempt to make up for slow-growing or stagnant domestic markets,” said Ira Kalish, director of global economics at Deloitte Services LP. “Despite a stumbling global economy, consumers continued to spend in 2011, which has served to boost global revenues. This year’s report shows a growing number of retailers in mature markets ramping up their efforts in foreign markets in search of more attractive growth opportunities, employing multiple market entry strategies including franchising, licensing and joint ventures, in addition to owned expansion.”

US holiday retail sales could boost fiscal year 2012
While all of the global retail holiday sales numbers are not yet out, American retailers certainly saw improvement from the past year. This growth could help fuel an even better fiscal year 2012 for businesses. Reuters reports that research from ShopperTrak revealed that retail sales during the holiday season rose 2.5 percent year-over-year, as consumers hit stores and websites in November and December to stock up on products and gifts. In addition, merchants took steps to draw in customers, including offering discounted items and special deals for the season, notes the source.

This entry was posted by Retail Pro on Friday, January 18th, 2013 at 5:24 am .

There are a variety of methods that retailers use when marketing their products. As more consumers go online to buy from brands, merchants are now turning their attention to digital marketing techniques to attract shoppers to their sites. One strategy that seems to be working for businesses is paid search advertising.

This tactic involves paying to have brands’ products and goods advertised on popular search engines, such as Google, Yahoo and Bing. According to a recently released report from Kenshoo, retailers across the United States saw a 23 percent increase year-over-year in revenues driven by paid search in 2012. Of the clicks generated by paid search advertisements, 20 percent were through mobile devices, which is more than triple the amount in 2011.

“Smart retailers capitalized on increased online consumer shopping activity this past year by proactively creating product-level search campaigns and optimizing them throughout the holiday season,” said Aaron Goldman , chief marketing officer at Kenshoo.

Forbes offers some other suggestions for thoselooking to improve their online marketing strategies. The source recommends that businesses take the time to see things from the customer’s point of view, especially the purchasing decision. In addition, merchants need to ensure they offer exceptional customer service for online shoppers, or else risk seeing declines in consumer satisfaction and retention.

This entry was posted by Retail Pro on Friday, January 18th, 2013 at 4:13 am .