When developing customer loyalty programs, retailers know they can't take a one-size-fits-all approach to initiatives. They instead need to look at the different types of consumers who frequent their stores and websites, and one group that is getting more focus from merchants is millennials, or individuals born between 1980 and 2000.

Citing a study by Hanover Research, Business 2 Community reported that there are several millennial purchasing habits that brands will want to be aware of in order to tailor both their marketing and customer loyalty programs around this group's wants and needs. For instance, the source pointed out that more than half of millennials (52 percent) are more likely to make impulse purchases than non-millennials. In addition, 50 percent of the millennials surveyed by Hanover use either smartphones or tablets to research, compare and purchase retail items.

When it comes to repeatedly doing business with a brand, the source revealed that 78 percent of millennials are more likely to shop with a merchant that offers a loyalty program than with a company that doesn't have one.

To draw in this valuable consumer group, retailers can focus on developing mobile initiatives, such as point of sale solutions, that offer coupons and discounts for millennials based on past purchases in order to see the best results.

This entry was posted by Retail Pro on Tuesday, August 6th, 2013 at 10:16 am .

Offering the best products at competitive prices is just one strategy that retailers use to bring in new customers and keep their existing ones coming back. However, this method may not be sustainable if brands aren't providing memorable experiences with personalized interactions. Having some of the most sought after merchandise can only last for a certain amount of time, as changing consumer demands and market conditions create shifts in product preferences. To retain their most valuable consumers, brands should also focus on creating excellent experiences for shoppers both in-stores and online. And one way to accomplish this is to use retail management software solutions to collect, store and analyze essential data points pertaining to patrons.

Customers want to feel valued
To retain consumers, either existing or new, merchants know that their interactions with shoppers are crucial. Conversations with customers need to be personal and engaging, as this is one key factor in what keeps them coming back for future purchases. Fortunately, brands can use information about their patrons to develop tailored loyalty programs as well as personalized interactions to help these individuals feel more appreciated.

Tech Republic reported that merchants will need to put time and effort into creating a strategy that best leverages the data they have about their customers to craft programs and content that can be used to boost sales and foster loyalty. To start, brands may want to determine which individuals are their "best customers," or those patrons who are the most satisfied at the lowest cost, the source explained. Next, analyzing information about this group can identify certain trends and patterns that companies can then use to develop initiatives that cater to these wants and needs.

By following this step, brands can then study other customer groups through big data analysis to find out which methods and approaches will best work for retention.

Other uses for big data
Customer relationship management is not the only retail task that big data can help with. Practical Ecommerce noted that the technology can also give merchants more insight into their inventory processes by analyzing items in stock, popular products and changes in pricing. Additionally, managing fraud is another factor that big data can provide to retailers. The source explained that chargebacks and other related information can be collected and studied to pinpoint areas where fraud is or can occur, giving merchants the chance to prevent these kinds of issues.

This entry was posted by Retail Pro on Monday, August 5th, 2013 at 1:17 pm .

Offering the best products at competitive prices is just one strategy that retailers use to bring in new customers and keep their existing ones coming back. However, this method may not be sustainable if brands aren't providing memorable experiences with personalized interactions. Having some of the most sought after merchandise can only last for a certain amount of time, as changing consumer demands and market conditions create shifts in product preferences. To retain their most valuable consumers, brands should also focus on creating excellent experiences for shoppers both in-stores and online. And one way to accomplish this is to use retail management software solutions to collect, store and analyze essential data points pertaining to patrons.

Customers want to feel valued
To retain consumers, either existing or new, merchants know that their interactions with shoppers are crucial. Conversations with customers need to be personal and engaging, as this is one key factor in what keeps them coming back for future purchases. Fortunately, brands can use information about their patrons to develop tailored loyalty programs as well as personalized interactions to help these individuals feel more appreciated.

Tech Republic reported that merchants will need to put time and effort into creating a strategy that best leverages the data they have about their customers to craft programs and content that can be used to boost sales and foster loyalty. To start, brands may want to determine which individuals are their "best customers," or those patrons who are the most satisfied at the lowest cost, the source explained. Next, analyzing information about this group can identify certain trends and patterns that companies can then use to develop initiatives that cater to these wants and needs.

By following this step, brands can then study other customer groups through big data analysis to find out which methods and approaches will best work for retention.

Other uses for big data
Customer relationship management is not the only retail task that big data can help with. Practical Ecommerce noted that the technology can also give merchants more insight into their inventory processes by analyzing items in stock, popular products and changes in pricing. Additionally, managing fraud is another factor that big data can provide to retailers. The source explained that chargebacks and other related information can be collected and studied to pinpoint areas where fraud is or can occur, giving merchants the chance to prevent these kinds of issues.

This entry was posted by Retail Pro on Monday, August 5th, 2013 at 1:17 pm .

People are increasingly going online to shop for and buy merchandise, but this doesn't mean that brands are paying any less attention to their physical storefronts. In fact, merchants are now putting more focus into improving their customers' experiences while they visit brick-and-mortar locations.

The National Retail Federation highlighted some of the companies that are giving more attention to in-store experiences, one of which includes Nordstrom. This large department store chain has merged digital channels with their brick-and-mortar locations by having Pinterest displays and interactive elements for customers. The source also noted that another big-name brand, Neiman Marcus, is taking advantage of customer data to improve in-store experiences through more personalized interactions and product preferences.

One tool that is especially beneficial for merchants when it comes to making their customer experiences more engaging is mobile technology. IMedia Connection explained that as consumers increasingly use smartphones and tablets for shopping, these gadgets will serve as a valuable resource for brands to boost loyalty and draw in new business. The use of mobile in storefronts allows retailers to process transactions faster and offer relevant products and services that fit patrons' needs.

This entry was posted by Retail Pro on Monday, August 5th, 2013 at 6:09 am .

Whether it's managing finances, playing games or catching up on news, consumers are increasingly using smartphones and tablets to complete a variety of daily tasks. This has led to an emergence of mobile devices being used in retail stores and on their websites, as shoppers use their gadgets to browse for and purchase the items they want.

Because of this widespread trend, mobile has become a strong focus of many merchants, as they implement solutions that help them cater to customers who prefer to use their smartphones and tablets for shopping. Forbes reported that, according to research from IHL Group, mobile point of sale systems are increasingly being adopted by retailers. The study revealed that throughout North America, the mobile POS market will account for more than $2 billion in hardware and software sales by the end of this year. Currently, that market is at $5.7 billion globally, highlighting the importance that merchants are placing on mobile technology.

In fact, many industry experts believe that if businesses don't adopt mobile solutions, they risk losing valuable patrons. In an article for Fierce Mobile Content, Jordan McKee from the Yankee Group asserted that mobile systems are a "must have" for retailers if they want to retain customers and bring in new business.

This entry was posted by Retail Pro on Monday, August 5th, 2013 at 5:27 am .

As consumers around the world are increasingly taking to the Internet to research, compare and buy retail items, merchants are finding that they need  to adapt to this change by implementing solid point of sale and retail management software solutions. Businesses in Australia and New Zealand will want to turn their focus to online sales, as recent research has found that ecommerce is set to grow significantly in those two regions over the next few years.

Internet Retailer reported that, according to a study by Frost & Sullivan, purchases made on the Web will increase 13 percent each year in each country, through 2017. At that time, ecommerce will account for approximately 10 percent of all retail sales in Australia and New Zealand, the source detailed. As for this year, the research suggested that online purchases will bring in a significant total of $18.3 billion for merchants.

This should be welcome news for the Australian economy, as retail sales have been weak throughout the past few months. The growing ecommerce sector is expected to contribute to strong growth in the nation. The Sydney Morning Herald noted that May's sales rose 0.1 percent from the previous month. However, between March and April, retail sales dropped by 0.1 percent.

This entry was posted by Retail Pro on Friday, August 2nd, 2013 at 4:50 pm .

When hearing the term "big data," one may think of large databases filling a room or complicated processes required to access information. But that's not the case anymore as big data has made its way into nearly every business sector, including the retail industry. Merchants are now taking advantage of big data to gain more insight into their operations by exploring aspects like their inventory procedures, financial statements and point of sale processes.

But another element in which retailers can obtain more valuable information through big data is their customer management strategies. Every day, companies gather a variety of details relating to their shoppers, whether it's product preferences, past purchases and their favorite communication channels, among others. By looking deeper into big data and knowing what it can do for their customer programs, brands can establish more meaningful and personal relationships with consumers, helping to build loyalty and drive repeat sales.

Big data can go personal
Taking advantage of every interaction point with customers is one way in which merchants can collect information that can be used to improve their operations. Wired.com offered several methods for retailers that want to utilize big data to foster more successful relationships with patrons, both in stores and online.

First, the source suggested that brands should not assume that they always know what their shoppers want and need. The only way that companies can truly know what their customers are looking for is to gather and analyze information, the put that data to good use. Second, businesses shouldn't be focused on gathering all of the data that they can; instead, they should collect quality information that can give them the tools needed to boost loyalty.

The source also noted that being flexible and agile is key to building solid customer relationships. Consumer demands are constantly changing, and brands need to be able to change with them. Fortunately, big data gives merchants the information they need to address and implement these shifts in customers' wants and needs, the source detailed.

Other uses for big data
Besides customer management practices, big data technology also provides retailers with the ability to gain more insight into a variety of their daily processes. Business Insider Australia highlighted some of the aspects that can be enhanced with big data. One of these includes information about how brands can engage their staff members and ensure in-store customers are able to easily find associates to answer questions. Another big data element is that it can highlight merchants' weaknesses and strengths, giving them the chance to make their operations more successful.

This entry was posted by Retail Pro on Friday, August 2nd, 2013 at 1:17 pm .

Email marketing has been increasingly used by retailers over the past few years to generate sales and reach out to customers in a more personal way. These messages give merchants the opportunity to connect with their patrons and show their appreciation through relevant products and services as well as discounts and deals that can be redeemed in stores or online.

And it seems as though retail customers are more receptive to these emails than they have been in the past. Internet Retailer reported that a study by Forrester Research found that 44 percent of consumers admitted that they delete marketing and advertising emails. This figure is down from the 59 percent who said the same back in 2010. The research also revealed that 6 percent of respondents stated they often purchase products that are included in these emails, up from the 4 percent who did this two years ago, the source detailed.

These findings show that shoppers are more aware of retailers' emails, and they are opening these messages more to see how the content is relevant to their needs. For merchants that use this marketing channel for boosting sales, having a strong retail management system in place that analyzes customer preferences is one of the best ways to ensure that emails are seen and acted upon. 

This entry was posted by Retail Pro on Friday, August 2nd, 2013 at 6:28 am .

Retail sales and consumer confidence are two aspects that typically go hand-in-hand. Merchants always welcome the news that Americans are more positive about the economy and their own financial conditions, as this often translates into increased sales as shoppers hit retail stores and websites.

July's retail sales are expected to rise, as a recent report from Thomson Reuters and the University of Michigan revealed that U.S. consumers are feeling better about the nation's economy. Bloomberg explained that the Consumer Sentiment Index conducted monthly by the two organizations reached 85.1 in July, up from the previous month's figure of 84.1. The latest index is the highest in six years, and the source noted that analysts expect consumer sentiment to continue to improve well throughout the rest of this year.

Preliminary retail sales figures are already showing positive growth for retail sales in July. Dow Jones Business news reported that according to data from Redbook Research, sales at national chain stores rose 0.9 percent during the first two weeks of the month from June. When compared to the same time last year, the figure stands at a 3.1 percent gain.

This entry was posted by Retail Pro on Thursday, August 1st, 2013 at 3:38 am .

Being able to easily and effectively process transactions from customers is something that every retailer strives for. By offering fast and simple check out procedures, brands can boost loyalty and keep customers coming back. However, merchants need to have the right point of sale and retail management software solutions in place if they want to provide this for their shoppers, both in stores and online.

Fortunately, Retail Pro Prism is just the platform that can help businesses do all of this and more. For industry professionals who are interested in learning more about this technology system and how it can benefit their operations, tomorrow is the Retail Pro Prism webinar, taking place from 8 a.m. to 9 a.m.. Registration information for the event can be found at https://www2.gotomeeting.com/register/175889714.

Some of the topics that attendees will be able to discuss include how Retail Pro Prism gives companies the ability to not only manage their point of sale processes, but also many other factors, such as inventory tracking, customer loyalty programs and employee productivity. Through the solution's modular platform and flexible user interface, retailers can customize their system in a way that best fits their needs. All of this and much more will be demonstrated live at tomorrow's webinar.

This entry was posted by Retail Pro on Wednesday, July 31st, 2013 at 12:24 pm .