Customer retention is a huge challenge for retailers, and all recognize the advantages of cultivating a base of customers: A 5% increase in customer loyalty can increase the average profit per customer by 25% to 100%, according to fitsmallbusiness.com. Creating … Continue reading
What’s old is new again. Need proof? One look at the resale market—particularly in clothing — makes it abundantly clear that a change in market dynamics is happening. A few months ago, GlobalData and online clothing retailer ThredUP … Continue reading
Customer retention is a huge challenge for retailers. The cost of acquiring new customers is far greater —some studies suggest as much as seven times more — than keeping existing ones. Creating a customer experience that is satisfying … Continue reading
In a day and age in which “automation” and “self-service” are terms often applied to retail sales, it’s eye opening to learn that millennials seem to prefer an in-person, brick and mortar experience, particularly because this is the … Continue reading
Referrals are the lifeblood of retail. Having a satisfied customer base that will sing your praises is worth more than an ad campaign by the most sought-after advertising firm on Madison Avenue. People are more than five times as … Continue reading
Millennials are coming on strong. Retailers expect Millennials – who were born between 1976 and 1994 — to spend more than $200 billion annually starting in 2017. Further, they are projected to spend more than $10 trillion during their lifetimes, … Continue reading
Not so long ago, conventional wisdom was that Millennials, those born roughly in the 1980 to 2000 timeframe, were on track to be self-centered, materialistic, unprepared adults. And then came the Great Recession. Faced with the realities of the time … Continue reading
As millennials come of age, they’re an increasingly important demographic for the retail industry. Continue reading